What We Did
Events / Media
[Permissionless III - Utah, USA (10/9 - 10/11)] Co-Founder Sam Kazemian participated in the “DeFi: A Phoenix Rises from the Ashes” discussion.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP - 410] PASSED: Update FXS Allocation on Symbiotic from 1M FXS up to 5M FXS max. As of this newsletter, 2M FXS is currently deposited.
[FIP - 409] PASSED: Karak Restaking AMO on Fraxtal. Allocate up to $50 million worth of sfrxETH and sFRAX, and up to 5 million FXS from the protocol/community treasury.
Partnerships / External Integrations
[CoW AMM] FXS-sfrxETH liquidity pool was launched on CoWSwap’s Balancer CoW AMM. Users will be able to provide liquidity with their FXS-sfrxETH LP and earn LVR-protected yield.
[DZap] a Meta-DEX and bridge aggregator was deployed on Fraxtal. Link.
[InceptionLRT] integrated sFRAX. Users can deposit sFRAX on InceptionLRT and get insFRAX tokens, then stake on InceptionLRT to earn yield.
[Level] collaborated with Frax Finance to launch sFRAX on Level. Users can deposit sFRAX on Level to earn Level XP while accruing FRAX yield. Will soon be able to earn more XP by minting lvlsFRAX.
[Optimism Superchain] Optimism allocated 10M+ OP to 54k+ unique addresses for its Superchain. Fraxtal users were eligible for the OP airdrop from Optimism.
[Relend Network] collaborated with Frax Finance to launch a sFRAX/USDC market on Morpho Protocol. Users will be able to use sFRAX as collateral to borrow USDC on the Morpho Protocol vault.
Tech
[BAMM] BAMM AMO / BAMM Wrapper. UI is done. Waiting for Certora audit finish.
[Flox / FXTL] Points / tracking for Curve ETH and Curve LlamaLend farms. To add Curve USD farms. Discussion about Layer3 quests.
[Fraxlend] GRT & ENS dual oracles.
[frxBTC] API Draft, deposit address derivation, deposit proofs, redemption flow, light BTC client. tFrxBTC deployment and test.
[frxETH V2] Deployed contracts to mainnet and prepped protocol-owned validators for testing. Working on UI.
[LayerZero] Working on bringing FRAX ecosystem tokens to Movement and Solana.
[OFT Legacy Recovery] A Stargate user accidentally sent LayerZero sFRAX to a wrong (and empty) Frax-associated address on Base. We were able to recover it by CREATE2 and nonce management.\
[TRON] Fraxtal <> TRON integration (via Fraxferry) is now live.
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.