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.