What We Did
Events / Media
[Token2049 - Dubai, UAE] CoFounder, Sam Kazemian delivered a keynote where he unveiled the return of the original Libra vision, FraxNet and more. The full keynote can be listened to here.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP - 430] PASSED: Preparation of the frxUSD stablecoin for regulatory compliance to become a U.S. payment stablecoin.
Partnerships / External Integrations
[Ethereum Frogs] Ethereum Frogs migrated frxETH/CROAK pool on Linea network to Nile Exchange. Users will be able to earn double rewards ($CROAK and $FRAX), and also get boosted via eFROGS and veNile.
[Eywa Protocol] Eywa Protocol and Frax Finance collaborated to make FRAX, frxETH and frxUSD part of the CrossCurve MetaLayer, routing liquidity between Sonic and 21+ other chains. Providing liquidity will get CrossCurve Yield, Frax Incentives, Sonic Airdrops and Rings Points.
[Rings Protocol] frxUSD is supported as a scUSD collateral by Ring Protocol. Users can use frxUSD to mint $scUSD on both Ethereum and Sonic.
[SiloFinance] sfrxUSD-scUSD market was deployed on Silo Finance. Users can deposit sfrxUSD and borrow scUSD Silo Finance.
[Sonic] sfrxUSD was deployed on Sonic. This will allow users to stake and unstake frxUSD to/from sfrxUSD directly on Sonic.
Tech
[Flox / FXTL] North Star prep. FloxCapacitor and FloxConverter work.
[FraxLend] North Star prep. Work on UI for Aggregator/Multi-Lender. Wind-down of some legacy pairs. Misc oracle maintenance.
[FXBs] FXBs on Fraxtal currently have frxUSD underlying locked in the contract. Per FIP-430, that frxUSD needs to be withdrawn and replaced with Legacy FRAX Dollar, as it was originally. Otherwise, the frxUSD would be only partially backed and not allowed from a regulatory standpoint. Upon maturity, users can redeem 1 FXB for 1 Legacy FRAX Dollar, as it is on Mainnet and was before the Fraxtal frxUSD launch.
[Multichain / LayerZero] North Star prep. DVN deployment. Hop contract work.
[North Star Hardfork] North Star Hardfork went live as per the proposal. Frax Share $FXS became $FRAX, and will now serve as the gas token of the Fraxtal.
[sfrxUSD2] Per FIP-430, sfrxUSD will be changed from a traditional ERC-4626 token to a vault-style token. pricePerShare and pricePerShareIncreasePerSecond will be set weekly by the team based on performance. Currently, the frxUSD in sfrxUSD is “tied up” and unable to be deployed in other DeFi venues with higher yield. Were the upgrade not to happen, the sfrxUSD yield would only track the yield of the frxUSD underlying (e.g. BUIDL, USTB).
Redemptions of sfrxUSD2 to frxUSD will still be allowed, with a redemption reserve anticipated.
Currently almost finished with tests. Will need code audit and announcement / prep before being made live.
Contract will still match ERC-4626 interface, but with additional functions.
Others
None for past 2 weeks.
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.