What We Did
Events / Media
None for past 2 weeks.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP - 423] PASSED: Forming a strategic partnership with Leviathan News to deliver high-quality media coverage, educational content, and ecosystem analysis for Frax Finance.
[FIP - 424] PASSED: Introducing AUSD as a collateral asset with an initial cap of $25M backing Frax USD (frxUSD), delivering utility and liquidity as reserves behind the stablecoin.
Partnerships / External Integrations
[DeFi App] Frax Finance competed in Defi App's Degen Arena, a platform which combines CeFi and DeFi into the world's first decentralized Super App.
[Kaito] Frax Finance was added on the Yapper Leaderboard of Kaito, an ultimate web3 information platform that indexes a wide range of web3 content not easily accessible through traditional search engines. Users will be able to find out who's driving most Frax mindshare on Kaito's Yapper Leaderboard.
[Omni Network] Omni Network and Frax Finance teamed up to add frxUSD to the Omni Distribution Engine. This will enable users to be able to use frxUSD across the entire Omni Network onchain economy.
[Rubic] Fraxtal chain is now supported on Rubic, a cross-chain tech aggregator for the interoperable future of Web3. Users will be able to swap assets on Fraxtal chain on Rubic exchange.
[Zapper] Fraxtal chain is now supported on the Zapper, a portfolio tracker.
Tech
[BAMM (Borrow Automated Market Maker)] BAMM was launched. BAMM is a lending module built on top of Fraxswap that allows seamless borrowing, swapping forever and access to leverage for any token, without oracles.
[FXTL] Quests and Reflink background work. FXTL conversion and/or fixed weekly buyback-and-burn ideas (with FRAX (fka FXS)) to be posted alongside North Star governance discussion. Flox Capacitor idea as well (lock FRAX (ex-FXS)) for addl weekly FXTL earning boost).
[frxUSD/sfrxUSD] was launched. frxUSD is our new flagship stablecoin and sfrxUSD is its associated yield token.
[LayerZero / OFTs] Lots of background work done to update everything to accommodate frxUSD and sfrxUSD.
[North Star Hard Fork] Audit has begun today. Main goals: 1) Renaming FXS → FRAX, 2) FRAX (ex-FXS) becomes the gas token for Fraxtal, replacing frxETH. Mainly following Optimism’s suggestions here. Fork will not be activated until a (future) community vote passes and 3rd-party projects are given ample time in advance to prepare. A governance discussion draft is expected to be posted shortly.
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.