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.

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

• [Echo Market] Frax partnered with Echo Market to raise awareness of Frax and the GENIUS Act. Link here.

• [StakeDAO] Staking V2 was deployed on Fraxtal chain by StakeDAO. Users will be able to stake their assets and earn boosted $CRV rewards on Fraxtal.

Tech

• [Flox / FXTL] FloxCapacitor, FloxConverter, and FraxStaker Certora audit underway. Yapper board and farm work.

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

• [Fraxlend] Misc small tweaks.

• [Multichain / LayerZero] Katana, Plume, and Solana DVN and OFT work. frxUSD OFT blacklist, EIP2612, EIP3009, and mint/burn upgrade code almost ready for audit.

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

• [GENIUS Act] President Trump signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), setting the foundation for legal payment stablecoins in the US. Frax will work effortlessly to achieve compliance with these new regulations for frxUSD.

• [Twitter Space] Frax joined the Equalizer team to discuss Fraxtal, sfrxUSD, and how they are collaborating to grow awareness and adoption of Frax products across Sonic and Equalizer. The discussion can be listened to here.

Governance

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

• [FIP - 432] PASSED: A proposal to delegate the full compliance infrastructure and collateral management of frxUSD to FRAX Inc (previously known as FinresPBC), the public benefit corporation responsible for regulatory operations.

Partnerships / External Integrations

• [Hermes] WFRAX and FRAX was integrated on Hermes, a decentralized, permissionless, omnichain yield and liquidity marketplace. Users will be able to swap WFRAX to FRAX and other Frax Finance OFT tokens across chains in seconds.

• [Sei Network] sfrxUSD was added on Sei Network as collateral asset. Users will be able to mint syUSD using sfrxUSD at zero interest rate and in return earn SEI, wFRAX and Synnax XP.

• [Swaps.io] sfrxETH and sfrxUSD went live on Swaps Market with fixed rates and instant execution.

• [Yaka Finance] frxUSD/syUSD and frxUSD/Sei LP went live on Yaka Finance.

Tech

• [Flox / FXTL] FloxCapacitor, FloxConverter, and FraxStaker code complete. 3rd party audit ETA shortly (likely Certora).

• [FraxNet] UI and backend work. Smart contracts audit complete (Zellic).

• [Fraxlend] Misc small tweaks.

• [FXBs] Code audit completed (ChainSecurity) and upgrade has been done for existing FXBs. Per FIP-430, Fraxtal FXB upgrade (frxUSD → Legacy Frax Dollar underlying). Todo: deploy FXB/Factory etc contracts for new/future FXBs.

• [Multichain / LayerZero] DVN now live. Misc LayerZero / OFT tweaks. Working on supporting Plume.

• [sfrxUSD2] Per FIP-430, sfrxUSD will be changed from a traditional ERC-4626 token to a vault-style token. Code audit completed (ChainSecurity).

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

• [Permissionless IV, New York City, June 24th - 26th 2025] Co-Founder Sam Kazemian and a few other NYC based team members attended the event, with Sam speaking on a panel titled “The DeFi Renaissance is Here”. The speech can be found here.

Governance

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

• [FIP - 431] PASSED: Proposal to reallocate Frax's liquidity support from FIP-416 ($2 million) toward dUSD markets on Sonic.

Partnerships / External Integrations

• [Swaps.io] frxUSD/sfrxUSD and frxETH/sfrxETH are now live on Swaps Market.

Tech

• [Flox / FXTL] Routine farm tracking. FloxCapacitor, FloxConverter, and FraxStaker code team audit complete. 3rd party audit ETA shortly.

• [FraxNet] Solana redemptions. USDC/USTB custodian work. Persona KYB misc. Soft/private launched to existing VCs, investors, and partners for fine-tuning and troubleshooting/feedback. Smart contracts currently being audited (Zellic).

• [Fraxlend] Misc small tweaks.

• [FXBs] Per FIP-430, Fraxtal FXB upgrade (frxUSD → Legacy Frax Dollar underlying), code is currently being audited (ChainSecurity).

• [Multichain / LayerZero] Fraxtal Testnet work. DVN development and deployment on Unichain, Aptos, Movment, Solana, and also Botanix (non-EVM). Plan to deploy OFTs on Botanix, Monad, Plasma.to, and MegaETH. Gasolina API work.

• [sfrxUSD2] Per FIP-430, sfrxUSD will be changed from a traditional ERC-4626 token to a vault-style token. Currently being audited (ChainSecurity).

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

• [bitcoin2025 - Las Vegas, NV - May 27-29] Frax sponsored the bitcoin2025 conference in Las Vegas at the Moon (highest) level. This included hosting a large booth as well as the Frax Bitcoin Lobby Lounge (official entrance lounge) at the main entrance.

  
  Some key highlights from the event:

  • Sam Kazemian shared his views on stablecoins on the main Nakamoto stage, alongside House Majority Whip Tom Emmer (R-MN), Congressman Bryan Steil (R-WI), Senator Bill Hagerty (R-TN), Digital Chamber CEO Cody Carbone, and Lightspark CEO David Marcus. The speech can be listened to here.

    

  • Numerous closed-door private meetings with government and business leaders.

  • Frax was featured on Sphere during the conference.

  • Frax Cigar Night at Eight Cigar Lounge (Resorts World) private event. The team networked with investors, business associates, and old friends in the crypto space in a relaxed setting.

  • Vice President J.D. Vance gave the main speech of the event, in which he highlighted his support for the GENIUS Act and for Stablecoins, as well as for Bitcoin and crypto in general.

• [BidCast] Sam Kazemian was interviewed on BidCast where he discussed:

  • What the GENIUS Act means for its new $frxUSD.

  • Why he thinks $FRAX & FraxNet are ahead of competition

  • Path for $frxUSD to hit $10Bn+ TVL in 12 months

  • How all of these translates to value accrual for $FRAX

  • Check out the summary of the interview here and the full interview here.

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

• [Beets] Beets integrated sfrxEth and sfrxUSD on its platform which will allow sfrxEth holders to earn multiple yield streams with a single deposit of sfrxEth and sfrxUSD on top of swap fees and protocol rewards.

• [dTRINITY] dTRINITY launched a looping strategy for sfrxUSD. Users can supply sfrxUSD on dTRINITY, then borrow dUSD at 80% LTV and swap dUSD for more sfrxUSD and earn 3X leveraged loop ≥ 20% Net APY and 5X leveraged loop ≥ 35% Net APY.

• [Equalizer] Equalizer collaborated with Frax to launch frxUSD / FRAX and sfrxUSD / eliteRingsScUSD pools on Equalizer Exchange on Sonic.

• [EYWA] frxUSD and frxETH were integrated on the EYWA protocol crosscurve. Supplying frxUSD and frxETH on the Crosscurve earns the user more yield.

Tech

• [Flox / FXTL] Routine farm tracking. FloxCapacitor, FloxConverter, and FraxStaker work. Code and tests basically done and expected to be audited in the near term. Once they are ready, FXTL conversions can begin.

• [FraxNet] Soft/private launched to existing VCs, investors, and partners for fine-tuning and troubleshooting/feedback. Will be audited shortly, then fully released.

• [Fraxlend] ReUSD LP work. sfrxUSD2 Static Oracle price source finalization.

• [frxAccounts] EIP-7702-related EOA upgrade experiments.

• [frxBTC] Once FraxNet is fully launched, reuse / adapt code and infrastructure to support frxBTC.

• [FXBs] Per FIP-430, Fraxtal FXB upgrade (frxUSD → Legacy Frax Dollar underlying) code and tests are finished and ready for audit.

• [Multichain / LayerZero] DVN deployment work. Prepare Ethereum WFRAX lockbox migration. Worldchain added. Misc lockbox migrations. Gasolina API (LayerZero) work.

• [sfrxUSD2] Per FIP-430, sfrxUSD will be changed from a traditional ERC-4626 token to a vault-style token. Code and tests finished, ready for audit.

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

• [Token 2049 - Dubai, UAE] CoFounder, Sam Kazemian delivered a keynote where he discussed the future of stablecoins and Frax's completely revamped roadmap and vision to lead this era. The full keynote can be listened to here.

• [bitcoin2025 - Las Vegas, NV, USA - May 27-29] Frax is a Moon sponsor of this event, and will be hosting a booth as well as the Frax Bitcoin Lobby Lounge (official entrance lounge) at the main entrance. Co-Founder Sam will be speaking, and many other team members will also be present.

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

• [dTRINITY] sfrxUSD is used to back dUSD on Sonic

  • sfrxUSD's yield funds subsidies for dUSD borrowers,

  • sfrxUSD can be used as collateral to borrow dUSD and

  • dUSD/frxUSD pool was deployed on Curve Finance and SwapXfi on Sonic.

• [Sei Network] sfrxUSD was integrated on Sei Network. Users will be able to convert frxUSD to sfrxUSD directly on Sei , using the Layer Zero bridge.

• [Synnax] sfrxUSD was integrated on Synnax as collateral. Users can mint and loop syUSD against sfrxUSD collateral at no cost and also earn 20x SynXP.

• [WisdomTree] Integration with WisdomTree’s WGTXX asset is now complete and is now one of the collateral tokens for frxUSD.

Tech

• [Flox / FXTL] Routine farm tracking labor. FloxCapacitor and FloxConverter work.

• [Fraxtal] OP Isthmus upgrade prep work.

• [Fraxlend] ReUSD pair work. FraxNet code. sfrxUSD oracle improvements.

• [FXBs] Per FIP-430, almost finished with Fraxtal FXB upgrade (frxUSD → Legacy Frax Dollar underlying). Code and tests almost finished; will need to audit. Also worked on updated FXB AMO and code (factory and FXB token impls) for new FXBs (post FIP-430 upgrade).

• [Multichain / LayerZero] DVN deployment work. Prepare Ethereum WFRAX lockbox migration.

• [sfrxUSD2] Per FIP-430, sfrxUSD will be changed from a traditional ERC-4626 token to a vault-style token. Finished code, and tests; will need to audit.

Others

• None for past 2 weeks.

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.