FRAX FINANCE BIWEEKLY PROJECT UPDATE - #41
Week ending 08/5/2026
What We Did
Events / Media
[The Rollup / Rare Evo] Sam Kazemian, co-founder of Frax.com, joined The Rollup’s live broadcast from Rare Evo to discuss the CLARITY Act, share his outlook for Frax over the coming months, and summarize recent ecosystem developments. Link.
Governance
Note: This section excludes votes that did not reach quorum and includes only ongoing or completed votes.
None during this reporting period.
Partnerships / External Integrations
[Aave] frxUSD deposits on Aave V4 grew by approximately 50% over the preceding month, reflecting its increasing adoption as a core stablecoin on the platform.
[Cloudflare] Frax announced frxUSD support for Cloudflare Wallets, Cloudflare’s new stablecoin infrastructure for AI-agent payments, with additional collaboration planned.
[Curve Finance] Curve DAO allocated a portion of its stablecoin treasury reserves to sfrxUSD, enabling the DAO to earn yield on those assets. Separately, Llamalend V2 launched on Ethereum with sfrxUSD available as day-one collateral.
[LI.FI / KyberNetwork] Frax rebuilt its swap-routing infrastructure to source quotes from LI.FI and KyberNetwork as Odos winds down operations, reducing reliance on any single routing provider.
[Resupply] The Curve Llamalend V2 sfrxUSD market became a core component of Resupply Finance’s “Resupply Summer” incentive campaign.
[Stake DAO] A frxUSD vault curated by Stake DAO offered more than 10% APY by lending against Stake DAO LP positions and blue-chip collateral through Morpho, with additional rewards from Frax and Metronome DAO. The frxUSD/msUSD Curve strategy later surpassed $10M, becoming Stake DAO’s largest Curve strategy and offering more than 15% APY.
[Tangent] frxUSD was highlighted as the most rewarding stablecoin for liquidity providers in Tangent’s USG PegKeeper markets across Stake DAO and Convex Finance.
[Term Labs] frxUSD was paired with tmvUSDC on Term Labs’ new Term V2 fixed-rate lending platform, with additional frxUSD markets planned.
[Tetra Digital Group / Hydrex] CADD, Tetra Digital Group’s Canadian-dollar stablecoin, joined the “Forex with Frax” family and went live on Hydrex, expanding the range of global FX assets paired with frxUSD.
[Theseus Network] Theseus selected frxUSD as the default stablecoin for its agentic-payments platform, powering agent wallets and commerce on Theseus Mainnet Alpha.
[Tori Finance] A new frxUSD/trUSD PegKeeper pool launched on Curve Finance, pairing frxUSD with Tori Finance’s trUSD stablecoin. Link
[WisdomTree] WisdomTree’s WTGXX tokenized money-market fund, one of the institutional reserve assets supporting frxUSD, was featured on The Rollup’s Stabled Up segment, powered by Frax.
Tech
[FraxNet]
Completed the FraxNet orchestration-backend migration and advanced the consolidation of API writes into a single-writer architecture.
Added more granular user-facing transaction statuses and resolved miscellaneous UI issues related to Fraxtal aggregation.
Evaluated external portfolio-dashboard providers and Bitcoin-wallet infrastructure for the FraxNet smart wallet.
[Multichain / LayerZero]
Removed Odos support from FUI and shifted cross-chain swap routing toward LI.FI. Also reviewed the LI.FI FraxFacet contract and fixed a regression affecting the standard Fraxtal bridge.
Advanced development of the Fraxtal multihop router and Ethereum Multihop Router V2, including a fix for transactions requiring conversion from a gas token to its wrapped equivalent.
Deployed the HopV2 upgrade across supported chains, queued fee-multiplier updates for the upgraded deployment, and continued decommissioning legacy Hops.
Deployed the cross-chain circuit breaker to staging and continued related LayerZero reviews.
[Other]
Continued development of DeFi credit-card contracts.
Reviewed Royco contracts.
Continued refactoring liquidation-related contracts.
Other
[Crypto.com] Crypto.com, an early investor in Frax, received a $400M strategic investment from Citadel Securities at a reported $20B valuation. Link.
[Frax Force] Onchain Cash examined the decline in established crypto developers and whether it reflects bear-market fallout, the migration of talent into AI, or a combination of both. Link.
[Frax Force] Onchain Cash reviewed CoinGecko data showing where stablecoin liquidity is concentrated across leading EVM chains and how little tokenized-equity activity currently reaches DeFi. Link.
[Frax Force] Onchain Cash highlighted the continuing decline in crypto YouTube viewership, with leading channels falling from approximately 3–4 million daily views in 2021 to roughly one-tenth of that level in 2026. Link.
[Frax Force] Onchain Cash covered progress toward the CLARITY Act, stablecoin developments involving Samsung and Telegram, and continued growth across the Frax ecosystem. Link.
About Frax
At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.
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.