What We Did
Events / Media
[NEAR (Podcast)] Frax Finance Co-Founder Sam Kazemian, together with Illia Polosukhin (Co-Founder of NEAR), hosted the NEAR Protocol Twitter Space to discuss AI, PMF, DeFi, Cross-Chain Interoperability and other topics. The podcast is available here.
[Staking Circle (Podcast)] Frax Co-Founder Sam Kazemian, together with James Ross (Mode), Night Elf (Ink), and Alexei Zamyatin (BOB) were hosted by the Staking Circle to discuss the Superchain Takeover. Sam also shared the Fraxtal’s vision and how to make Fraxtal the most valuable settlement layer in the Superchain. Here is the full podcast.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP - 415] PASSED: Creates the Frax Borrow AMO and authorizes treasury assets or minted FRAX to be used to borrow stable assets (USDC, USDT, USDe). The total borrow cap is $50 million, with the goal of pursuing yield-generating strategies.
Partnerships / External Integrations
[Bracket] Bracket, a liquidity staking DeFi backed by Binance Labs, rewarded an additional 100% [BARS] BOOST for sfrxETH stakers between Monday, November 11 and Saturday, November 23 @ 9am EST.
[Fenix] sFRAX/USDB and sfrxETH/WETH were launched on Blast. Users will be able to use their LPs to provide liquidity on Fenix.
[Layer3] Frax teamed up with Layer3 to introduce Fraxtal.
[Odos Protocol] Odos protocol was integrated on Fraxtal. The integration will provide liquidity & trading to users via Odos Protocol’s routing technology.
[Primex Finance] sfrxETH (Staked Frax Ether) was introduced as a leveraged yield strategy on Primex Finance. This will allow users to stake their sfrxETH and amplify their staking rewards with up to 11x leverage. Users can participate in the Liquidity Mining Program via the sfrxETH strategy here or start earning with sfrxETH here.
[Velodrome] Velodrome was deployed on Fraxtal which will allow users to vote with veVELO on OP mainnet for Fraxtal pools, bridge emissions to LPs on Fraxtal, deposit incentives on OP mainnet or Fraxtal and claim rewards directly on Fraxtal. Also xVELO LP Rewards on Fraxtal went live for the following liquidity pools XVELO - WFRXETH, FRAX - WFRXETH, FXS - WFRXETH, USDC - FRAX, sUSDe-$FRAX, USDe-$FRAX.
Tech
[100% CR] As of the time of this writing, the protocol now has over 103% collateral backing. Details regarding pool rebalancing, increased veFXS revenue sharing, Treasury Reserve Fund, etc to be discussed in upcoming Vision Roadmap.
[BAMM] Redeployed contracts after Certora review. In-prod and fork testing. Updated UI to point to new contracts.
[Fraxlend] More work on leverage feature.
[Fraxtal Points / FXTL] Added Velodrome Fraxtal farm tracking. First Layer3 quest launched.
[frxETH V2] Finishing up testing RedemptionQueueV2 and FraxEtherMinter (V2). Test redemptions and mints. UI almost complete.
[FXB] Started a new round of auctions.
[LayerZero] Increased Solana support.
[North Star Hardfork (Fraxtal)] More research / draft work being done. L1 and L2 private devnets operational with FXS (soon to be renamed to $FRAX) as the L2 gas token, replacing frxETH. Testing proxy upgrades (L1) and hardfork bytecode replacement (L2). Need to account for frxETH gas becoming wfrxETH ERC20 and more. Likely to implement Optimism Fault Proofs with same Hardfork, albeit permissioned at first. Rough ETA Q2 2025. Details to follow.
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.