What We Did

Events / Media

• [Alto] Frax’s VP of Communications joined an Alto X Space to discuss frxUSD’s growing role as a default stablecoin for DeFi liquidity, including its use within Alto’s DUSD ecosystem.

• [Frax Force] Bjirke sat down with Sam to talk leadership, hard lessons from a decade in crypto, and where he sees the market heading into 2027. Link.

• [Fully Vested Pod] Hosted by by DefiLlama, Founder & CEO Sam talked building in DeFi, the token vs equity debate, and what Frax is building next. Link

• [Stabled Up] The Rollup’s Stabled Up show, powered by Frax, featured Curve Finance founder Michael Egorov.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP-448] Wind Down the Frax Price Index (FPI) System. Link: This proposal winds down and retires the Frax Price Index system as an active product within the Frax ecosystem. FPI was originally designed as an inflation-indexed unit of account based on CPI data, but declining adoption, changing macroeconomic conditions, and the rise of higher-yield alternatives such as frxUSD and sfrxUSD reduced its utility and strategic relevance. Retiring FPI simplifies the protocol’s product suite and allows resources to be redirected toward products with stronger user demand. The proposal passed unanimously with 26,587,774 votes in favor and zero against, exceeding the 8,252,476 quorum requirement.

• [FIP-449] EchoMarket Creator & Distribution Program for Frax Finance. Link: This proposal allocates 42,000 wFRAX over six months to expand Frax’s creator and distribution network through EchoMarket. The allocation consists of 30,000 wFRAX for Frax Force and 12,000 wFRAX for the broader Frax Creator & Distributor Program. EchoMarket has generated more than 2.5 million validated impressions and built a network of over 250 active creators using AI-powered content verification and scoring. The funding is intended to increase awareness of frxUSD, sfrxUSD, Fraxtal, and FraxNet through educational and community-driven content. The proposal passed with 37,498,135 votes in favor and 19,794 against, well above quorum.

Partnerships / External Integrations

• [3Jane] The USD3/frxUSD PegKeeper pool on Curve Finance offers up to 70% APR through combined CRV and JANE incentives.

• [Aave] frxUSD borrowing rates on Aave V4 were just above 2% APY, supporting its continued growth as a core stablecoin on the platform.

• [Beefy Finance] Beefy added support for Aave V4 deposits, beginning with frxUSD opportunities offering approximately 6% APY.

• [Canton Network / Cantex / OneSwap] bridged frxUSD.B expanded across Canton Network, becoming available for trading on OneSwap and later on Cantex.

• [Curve Finance] frxUSD PegKeeper pools generated more than $200 million in trading volume during June, with 30 partners now using frxUSD as a default liquidity pair, including recent additions 3Jane USD3 and Vetro VUSD.

• [Hydrex] Hydrex collaborated with Frax on Forex with Frax, with frxUSD forwarding underlying yield to Hydrex liquidity providers across more than 10 stablecoin pairs.

• [Lighter / Robinhood] Frax highlighted Lighter’s integration with Robinhood and the potential for broader stablecoin collateral support on the platform.

• [Odos Protocol] A featured Odos swap route illustrated frxUSD’s growing role as a liquidity hub for stablecoin swaps.

• [Open Standard / Open USD] Frax welcomed Open Standard’s announcement of Open USD, a new stablecoin supported by more than 140 companies across payments, banking, technology, and crypto. Frax highlighted the project’s shared reserve economics and collaborative governance as aligned with its ecosystem-first approach to stablecoin infrastructure.

• [Somnia Network] USDso went live as Somnia’s native stablecoin, powered by frxUSD infrastructure with institutional-grade reserve backing and native minting capabilities.

• [Sonic Labs] Frax highlighted Sonic Labs’ USSD stablecoin, which is powered by Frax infrastructure, alongside Fraxtal’s continued growth in onchain assets.

• [Stake DAO / Morpho] Stake DAO lending markets on Morpho made approximately $760,000 in frxUSD liquidity available to borrowers using Curve LP positions as collateral. OnlyBoost LPs can also be used as collateral while continuing to earn boosted CRV rewards.

• [Tangent] Borrow caps for the frxUSD/sDOLA market on Tangent were increased, expanding available borrowing capacity.

• [Vetro] Vetro selected frxUSD as the default PegKeeper liquidity pair for VUSD. The frxUSD/VUSD pool went live with bootstrapping incentives through Stake DAO, followed by a broader VUSD integration announcement.

Tech

[FraxNet]

• Advanced a unified state machine for FraxNet cross-chain transfers, adding support for direct transfers to deposit-contract addresses and more granular transaction-status tracking.

• Progressed the EU KYC rollout and continued reviewing KYC applications.

[frxUSD]

• Developed SimpleRedeem functionality for T+1 redemptions of frxUSD and sfrxUSD.

[Multichain / LayerZero]

• Added rate-limiting functionality for Frax OFTs.

• Expanded FUI swap routing with KyberSwap, LI.FI, Odos, and Fraxtal multihop support, while consolidating the Fraxtal multihop router into the frax-lz-route-api.

• Built reusable chain-deprecation tooling and progressed Polygon zkEVM partial-wire cleanup across the Frax LayerZero mesh.

• Prepared a Solana multisig transaction to bridge frxUSD and WFRAX to Ethereum and removed liquidity from the frxUSD/WFRAX PumpFun AMM pool.

• Reviewed the Frax DVN circuit-breaker implementation.

[Other]

• Designed a DeFi credit-card module.

Other

• [Frax Force] Onchain Cash covered Ethereum’s industry-leading 26.2% blockchain user-retention rate. Link pending.

• [Frax Force] Onchain Cash reviewed the latest market and onchain data from CoinMarketCap, DefiLlama, and Pharos, along with commentary from Nick Timiraos and Haseeb on the changing AI landscape. Link pending.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Fortune Magazine] Frax was recognized in the Fortune Crypto 100 as the #5 stablecoin issuer, with data analysis from Inca Digital. Link

• [Podcast] Sam Kazemian, co-founder of Frax.com, was hosted by The Rollup on their podcast, where he shared his thesis on stablecoin supply and why he thinks it is about to go vertical. Link

• [Podcast] Sam joined Nick van Eck of Agora, Benjamin Sarquis Peillard of Cap, Cyrille Briere, and Petr Hluze during Stable Summit.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP-447] Increase Aave v4 Allocation Cap for sfrxUSD Strategy from $20M to $50M. Link: This proposal seeks to increase the maximum allocation of frxUSD from the sfrxUSD strategy framework into Aave v4 from $20M to $50M. The goal is to support long-term growth of frxUSD and sfrxUSD by expanding capacity in one of DeFi’s most important lending and borrowing venues, while keeping deployment subject to market conditions, utilization, and risk assessments. The proposal was posted on June 7 and marked as up for voting on June 15.

Partnerships / External Integrations

• [3Jane] 3Jane’s credit-based money market launched publicly with a USD3/frxUSD PegKeeper pool on Curve Finance for liquidity mining. Link

• [Aave] frxUSD deposit caps on Aave V4 were raised to $30M, with borrow rates dropping to 0.6% APY and frxUSD becoming the largest stablecoin asset on Aave V4. frxUSD later became the top deposited asset and top borrowed stablecoin on Aave V4, with deposits surpassing $150M and frxUSD accounting for roughly 22% of total active borrows. Link

• [AlphaPing / Morpho] The AlphaPing Enhanced frxUSD Vault on Morpho is offering over 17% APY on frxUSD deposits. Link

• [Boardwalk] Boardwalk launched its beta on Fraxtal, with frxUSD supporting token economy launches by routing yield value back to projects as they grow.

• [Canton Network / Send] Send launched the first frxUSD.b pool on Canton Network, paired with $CC, bringing frxUSD to institutional participants on Canton.

• [Curve Finance / Metronome] frxUSD PegKeeper pools on Curve Finance with crvUSD and Metronome with msUSD led record-breaking volume for frxUSD in June.

• [dTRINITY] dTRINITY, a Fraxtal-native project, officially reopened on Ethereum after fully covering bad debt from a March incident, with its chain-isolated architecture having protected over 95% of protocol TVL.

• [Frax OFT / Chain Deprecations] Following the passing of FIP-445, Frax OFT bridge support for Aptos, Berachain, Mode, Movement, and Scroll will be deprecated on July 30, 2026. Link

• [Morpho / Tangent] A new frxUSD market went live on Morpho, allowing users to use sUSG as collateral to borrow frxUSD, curated by AlphaPing with Tangent. Link

• [Parallel / HyperEVM] The frxUSD/USDp pool on Curve Finance on HyperEVM hit $1M in TVL, becoming the top Curve pool on HyperLiquid HyperEVM, with USDp choosing frxUSD as its default stablecoin liquidity.

• [Tangent] Borrow caps were raised by 50% on frxUSD/sUSDS and frxUSD/sDOLA markets, built on top of frxUSD liquidity, with $250k USG available to borrow. Link The frxUSD/scrvUSD market on Tangent also had its borrow caps raised, with frxUSD markets being the first to fill across Tangent’s 12 markets. Link

Tech

[FraxNet]

• Updated FraxNet app APIs, including in-flight status support for Somnia.

• Reviewed KYC flow expansion for non-U.S. individuals.

• Continued proof and orchestration key-migration cleanup.

[Multichain / LayerZero]

• Added HopV2 support on FUI.

• Continued LI.FI integration work.

• Cleaned up HopV2 architecture permissions by revoking an old pauser role from RemoteAdmin.

• Refactored the frax-lz-route-api to use caching without a cron job, reducing Cloudflare KV reads and writes.

• Pinned optional DVN counts for the Frax LZ mesh.

[Other]

• Continued Fraxlend development discussions and feature work.

• Continued KRWQ dual-oracle edits and pre-deployment fork testing.

• Continued UniswapX integration work.

• Continued custodian aggregator-listing work.

Other

• [Frax Force] Onchain Cash episode 7. Link.

• [Frax Force] Onchain Cash episode 8. Link

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Podcast] Sam Kazemian, co-founder Frax.com was hosted by Mario Nawfal on his Twitter Space to discuss on the CLARITY ACT, where discussed on what the next era of crypto regulation and internet finance could look like. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP-445] Discontinue OFT Token Support on Deprecated and Inactive Chains. Link: This proposal discontinues Native OFT bridge support for five deprecated or inactive chains: Aptos, Berachain, Mode, Movement, and Scroll, each of which had minimal liquidity and negligible user activity. The affected Frax assets include frxUSD, sfrxUSD, frxETH, sfrxETH, FPI, and WFRAX. By sunsetting these deployments, Frax reduces operational overhead, lowers cross-chain risk exposure, and concentrates security and maintenance resources on higher-activity networks such as Ethereum, Fraxtal, Base, Polygon, Sonic, and Sei. The proposal passed unanimously with 27,180,029 votes in favor and zero against, comfortably exceeding the 8,252,476 quorum threshold.

Partnerships / External Integrations

• [Aave] frxUSD incentives went live on Aave V4, with frxUSD integrated as a day-one base asset and supply caps quickly hitting 100% utilization. frxUSD later became the #1 deposited asset on Aave V4, hitting $20M in deposits and helping push total V4 deposits past $110M, while LlamaRisk proposed doubling frxUSD caps from $10M to $20M to give it the largest stablecoin cap in Aave V4. frxUSD also became the third-most borrowed stablecoin on Aave V4 after USDC and USDT, with borrowing available from as low as 1.5% APY. Link

• [AlphaPing / Morpho / Inverse Finance] The frxUSD AlphaPing vault on Morpho was offering 20%+ APY, with $1M deposited and refreshed incentives for exposure to sDOLA from Inverse Finance. Link

• [Alto] Alto selected frxUSD as a default stablecoin for liquidity, whitelisting it in Alto’s permissioned PSM to mint DUSD and launching a new DUSD/frxUSD Curve pool with underlying frxUSD yield flowing to LPs. Link

• [Canton Network / Send] Send launched a Base ↔ Canton bridge with frxUSD included as a Day 1 asset, creating frxUSD.B as the Send-bridged version of frxUSD on Canton Network’s institutional settlement infrastructure.

• [Curve Finance] frxUSD PegKeeper pools on Curve Finance hit $1 billion in trading volume, with frxUSD offering yield-forwarding for more sustainable DeFi liquidity. Link

• [EtherFi] Week 8 frxUSD rewards on EtherFi were distributed, with Hold & Transact rewards remaining live for users maintaining a $500 balance and completing 10 transactions in their first 30 days.

• [Featherlend] sfrxUSD was available as collateral on Featherlend on Sei, enabling users to borrow PYUSD at 2.06% against sfrxUSD earning 4%+ yield for looping strategies. Link

• [LayerZero] Frax assets worth over $500M span 20+ blockchains with LayerZero, having securely moved hundreds of millions across tens of thousands of messages.

• [Overlay Protocol] The $FRAX token became available for perpetual trading on Overlay Protocol, with a FRAX/USD futures market launched with leverage.

• [Parallel] A new frxUSD/USDp pool launched on Curve Finance on HyperEVM in partnership with Parallel Money, offering 15% APR with incentives live via Merkl.

• [Tangent] Pre-deposits for Tangent went live with frxUSD selected as one of two default stablecoins to secure a $TAN allocation. Tangent then went live as a DeFi protocol built on top of frxUSD, with up to 2.5M USG available to borrow across 12 markets, and later reached capacity less than five days post-launch, with frxUSD markets filling first. The frxUSD PegKeeper pool with Tangent USG also surpassed $2M TVL on Curve Finance, offering up to 30% APR plus future $TAN allocation for LPs.

Tech

• [FraxNet]

  • Continued FraxNet admin-dashboard and KYC-flow work, including a KYC revamp and admin-page polish.

  [frxUSD]

  • Continued frxUSD Aave forwarder work, including rewards-forwarder support.

  • Scoped oracle configuration work for savUSD/frxUSD.

  [Multichain / LayerZero]

  • Continued DVN Hook block-hash service work and LI.FI integration work.

  • Added HopV2 support on FUI and continued HopV2 architecture cleanup.

  • Refactored the frax-lz-route-api for efficiency using caching.

  • Pinned optional DVN counts in frax-lz-mesh and continued LayerZero mesh / OFT / TL upgrade review work.

  [Other]

  • Continued EtherFi rewards work, including weekly distribution refactoring, a historical API endpoint to net.frax, and related indexing debugging.

  • Continued srRoyUSDC rollout work, including associated UI, Facts deployment, and subgraph PRs.

  • Continued UniswapX integration work.

  • Continued miscellaneous custodian work and multisig transaction reviews.

Other

• [Frax Force] Frax Force Podcast episode 2. Link.

• [Frax Force] Onchain Cash episode 5. Link.

• [Frax Force] Onchain Cash episode 6. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Stable Summit] Frax Founder and CEO Sam Kazemian will speak at Stable Summit in NYC on June 4th, discussing frxUSD’s role in modernizing the global financial system.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

Partnerships / External Integrations

[Aave] frxUSD supply and borrow caps were raised on Aave V4 as part of Aave’s security-first growth strategy. Link

[Coinshift] The frxUSD PegKeeper pool with Coinshift USPC approached $500k TVL with 28%+ APR, offering exposure to institutional credit strategies from BlackRock, Fidelity, Apollo, and more. Link

[EtherFi] Week 7 frxUSD rewards on EtherFi were distributed, with over $100k in frxUSD now spent by users choosing it as their default stablecoin. The rewards campaign was also extended as frxUSD spending through EtherFi Cash continued to grow. Link

[Morpho / AlphaPing / Inverse Finance] The frxUSD AlphaPing Enhanced Vault on Morpho surpassed $1M in deposits, offering around 12% APY with exposure to sDOLA from Inverse Finance and refreshed incentives. Link

[PikuDAO] The frxUSD PegKeeper pool with PikuDAO USP launched on Curve Finance with over 150% APR in FRAX and PIKU incentives, expanding PikuDAO’s frxUSD partnership as another protocol choosing frxUSD as a default stablecoin pair. Link

[Royco] Frax brought liquidity to srRoyUSDC on Royco, combining Royco’s risk tranching with Frax’s yield-forwarding model and frxUSD’s backing from tokenized U.S. Treasuries from BlackRock and others.

[Tangent] Tangent announced pre-deposits with frxUSD as the default stablecoin alongside USDC, building on Tangent’s frxUSD PegKeeper pools on Curve Finance.

[Tempo] frxUSD launched day one on Tempo, built for real-world settlement flows as DoorDash announced stablecoin payouts on the platform.

Tech

[FraxNet]

• Advanced Social Wallet last-mile features, polish, and contract deployments.

• Fixed KYB template issues and continued related operational cleanup.

[frxUSD]

• Continued frxUSD security work.

[Multichain / LayerZero]

• Advanced DVN security work, including a DVN Hook block hash service, DVN 5/5 + confirmations upgrade, and added Canary and Nethermind DVNs to the frax-lz-mesh with explicit block confirmations.

• Continued Frax DVN circuit breaker work and OFT rate limiter improvements.

• Improved legacy OFT support by explicitly setting receive libraries and enhancing OFT bridge burst testing across legacy Hop and legacy HopV2.

• Continued RemoteHopV2 Tempo work, including provider and quorum tightening for the Frax DVN.

• Fixed an FUI bridging bug affecting Solana-to-Fraxtal / Ethereum flows related to compute units.

[Other]

• Continued UniswapX integration work.

• Continued Fraxlend oracle security review.

• Worked on oracle price sourcing for srRoyUSDC.

• Continued miscellaneous multisig operations.

Other

• [Frax Force] Onchain Cash Episode 3. Link.

• [Frax Force] Onchain Cash Episode 4. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Bitcoin Conference] The Frax team attended Bitcoin 2026 in Las Vegas. Co-Founder Sam Kazemian, was live on a CLARITY panel with two U.S. Senators. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP-444] PASSED: Add sGHO and USCC to sfrxUSD Strategies. Link. This proposal expands the yield strategies available to sfrxUSD by adding two new assets: sGHO, Aave’s native stablecoin savings module, with a $10M allocation cap, and USCC, a tokenized fund combining short-duration Treasuries and crypto basis trades, with a $20M allocation cap. The addition of sGHO connects sfrxUSD to Aave’s internal interest flows, providing a protocol-native and structurally sustainable DeFi yield source. USCC, previously introduced to Frax governance via FIP-420, extends sfrxUSD’s exposure to institutional-grade, RWA-backed carry strategies in line with Frax’s broader regulated asset framework. Together, these integrations diversify sfrxUSD’s yield profile across both DeFi-native and offchain sources, reinforcing its positioning as a benchmark yield stablecoin. The proposal passed with 27,902,106 votes in favor against 5,424 opposed, well exceeding the 8,252,476 quorum threshold.

Partnerships / External Integrations

• [Aave]

  • Frax confirmed its role as an Aave V4 partner and announced plans to propose a governance vote for a structured, incentive-aligned approach to supporting Aave markets following the rsETH incident.

  • Separately, for the second week in a row, frxUSD caps were raised on Aave V4 as part of its security-first launch strategy, with frxUSD forwarding underlying yield to Aave users. Link

• [Boardwalk] Boardwalk, a new community-centered fee-protection launchpad backed by Coinbase Ventures, announced it will launch on Fraxtal alongside Ethereum, Base, and Katana.

• [Coinshift] USPC was welcomed to the frxUSD PegKeeper family, with the USPC/frxUSD pool live on Curve Finance enabling access to institutional credit yield from BlackRock, Fidelity, and Apollo. Link

• [EtherFi] Week 2 and Week 3 EtherFi frxUSD rewards were distributed, with over 1,000 transactions made with frxUSD on EtherFi Cash and an ongoing campaign rewarding users who choose frxUSD as their default stablecoin when spending. Link

• [Eva Markets] evaUSDT selected frxUSD as its default stablecoin pairing in a new PegKeeper pool on Curve Finance, with evaUSDT yield sourced from Wintermute loans on WildcatFi. One week after launch, the frxUSD/evaUSDT pool surpassed $1M TVL, earning up to 30% APR. Link

• [Hydrex] A new frxUSD PegKeeper pool with Parallel’s USDp went live on HydrexFi, co-incentivized by Frax, Hydrex, and Parallel with up to 197% APR.

• [LayerZero] Frax introduced the frxUSD Bridge, a direct way to move frxUSD across 25 chains powered by LayerZero, with no volume fees for users or integration fees for chains. Link

• [Piku] A new Piku DAO proposal suggests creating and bootstrapping a frxUSD/USP PegKeeper pool on Curve Finance with a co-incentive program.

• [StableFlow / NEAR] frxUSD went live on StableFlow, enabling 1:1 swaps between frxUSD and USDC/USDT across 25+ chains in one click, powered by FraxZero and NEAR Intents. StableFlow also added simplified cross-chain swaps into frxUSD across multiple chains. Link

Tech

[FraxNet]

• Advanced FraxNet’s Somnia integration and shipped related web-app work, including landing page updates, notification changes, and general app/admin bug fixes.

[FXBs]

• Added branded-stablecoin support for USDso, including contract drafting, staging work, and fork testing.

[Multichain / LayerZero]

• Deployed the Frax LayerZero dashboard as a worker mesh and deployed the frax-lz-route-api as a worker.

• Improved the frax-lz-route-api with LI.FI support and updated frax-lz-mesh for Somnia.

• Added Somnia, Tempo, and legacy OFTs to frax-lz-mesh audit scripts and refactored the frax-lz-mesh dashboard.

• Continued LayerZero security work, DVN hook work, HopV2 cleanup, and OFT refactoring to support rate limiting.

[Other]

• Wrapped up the TG freezer interface pending deployment.

• Continued pyUSD custodian work.

• Miscellaneous EtherFi work, housekeeping, and bug fixes.

Other

• [Twitter Space] Frax.com hosted a talk on FX onchain took to their Twitter Space Link.

• [Frax Force] Onchain Cash episode 2. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Base Build] Andy Cho from Frax.com was hosted by Base Build where he discussed why frxUSD is the ideal stablecoin to pair with. Link.

• [Podcast] Sam Kazemian, co-founder of Frax, was hosted by The Rollup on their podcast where he shared more details on the two CLARITY stablecoin winners. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP-443] sfrxUSD New Strategies: Aave v4 & Morpho Vault Integrations. Link: This proposal expands sfrxUSD's AMO strategies by integrating with Aave v4's new hub-and-spoke lending architecture and Morpho's curated vault ecosystem. Building on the framework established in FIP-434, the proposal aims to deploy frxUSD across major lending infrastructure while maintaining strict risk constraints and minimum yield requirements. The integration with Aave v4 ensures frxUSD remains a core borrowable stablecoin across next-generation lending systems, while Morpho vault participation allows diversification across multiple curated credit strategies from different risk managers like StakeDAO, Steakhouse, and AlphaPing. The proposal passed unanimously with 28,348,640 votes in favor and maintains adherence to the existing sfrxUSD risk framework.

Partnerships / External Integrations

• [Aave] frxUSD went live as a day one stablecoin on Aave V4. Link

• [Aerodrome Finance] frxUSD gained connector status on Aerodrome Finance, enabling additional frxUSD pools.

• [Based Milk] Based Milk launched with frxUSD as the backing for its MILK token.

• [Better Money Company] Frax is among the initial partners of Better Money Company, which is building clearinghouse infrastructure for stablecoins.

• [Coinone] FRAX trading is now live on Coinone.

• [Feather] New PYUSD markets launched on Feather, with sfrxUSD collateral having the largest borrow capacity. Link

• [Fireblocks] Fraxtal L1 is now supported by Fireblocks, a leading digital asset infrastructure provider for institutions.

• [ForteAUD] AUDF, Australia’s digital asset stablecoin, is now paired with frxUSD on Curve on Polygon.

• [IDRX] IDRX, the Indonesian rupiah stablecoin, is now paired with frxUSD on Curve on Polygon.

• [KRWQ Cash] KRWQ, the Korean won stablecoin, is now paired with frxUSD on Curve on Polygon.

• [Metronome DAO] A new msUSD/frxUSD pool launched on Aerodrome Finance with incentives from both protocols.

• [Polygon] Frax, Curve, Polygon, and DFB launched onchain FX markets with frxUSD as the default dollar pair across six global stablecoin pools. Link

• [Stake DAO] Stake DAO is supporting frxUSD PegKeeper pools through OnlyBoost strategies and lending vaults on Morpho.

• [Tangent] Tangent Protocol is building on frxUSD as its default stablecoin.

• [Transfero Group] BRZ, the Brazilian real stablecoin, is now paired with frxUSD on Curve on Polygon.

• [TokenGBP] tGBP, the British pound stablecoin, is now paired with frxUSD on Curve on Polygon.

Tech

[FraxNet]

• Continued FraxNet web work, including Somnia integration, a broader web-app refactor, and a landing page revamp.

• Advanced social wallet / gasless wallet abstraction.

[FXBs]

• Continued RWA strategy research and FXB analysis.

[Multichain / LayerZero]

• Progressed Somnia-related integration work, including transaction review, OFT launch, FUI support, and executor configuration for Somnia and Tempo.

• Continued HopV2 recovery upgrade work.

[Other]

• Continued EtherFi infrastructure work, including daily distribution migration, Dune dashboard sync scripts, and Scroll-to-OP infrastructure migration.

• Miscellaneous housekeeping and bug fixes.

Other

• [Frax Force] The supremacy of crypto card. Link

• [Frax Force] Frax Force Community Talk part 7. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Hydrex] Sean Kelley from Frax.com was hosted by Hydrex where he discussed the future of onchain forex. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP - 442] PASSED: A proposal to introduce a one-time optional early exit program for the legacy crvUSD/L-FRAX Convex FRAX vault.

Partnerships / External Integrations

• [Aave] frxUSD was proposed to be added as a core asset in Aave V4’s Core Hub. Link.

• [EtherFi] The rewards distribution to EtherFi frxUSD holders went live.

• [HTX] FXS (Fraxtal gas token) was upgraded to FRAX on the HTX exchange.

• [Parallel] USDp/frxUSD pool was launched on Curve Finance on Avalanche network by Parallel Protocol. Link.

• [Sonic] Sonic launched a native stablecoin USSD, built on top of frxUSD infrastructure. Link.

• [Stake DAO] frxUSD curated vault was launched on Stake DAO. Users can deposit frxUSD in the Stake DAO curated vault on Morpho and earn yield from lending against Curve Finance OnlyBoost LP collateral.

• [Tempo] frxUSD went live on Tempo network’s mainnet launch. Link.

Tech

[Flox / FXTL]

• Progressed a Fraxtal mainnet frxUSD “freezer” upgrade (for future GENIUS compliance).

[FraxNet]

• Wrapping up FraxNet Stablecoin-as-a-Service (SaaS) webpage, documentation, and API.

• Built a yield forwarder contract + job for SaaS that can pay yield on a chosen destination chain, in a chosen branded token.

[frxUSD]

• Continued FAP work: cross-chain sfrxUSD mint/redeem paths (WIP).

[Multichain / LayerZero]

• Reviewed Tempo deployment transactions.

• HopV2 deployments reached “fully deployed” status excluding Tempo, then continued with HopV2Tempo work (implementation + reviews).

• Tempo launch work: smart contracts + UI integration, plus documentation updates.

• Made Tempo UI/FUI changes as part of rollout.

• Expanded tooling by adding Tempo to the LayerZero audit script.

• Completed RemoteHopV2Tempo deployment and wiring.

[Other]

• Ether.fi streaming rewards work: backfill + repo/database/scripts completion, plus setup/support for a distribution pipeline.

• TransferWithMemo testing.

• Misc liquidity scripts.

• Reviewed a USSD forwarder component.

Other

• [Frax Force] Stories from the frontline part 11. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Podcast] Sean Kelley was hosted by The Rollup on their podcast. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• None for past 2 weeks.

Partnerships / External Integrations

• [Aerodrome] frxUSD was integrated as a connector token on Aerodrome, making frxUSD a first-class stable pair for routing and productive liquidity on Aero.

• [EtherFi] frxUSD was integrated into EtherFi. Users will now be able to spend frxUSD with the EtherFi credit card.

• [Hydrex] Hydrex (on Base) collaborated with Frax to source sustainable liquidity across regional stables and power forex markets.

• [Scale] frxUSD was integrated as the default stablecoin on Scale.farm (Base network).

• [Term Labs] The frxUSD PegKeeper pool with Term Labs' tmvUSDC went live on Curve Finance.

Tech

[Fraxtal]

• Fraxtal testnet native token work progressed: deployment scripting for the native token implementation and subsequent testnet native token upgrades.

[FraxNet]

• Added/expanded embedded branded-stablecoin widgets.

• Audit close-out for the branded-stablecoin scope, including merges of branded-stablecoin PRs and related Odos router changes.

[frxUSD]

• Tested mockFRAX + mockFraxUSD bridging between Tempo mainnet and Fraxtal.

• Seeded liquidity via Tempo precompiles (feeAMM + StablecoinDEX) so mockFraxUSD TIP20 can be used as gas for normal transactions and bridge flows.

[Multichain / LayerZero]

• Started and advanced deterministic (CREATE2-style) deployment work for cross-chain components:

  • Began “predeterministic” HopV2 deployment work and produced/updated HopV2 docs.

  • Refactored OFT deployment scripts toward deterministic deployments.

• HopV2 rollout reached broad coverage (deployed across ~90% of chains).

• LayerZero / Tempo work progressed:

  • Deployed Frax DVN for Tempo testnet (Moderato) and Tempo mainnet (Presto).

  • Built/refactored RemoteHopV2 for Tempo (testnet + mainnet), including support for TIP20 gas and alignment with recent LayerZero endpoint changes (EndpointAlt / LZEndpointDollar).

  • Tempo contracts were brought to production readiness.

• Reviewed/processed Sei-related fixes impacting multichain behavior. Fraxtal Sei-related enforcement adjustments to align with Sei governance proposal 109.

[Other]

• General audit remediation (fixes + resolution work).

• TransferWithMemo EIP research.

• Miscellaneous documentation, contract maintenance, and code reviews.

• Cross-org PR merge/cleanup work.

• Deployment tooling improvements (e.g., pulling deployment key material from GCS and standardizing deterministic deployment flows).

Other

• [Frax Force] Stories from the frontline part 10. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Greeks Live] Sean Kelley from Frax.com was hosted by Greeks Live where he discussed on Stablecoin. Link.

• [Origin Protocol] Sean Kelley from Frax.com was hosted by Origin Protocol on their community call where he discussed about Frax, stable yields, and the new frxUSD/OUSD PegKeeper pool. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP - 441] PASSED: A proposal to complete Frax’s transition into a single-token, Frax-centric system with clear ownership, disciplined monetary policy, and a growth-first revenue framework.

Partnerships / External Integrations

• [Avant] frxUSD PegKeeper pool with Avant’s avUSD went live on Curve Finance on Ethereum and on Etherex on Linea.

• [Cap] Cap expanded its approved delegation assets to include sfrxUSD which makes sfrxUSD a Security Delegation Asset on Cap.

• [Concrete] One-Click yield for frxUSD was deployed on Concrete. Users will be able to deposit their frxUSD into Concrete’s vault and receive ctfrxUSD + vault shares.

• [Fraxtal] KRWQ, the first Korean won stablecoin was launched on Fraxtal.

• [infiniFi] frxUSD PegKeeper pool with infiniFi’s iUSD went live on Curve Finance.

• [Origin Protocol] frxUSD PegKeeper pool with Origin Protocol's OUSD went live on Curve Finance and over $1M in TVL was reached in a short time. The pool receives incentives from frxUSD yield-forwarding, and also receives incentives from OUSD yield. Link

Tech

• [Flox / FXTL] Hit the 100th Flox epoch, handled Flox maintenance during downtime. Reviewed the success of Fraxiversary.

• [FraxNet] FUI Merkle integration, Fraxnet UI polish, Bearer Link WIP, TG bot improvements, coordinating the test-to-prod merge for branded stablecoin UI. Week two shifted to audit fixes, FUI hotfixes, branded stablecoin app feature with locally run queues, and misc PR reviews.

• [frxUSD/sfrxUSD] Built the Fraxtal sfrxUSD minter contract (wk1), then followed up with MintRedeemer changes and tests (wk2). Todo: Finalize the MintRedeemer

• [Multichain / LayerZero] Integrated the LZ config audit script with Google Sheets, reviewed HopV2 and built RemoteHopV2 for Tempo, refactored FraxOFTAdapter/FraxOFT per LZ’s OFTAlt (wk1). Week two: deployed and tested mock frxUSD bridging on Tempo testnet via LZEndpointDollar, deployed Frax DVN for both Tempo testnet (moderato) and mainnet (presto), and built RemoteHopV2Tempo with TIP20 gas support. Todo: Deploy Frax assets on Tempo mainnet, RemoteHopV2Tempo refactoring/testing, finalize Solana freeze/thaw script, LZ config audit enhancements for Gasolina API total supply correctness. Lower priority: connect Movement/Aptos to Ethereum with Frax DVN, and Tron OFT deployment.

• [Other] Frax mobile app WIP. Work on credit card support. Validated the FNS metadata/image generation service, fixed the Farms API, coordinated on FNS metadata service usage, and designed/announced a Rarible NFT competition. Built agentic CI/workflows, and started TransferWithMemo ideation. Explored misc AI tooling (Claude skills, Zellic tool). TransferWithMemo EIP work. List FNS on Rarible.

Other

• [Frax Force] Frax Force Community Talk - Pegkeeper pools and the importance of liquidity 5. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• None for past 2 weeks.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• None for past 2 weeks.

Partnerships / External Integrations

• [ATW Partners] ATW Partners launched a program to invest $50M in frxUSD, signalling the growing bridges between DeFi and TradFi.

• [Binance] Binance integrates Fraxtal as well as its corresponding FRAX Ecosystem/Gas Token. This recognizes Fraxtal’s role as a chain purpose-built around stablecoins and long-term economic activity, rather than short-term speculation. Fraxtal is designed as the execution and settlement layer for frxUSD and future GENIUS-aligned stablecoin infrastructure, enabling payment, treasury, and savings use cases that resemble traditional finance, but with on-chain transparency and composability.

• [RAAC] $frxUSD / $pmUSD PegKeeper Pool was launched on Curve Finance by Raac protocol, a borrowing ecosystem powered by Real-World Assets.

• [WBTC] WBTC was added as collateral on Fraxlend to borrow against sfrxUSD.

• [Zodia] frxUSD stablecoin is now supported by Zodia Custody. Link.

Tech

• [Flox / FXTL] FNS metadata and image generation service. SiloedCustodian coding. Farm multiplier work. Rarible NFT competition, sunsetting Yapperboard points.

• [FraxLend] Small subgraph fixes.

• [FraxNet] FUI work. Branded stablecoin backend, app integration, landing page, and wire deployment work. Bridge related work. Misc KYC/KYB. TODO: FUI Merkle integration. FraxNet V2 work.

• [frxUSD] frxUSD and sfrxUSD EIP‑3009 upgrade to be done Jan 23.

• [Multichain / LayerZero] Tempo integration work (RemoteHopV2, frxUSDMintable with Tempo’s StablecoinDEX, Andantino testnet exploration, frxUSD as gas token on Tempo)

Other

• [Frax Force] Stories at the Frontline part 8. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [BMX] Sean Kelley from Frax.com was hosted by Rachel and Deez from BMX. They discussed frxUSD, the Fraxtal blockchain, the long-term strategy for Frax, and more. Link.

• [FraxFeed] Co-founder Sam Kazemian was hosted by FraxFeed for a special Christmas interview where he shared insights into his upbringing, philosophy, and the personal motivations that have driven him as a DeFi leader over the past five years. Link.

• [Fraxiversary] Frax celebrates its 5-year anniversary. https://frax.com/nft

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• None for past 2 weeks.

Partnerships / External Integrations

• [Exchange] Several exchanges (OKX, CoinEx, MEXC, Binance, Bybit and Crypto.com) announced the upgrade of FXS to FRAX, our upgraded ecosystem gastoken for our Fraxtal chain.

• [F(x) protocol] frxUSD was selected as a stablecoin PegKeeper by F(x) protocol.

Tech

• [Flox / FXTL] Listed Fraxiversary on Rarible. Farm data backend work. Allocated FXTL points for Rarible artists. FNS metadata and image generation.

• [Fraxnet] FUI “trade” module work.

• [frxUSD] Branded stablecoin work, mint/redeem flows, and audit. Work on gasless frxUSD & OFT sends. EIP-3009 work and upgrade. frxUSD OFT adapter for Tempo deployed and tested on their testnet. Explored use of frxUSD as a gastoken on Tempo testnet. Also worked on freeze/thaw logic and TIP403. TODO: frxUSD/pathUSD conversion for Tempo LZ gas token.

• [FXBs] FXB20251231 has now matured and is redeemable.

• [Multichain / LayerZero] HopV2 AI audit fixes. Testing frxUSD as a gas token for LayerZero. Solana → EVM OFT bridging tests with Fraxtal HopV2. TODO: Freeze/thaw Solana token work. Create automated checker of LZ proxy/impl contracts. Connect Movement/Aptos to Eth mainnet and add Frax DVN. Tron OFT deployment

Other

• [Frax Force] Frax Force Community Talk - Roundtable on Frax part 3. Link.

• [Frax Force] Frax Force Community Talk - Roundtable on Frax part 4. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Portals] Sean Kelley was hosted by Portals. He discussed Fraxtal, which was built for payment-grade throughput, as well as the Flox system, which incentivizes its usage. Link.

• [The Rollup] Co-founder Sam Kazemian was hosted by The Rollup where they discussed Do Kwon’s 15 year prison sentence, the DTCC’s No Action statement for blockchain tokenization, the current bear market, Frax, Infinifi, and ChainOfThought. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• None for past 2 weeks.

Partnerships / External Integrations

• [Bitget] FXS was upgraded to FRAX on the Bitget exchange.

• [Deli Swap] Incentives for the frxUSD/wBLT pool went live on Deli Swap. Link .

• [DEIN] Dein collaborated with Frax.com to use frxUSD as one of only three stablecoins as collateral on its platform for insurance policies. Link.

• [KRWQ] KRWQ was integrated on FraxNet’s GENIUS-compatible network, establishing an institutional KRW–USD settlement rail for global investors. Link.

• [Rarible] Frax partnered with Rarible to bring creator-owned marketplaces and curated drops to Fraxtal. This will make it possible for users to collect, trade, and launch Fraxtal NFTs seamlessly on Rarible, with FXTL points for every trade.

• [Stable] Stable mainnet went live. frxUSD and sfrxUSD can now bridge to Stable mainnet via LayerZero and Stargate Finance.

Tech

• [Flox / FXTL] Continued work on the (Frax)iversary / Anniversary ONFT (including ONFT review), coordination with Rarible regarding FXTL points, and AI audit work related to Fraxiversary. Completed IndividualCustodian.

• [Fraxlend] Implemented Odos routing for the Fraxlend leverage router (ready for audit) and Odos liquidator routing for Fraxlend pairs; completed Stable Fraxlend deployment work and subgraph support (Goldsky); shipped UI live for frxUSD Fraxlend stable pairs and performed monitoring around the rollout.

• [Fraxnet] Made misc sweep/draw Fraxnet changes.

• [frxUSD] Revenue dashboard on Dune. Implemented multiple freezers / 3009 on Fraxtal + Ethereum with test coverage, and performed frxUSD freezing tests. Branded stablecoin work (initial build-out plus audit prep, including last-minute features/docs and unique coin keys/salts);

• [Multichain / LayerZero] Completed multiple LayerZero / OFT / bridging tasks: Solana LZ config review fixes (e.g., removing Solana peers, bumping gas limits, verifying enforced options), OFT deployments (including Stable + Monad / prod on Monad), Solana freeze/thaw OFT script, Fraxtal↔Monad bridging tests for Frax OFTs, HopV2 testing and redeploy, RemoteVault upgradeability, attempted Plasma peer removal from Fraxtal (tx noted as pending), and extended frxUSDOFT → TIP20 for Tempo.

• [Misc] Consolidated/ported bot code into rust-bots repo. Meeting with Persona to expand countries for KYC/KYB.

Other

• [Frax Force] Open roundtable on Frax part 2. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• None for past 2 weeks.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP - 438] PASSED: Discontinues Native OFT Token issuance for specific chains that are either officially deprecated by their core teams or have exhibited prolonged inactivity and minimal user adoption.

• [FIP - 439] PASSED: Amends FIP-434 by adding several new sfrxUSD yield strategies to the approved AMO whitelist.

• [FIP - 440] PASSED: Updates the Frax North Star Proposal V2.1 (FIP - 428) and establishes a formal governance resolution to postpone FXTL point conversions until key ecosystem health milestones are achieved.

Partnerships / External Integrations

• [Brale] Frax partnered with Brale to allow users to create their own stablecoin through Brale issuance. This partnership will make it possible for chains, apps, or fintechs to launch their native stablecoin via Brale issuance with frxUSD backing.

• [Chaos Lab] frxUSD integrated Chaos Proof of Reserves for independent onchain monitoring and real-time reserve verification across all network deployments. Link.

• [Metronome] msUSD was paired with frxUSD on Curve finance by Metronome. Link.

• [Privacy Pools] frxUSD was deployed on the Privacy Pools, a DeFi primitive enabling private, compliant transactions on Ethereum.

Tech

• [Flox / FXTL] IndividualCustodian work. Routine Flox maintenance.

• [Fraxnet] Branded stablecoin work. KYC improvements

• [Fraxlend] Stablenet Fraxlend deployment

• [Multichain / LayerZero] HopV2 RemoteAdmin redeploy and testing. FrxUSD ERC-3009 work. LZ routine security analysis. Outdated peer and native bridge cleanup. LZ mesh review. Solana peer and gas limit fixes. Todo: Tron & Monad OFT deployment. RemoteHop on Stable and Plasma

Other

• [Frax Force] Open roundtable on Frax part 1. Link.

• [Frax Force] Stories from the Frontline part 5. Link.

• [KRWQ] KRWQ, the first Korean won stablecoin on Base launched by Frax and IQ surpassed ₩1B in trading volume.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Signaling Theory Podcast] Co-Founder Sam Kazemian was hosted by Logarithmic Rex on the Signaling Theory Podcast where he discussed, in addition to other topics, the differences between fintech and crypto. Link.

• [Rollup TV] Sam appeared in Rollup TV (around 1hr 52m in). Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• None for past 2 weeks.

Partnerships / External Integrations

• [Curve Finance] The frxUSD/crvUSD PegKeeper pool was deployed on Curve Finance, fully backed and built for GENIUS compliance. Link.

• [Feather] Frax incentives went live on Feather on Sei Network. The users will be able to get paid to borrow against sfrxUSD. Link.

• [Metropolis DEX] Incentivized frxUSD - USDC Vault. Link.

Tech

• [Flox / FXTL] Routine maintenance. Still doing final work on FXTL conversions.

• [Fraxnet] Scroll integration. Fraxtal automated IRS Form 1099 and other tax/KYB/compliance work. WGTXX async redemption automation. Ether.Fi integration work.

• [Fraxlend] WFRAX-frxUSD Fraxlend deployed on Ethereum. Todo: Stablenet Fraxlend deployment. Branded stablecoin.

• [Multichain / LayerZero] HopV2. LZ pathway and OFT versioning maintenance and upgrades. Gasolina API and LZ mesh review. Todo: Tron, Monad and MegaETH OFT deployment. Stable Frax DVN deployment and OFT Deployment

Other

• [FraxFeed] Trantor, Lead at Etherex was interviewed by FraxFeed where he explored their innovative model for sustainable growth and the role Frax assets play. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Bankless] Co-founder Sam Kazemian was hosted by the Bankless team where he explained the idea that FraxNet is a crypto neobank, how neobanks work, cards, and Visa’s role. Link.

• [The Rollup] Sam was hosted by The Rollup where he explained the net worth theory for stablecoin adoption. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP - 436] PASSED: The proposal requests to allocate a total of 30,000 frxUSD and 36,000 FRAX from the Fraxtal Ecosystem Fund to the EchoMarket growth grant.

• [FIP - 436] PASSED: The proposal amends FIP-434 by adding a new Predeposit Vault AMO to the sfrxUSD strategy framework.

Partnerships / External Integrations

• [Asymmetry] Frax AF was launched by Asymmetry: a co-incentivized LP ($frxUSD / $USDaf).

• [DeFi Dollar] frxUSD/USDFI pool was deployed. Users can join the pool on Curve Finance.

• [Feather] frxUSD (Sei Network) went live as a collateral option on Feather, a lending and borrowing protocol.

• [Fireblocks] frxUSD is now globally supported asset on Fireblocks. Available across all Workspaces.

• [IQ AI] Frax and IQ AI teamed up to launch KRWQ, the first Korean won stablecoin on Base. KRWQ is tradeable on Aerodrome.

• [Morpho] a frxUSD vault was deployed on Morpho on the Katana chain.

• [Stable] Stable pre-deposit went live with frxUSD and USDT as the two assets accepted for the deposit. $50M in new demand for frxUSD was filled quickly.

• [StakeDAO] The frxUSD/crvUSD pool was deployed on Curve Finance by StakeDAO.

Tech

• [Flox / FXTL] UI for FXTL point conversion and staking is undergoing final review. Documentation. cvxFXS / sdFXS points redistribution script work. Final conversion contracts work. Kaito earn tab integration. Prep for FraxStaker farm.

• [Fraxnet] FraxNet, a fintech account layer for minting/redeeming/earning with frxUSD was officially launched by the Frax.com team. Remote custodian work. Scroll integration.

• [Multichain / LayerZero] Stable testnet, and Optimism Sepolia frxUSD OFT deployment. HopV2 work. frxETH mintable lockbox and OFT upgrades, including documentation. LZ config and migration script automation and signing + cron jobs. LZ Gasolina ongoing tweaks. ReadHop MVP. Todo: BSC testnet frxUSD. Other OFT upgrades. monadETH, megaETH, Movement, Aptos, Tron work.

Other

• [Frax Force] Stories from the frontline part 3. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Lithos] Sean Kelley from Frax.com joined the Plasma Round Table 2 spaces by Lithos to discuss about yield-bearing stablecoins, and their role in the Plasma ecosystem. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• None for past 2 weeks.

Partnerships / External Integrations

• [Concrete] sfrxETH was integrated into Concrete’s vault, which will allow sfrxETH holders to access diversified staking and liquidity strategies with seamless allocation, automated rebalancing, and transparent reporting.

• [Enjoyoors] sfrxETH and sfrxUSD were integrated on the Enjoyoors’ vault. Users can deposit their sfrxETH and sfrxUSD into the vault and earn extra rewards.

• [Falcon Finance] The frxUSD/USDf liquidity pool was deployed on Curve Finance.

• [Hermes] Fraxtal chain is now supported on the Hermes platform, a DeFi unified liquidity hub. This will allow users to swap and bridge into high performance DeFi assets in one click.

• [Parallel Protocol] The USDp/frxUSD pool on Curve Finance on Sonic is now supported. The pool is also boosted by StakeDAO and integrated into its VoteMarket to bribe veCRV holders, maximizing yield opportunities for LPs.

• [Sushiswap] frxUSD/sfrxUSD and frxUSD/AUSD pools were created on the Katana network’s Sushiswap.

Tech

• [Flox / FXTL] UI for FXTL point conversion and staking is undergoing final review. More work on their docs. cvxFXS / sdFXS points redistribution script work. Final conversion contracts work. Yapperboard FXTL points docs released.

• [FraxNet] Work on WTGXX sweep/shuffle for idle funds. Branded stablecoin work. EU KYC and wire/ACH work, including UI for it. Ink + Plume CCTPV2 integration. Remote custodian tweaks. Fraxtal’s Hoodi testnet was launched, and Fraxtal’s Holesky Testnet will sunset on Fri, Oct 17, 2025.

• [Multichain / LayerZero] HopV2 refactor. Mintable lockbox upgrades. Tron / Plasma work. Possibly megaETH and monadETH support. Gasolina API hook.

Other

• [Frax Force] Voices at the Frontline part 2. Link.

• [Chaos Labs] A comprehensive assessment of frxUSD token was conducted by Chaos Labs. Link.

• [The Rollup] Thomas Cowan, Head of Tokenization at Galaxy, discusses the future of stablecoins and the evolution of regulations on the episode 4 of The Rollup “Stabled Up,” presented by Frax. Link.

About Frax

At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [The Rollup TV] The $100 trillion stablecoin opportunity by Sam Kazemian. Link.

• [Token2049] Sam Kazemian, co-founder Frax.com attended Token2049 and presented a special keynote on stablecoins and future of Frax. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP - 435] PASSED: Proposal to allow the use of Stake DAO OnlyBoost for sfrxUSD Curve AMOs.

• [TEMP-CHECK] PASSED: Proposal to develop a Project Progress Tracking Dashboard for Frax Finance–funded initiatives.

Partnerships / External Integrations

• [Balance] frxUSD was integrated with Balance, Canada’s largest digital asset custodian.

• [Euler Finance] frxUSD was deployed on Euler Finance. Users will be able to lend and borrow their frxUSD.

• [Molecula] Molecula collaborated with Frax Finance to allocate funds to sfrxUSD on the mUSD pool and earn mUSD.

• [Tempo] Frax Finance collaborated with Tempo to bring the frxUSD infrastructure to their ecosystem.

Tech

• [Flox / FXTL] UI and script work underway. FloxCAP boost helper contract. Will test FloxConverter soon with live FRAX test amounts. Yapperboard work.

• [Fraxlend] Prepping for deployment on Stable’s stablechain.

• [FraxNet] The FraxNet waitlist is now open. Finished audit for Frax0 mesh.

• [frxUSD / sfrxUSD] Work on Branded Stablecoin.

• [Multichain / LayerZero] FraxtalHop V2 contract work. RemoteCustodian for Scroll and Linea deployed. Hyperliquid RemoteHop deployed. TRON DVN work. Todo: add DVN for Aptos & Movement.

Other

• [Frax Force Talk] Story from the Frontline with Anicieto. Link.

• [LayerZero_Core] Frax LayerZero’s messages hit an all-time high, exceeding 6k over the past month, with $60M in value transferred.

• [sfrxUSD] sfrxUSD is currently available on over 20 chains. Start earning by staking sfrxUSD on your desired chain.

• [The Rollup TV] Tether's $500B valuation, Plasma mainnet and everything about stablecoins. Link.

About Frax

Frax currently issues 3 stablecoins: frxUSD, FPI, and frxETH, along with numerous other non-stablecoin tokens. There are also multiple contract groups or "subprotocols" within it that integrate these tokens to provide utility and stability.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [Cartex] Sean Kelley from Frax Finance was hosted by the Cartex team on their Twitter Space where he discussed the new Frax pools on Catex, ecosystem updates, and scaling DeFi on Unichain.

• [Hanson Birringer] co-founder Sam Kazemian was hosted by Hanson on his Twitter Space where Sam discussed the proposal to issue HyperliquidX's stablecoin USDH natively, along with his future vision for USDH.

• [HypurrCollective.hl] Stablecoin Roundtable $USDH

• [Stabledash] Sean Kelley from Frax Finance was hosted by Stabledash where he discussed Frax's USDH proposal for HyperliquidX and how DeFi protocols are approaching stablecoin infrastructure/issuance.

• [The Rollup TV] Hyperliquid USDH Stablecoin Special

• [Unchained] Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken. Link.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP - 434] PASSED: A proposal to build upon FIP-430, which established a separate balance sheet and governance-guided yield strategy for sfrxUSD. Approval for whitelisting an initial set of AMO strategies with allocation caps and setting clear rules for how future strategies are approved.

Partnerships / External Integrations

• [Aerodrome] WFRAX and frxUSD pools on Aerodrome (Base) now receive AERO emissions.

• [Stables] Ethereum frxUSD integrated on Stables, with Fraxtal support coming soon. This marks the first crypto card payment gateway for frxUSD

• [Unichain] frxUSD was deployed on Uniswap’s Unichain, a L2 chain designed for DeFi.

Tech

• [Flox / FXTL] First batch of Yapperboard points. Deployed conversion/staking related contracts. Working on scripts and more docs for conversions.

• [Fraxlend] Sunsetting of misc old pairs.

• [FraxNet] CCTP work for Linea, as well as testing for CCTP v2 migration. Remote custodian testing. TODO: Meta CRM, sfrxUSD state relay, debit card support, and branded stablecoins.

• [frxUSD / sfrxUSD] V3: ERC-1271/3009 support currently being audited by Zellic.

• [General] Cleaning up frax-tokens repo.

• [Multichain / LayerZero] Audit, review HyperLiquid composer docs. More HyperEVM/HyperCore work. OFT Upgrade 1.1.0 audit. Gasolina API hook, and work to itegrate Argo CD there. Todo: hop contracts for HyperEVM, Frax DVN support for Movement and Aptos. DVN testing for Tron and Ton.

About Frax

Frax currently issues 3 stablecoins: frxUSD, FPI, and frxETH, along with numerous other non-stablecoin tokens. There are also multiple contract groups or "subprotocols" within it that integrate these tokens to provide utility and stability.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

What We Did

Events / Media

• [CrossCurve x Frax]: Digital Money Maturing. Twitter space hosted by CrossCurve and Andy @ Frax.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• None for past 2 weeks.

Partnerships / External Integrations

• [Asymmetry] sfrxUSD is now supported as a borrowable asset against USDaf on Asymmetry starting at 0.5%.

• [Catex] USDC/frxUSD and wFRAX/frxUSD farms are now available on Catex, a MetaDEX on Unichain.

• [Crypto.com] Frax selected Crypto.com's Custody to provide custody and liquidity solutions for Frax’s stablecoins and staking assets to the institutions.

• [Etherex] Multiple Frax-related farms are now available on Etherex on Linea.

• [Falcon Finance] frxUSD/USDf Curve farm now available.

• [Reserve Money] RZR/frxETH/scrvUSD pool was deployed on Curve Finance by the Reserve team. They will also acquire $sfrxETH and $FRAX in their treasury.

Tech

• [Flox / FXTL] Certora audit completed. Will roll out FXTL conversions, and will need to do minor UI work for staking / showing weekly FXTL conversions. Also Kaito / Yapperboard and sdUSD/sfrxUSD farm work.

• [FraxNet] RemoteCustodian work. Gas optimization, CCTP, and Beacon work.

• [frxUSD / sfrxUSD] V2: GENIUS compliance upgrade completed (per FIP-430). V3: ERC-1271/3009 support to be audited by Zellic on September 9th.

• [Multichain / LayerZero] Review OFT v1.1.0 upgrade. Other OFT and DVN work.

About Frax

Frax currently issues 3 stablecoins: frxUSD, FPI, and frxETH, along with numerous other non-stablecoin tokens. There are also multiple contract groups or "subprotocols" within it that integrate these tokens to provide utility and stability.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.

Events / Media

• [Broadcast] Co-Founder Sam Kazemian was hosted by threadguy, where he discussed the GENIUS Act, decentralized stablecoins, Frax, and Fraxnet. You can listen for the full broadcast here.

Governance

Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.

• [FIP - 433] PASSED: The proposal seeks to introduce a new market into Fraxlend on Ethereum for OGN.

Partnerships / External Integrations

• [Bedrock] Bedrock launched uniBTC / frxUSD and uniETH / frxETH pools on Curve Finance. Users can join the liquidity pool with their Frax assets on Curve Finance and earn rewards.

• [Echo Market] Frax continued its collaboration with Echo Market to activate our community and boost content creation.

• [Falcon Finance] Frax.com teamed up with Falcon Finance to launch a new frxUSD/USDf pool on Curve Finance with voting incentives on Stake DAO.

• [Mellow Protocol] Frax interop vault was curated on Mellow Protocol which will allow Frax users to deposit FRAX on Fraxtal and earn crosschain yield and rewards from Symbiotic, Eigenlayer, Mellow Protocol and FXTL points.

• [Omni Exchange] Frax.com became a launch partner for Omni Exchange, enabling liquidity incentives, emission voting and gauge support through $veOMNI from Day 1.

• [OMYPayments] sfrxUSD was deployed on OMYPayments, a cryptocurrency payments processor powered by DeFi infrastructure which will allow businesses to seamlessly issue invoices, process bulk payouts, and accept global payments.

• [Parallel Protocol] Parallel Protocol deployed on Fraxtal for faster transactions and cheaper yields.

Tech

• [Flox / FXTL] FloxCapacitor, FloxConverter, and FraxStaker Certora audit nearly completed. Will need to do minor UI work for staking / showing weekly FXTL conversions. Added FXB2027, cvFXB2027, rstFRAX, and sdUSD farms to FXTL tracking. Yapper work.

• [FraxNet] Stealth Alpha released to certain users and partners to discover any bug fixes and quality of life improvements. Remote Custodian work.

• [Fraxlend] Misc small tweaks.

• [Fraxtal] Isthmus hardfork (routine technical upgrade from Optimism).

• [frxUSD / sfrxUSD] GENIUS compliance upgrades and ERC-1271/3009 support to be audited by Zellic on September 9th.

• [Multichain / LayerZero] Linea CCTPV2 USDC. Persona -> Bridge API functions, Solana <> Ethereum DVN upgrade, OFT v1.1.0 upgrade. Soon to deploy to Aurora, Scroll, and HyperVM. Frax Gasolina hook sidecar. Worked on Frax DVN for Movement and Aptos.

About Frax

Frax currently issues 3 stablecoins: frxUSD, FPI, and frxETH, along with numerous other non-stablecoin tokens. There are also multiple contract groups or "subprotocols" within it that integrate these tokens to provide utility and stability.

You can see a more detailed overview here.

Legal Disclaimers

This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).

To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.

The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.