What We Did
Events / Media
[Washington, DC]: Co-founders Sam Kazemian and Travis Moore have been traveling to DC more frequently lately for various private networking events and meetings with government officials and other industry leaders.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP - 4XX] Frax North Star Proposal - V2.0 IN DISCUSSION: This proposal seeks to implement the upgrading of FXS, the Frax North Star Hardfork, the Tail Emission Plan, and the Flox Capacitor Boost.
[FIP - 425] PASSED: Introduce AUSD as collateral backing for Frax USD (frxUSD) and custodian asset for frxUSD, delivering utility and liquidity as reserves behind the stablecoin.
[FIP - 426] PASSED: Approve JTRSY as a custodian asset for frxUSD as the protocol enables an enshrined custodian model and launch Centrifuge on Fraxtal.
Partnerships / External Integrations
[BUIDL] frxUSD now has over 5M in BlackRock’s BUIDL backing and plans to add more in the near term.
[Burrow Finance] Burrow Finance launched a campaign for sfrxUSD holders to grow their sfrxUSD through Delta Trade. Users will be able to supply their sfrxUSD on Burrow Finance and loop to earn more rewards.
[Crypto.com] The FXS App Campaign was launched by crypto.com. A pool of $40,000 FXS token was provided as reward for users who purchased and deposited FXS on crypto.com.
[frxUSD] frxUSD (and other Frax ecosystem tokens) integrated into multiple chains through LayerZero. Users will be able to use the Frax Universal Interface (FUI) to seamlessly bridge frxUSD to and from many chains, while Fraxtal acts as the central hub.
[Liquify] Frax Finance was integrated on Liquify, a pivotal RPC access point to the POKT Network, boasting extensive multi-chain capabilities.
[Movement] Frax Finance teamed up with Movement and Concrete to bring the new $frxUSD stablecoin to Move. Users were able to pre-deposit their frxUSD & sfrxUSD to earn $MOVE rewards on Ethereum network.
[Rubic] Rubic launched a Layer3 quest. Users were able to explore Frax on Rubic and swap seamlessly, cross-chain and on-chain via Symbiosis, Owlto Finance, Squidrouter, and FraxSwap and earned Layer3 XP and FXTL points.
[Sonic] $frxUSD and the yield-bearing $sfrxUSD were launched on Sonic through the leading ve(3,3) DEX SwapX V4. Also sfrxUSD, frxETH and FXS are to be tradable exclusively on SwapX, powered by Algebra Dex. Additionally, an airdrop was provided by SwapX to the Frax Finance community. Eligible users can check for their airdrop here.
[WisdomTree WTGXX] Notable ETF / ETP sponsor and NYC-based asset manager WisdomTree proposes to introduce the WisdomTree Government Money Market Digital Fund (“WTGXX” or “Fund”) as an on-chain, reserve (backing) asset for Frax USD with exposure to U.S. dollar yield. This high-quality fund would serve as backing for frxUSD in a similar manner to BlackRock’s BUIDL and Superstate’s USTB. Learn more about WTGXX here.
Tech
[BAMM]: DeFiLlama adapter, misc small tasks including frontend tweaks.
[Fraxlend]: Misc oracle work. Also working on leverage feature.
[FXTL / Flox]: BAMM farms. Outline / planning for FloxCAP contract in the event the North Star FIP passes.
[Multichain / LayerZero]: Aptos, Berachain, Linea, Movement, Solana integration work.
[North Star Hardfork]: Audit passed for new contracts as well as the deployment scripts. Tests ongoing on ad-hoc L1/L2 devnet.
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.