What We Did
Events / Media
Token2049 - Singapore - 09/18 - 09/19: Sam Kazemian participated as a panel speaker.
[Dynamo DeFi] Sam Kazemian was interviewed by Patrick Scott on his Dynamo DeFi YouTube channel. They discussed how Frax is building a decentralized central bank and also how Frax's many products work together. You can listen to the full interview here.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
PASSED: [FIP - 408] Migrate the Snapshot voting process from the Ethereum mainnet to the Fraxtal network.
PASSED: [FIP - 407] Allocate FXS to Symbiotic.
FAILED: [FIP - 405] Significantly downsize PyUSD Position
PASSED: [FIPs - 400/401/403/404] New Fraxlend pairs on Ethereum Mainnet. wBTC/sFRAX, sfrxETH/sFRAX, ENS/FRAX, and GRT/FRAX
Partnerships / External Integrations
[Alvara] Frax Finance partnered with Alvara Protocol to launch the Frax Ecosystem Basket Token Standard (BTS). They also launched on Fraxtal and will enhance BTS yield generation as well as create a secondary market for the BTS LP tokens.
[dTRINITY] Frax Finance and dTRINITY team teamed up to reduce stablecoin borrowing costs and supercharge DeFi yields on Fraxtal.
[Galador] Galador won the first prize in the Fraxtal Hackathon and will bring hard-core derivatives primitives to the Fraxtal ecosystem.
[Movement] Frax Finance and Movement team collaborated to deploy Frax Finance assets; FRAX, sFRAX, FrxETH, FXS, and also Fraxlend, FraxCDP, and the Frax staking contract on Movement blockchain. Frax Finance and the Movement team are also working together to provide $10M in protocol liquidity.
[Revest] Revest Finance launched their veFXS FNFTs, which allows users to create a transferable veFXS NFT position instead of having it forced to be attached to a single address. Users can manage their FNFTs on Revest. Note: only newly-created veFXS positions can be FNFTs.
[SEI Network] FRAX was integrated on SEI Network. Users can bridge their FRAX using the Stargate Finance bridge and also supply FRAX collateral on YEI Finance to generate yields and borrowing opportunities.
[Symbiotic] FXS was added as restaking collaterals on Symbiotic. Users can restake their FXS and earn rewards on Symbiotic.
[Tokemak] FrxETH was integrated on Tokemak's Autopilot autoETH Autopool and is eligible for liquidity deployments & incentives. The Autopilot will provide more yield and less management for frxETH depositors.
Tech
[Aave AMO V3] New Aave AMO completed. Waiting on Aave. Per Aave Governance, FRAX is expected to be removed from isolation mode on Aave V3, allowing it to be used as collateral for borrowing. sFRAX may also be added. This will allow FRAX to earn yield by acting as a FRAX supplier, and also allow the protocol to borrow other stables like USDC to defend the peg in adverse market conditions.
[BAMM] Lots of UI work behind the scenes, especially edge cases. Solidity code passed 2nd audit. Also setting up the arbitrage bot. ETA end of September.
[Flox / FXTL] FNS Quest. cvxFXS & sdFXS/FXS farm tracking added.
[Frax Name Service] Frax Finance introduced Frax Name Service (FNS) which will allow users to purchase their desired username, similar to Ethereum’s Ethereum Name Service (ENS). Users will be able to search and purchase their desired username using FXS. Link.
[frxBTC] Preliminary work inc TxID derivation, Merkle proof, mint/redeemer.
[frxETH V2] Still working on offchain bot and validator exit message custodianship. Will set up devnet and monitor validator health.
[TRON] Misc backend tweaks to accommodate TRON.
About Frax
Frax currently issues 3 stablecoins: FRAX, 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.