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 - 418] PASSED: Introduce Blackrock’s BUIDL (via Securitize) as a backing asset for Frax USD. BUIDL is the BlackRock USD Institutional Digital Liquidity Fund Ltd. The BUIDL token is backed by cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain. Learn more about BUIDL here.
[FIP - 419] PASSED: Launch Frax USD (frxUSD) and Staked Frax USD (sfrxUSD) as new components of the Frax Finance ecosystem to provide upgrade path to the srax Stablecoin was passed.
[FIP - 420] PASSED: Allow USCC (Superstate Crypto Carry Fund) as collateral backing for Frax USD (frxUSD), generating stability, liquidity, and market-neutral yield as reserves behind the stablecoin was passed.
[FIP - 421] PASSED: Allow USTB, Superstate's Short Duration US Government Securities Fund as a collateral asset for frxUSD.
Partnerships / External Integrations
[dTRINITY] dTRINITY, the world's first subsidized stablecoin lending protocol launched their mainnet on Fraxtal chain.
[Mellow] Mellow, a modular infrastructure for permissionless LRT creation and curation was chosen as a security provider by Frax Finance.
Tech
[AIVM] Research and design
[BAMM] UI, liquidator tuning. Liquidator monitor script.
[Flox / FXTL] ReflinkTracker / spec. Misc FNS / L3 Quest work. Farm script improvements, inc Rust implementation.
[Fraxlend] sDOLA new oracle. POL/FRAX new pool. Fraxlend deployer work. Pentesting new leverage feature.
[frxETH V2] Soft launched today with temporary 10 validator system-wide cap for monitoring. Future improvement for Pectra / EIP-7002 can eliminate escrowed exit message step by allowing the ValidatorPool itself to request a validator exit. Current bytecode for ValidatorPool factory can be updated once Pectra is done — would affect new ValidatorPools only.
[frxUSD/sfrxUSD] Proxy, migration process, minter. Deployed to Ink. Sonic soon.
[FUI] FUI, a simplified version of the UI for Fraxtal bridging, swapping, earning, and staking, is now available at frax.com. The fully featured “pro” UI at app.frax.finance will remain and continue to be updated.
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.