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.