FRAX FINANCE BIWEEKLY PROJECT UPDATE - #34
Week ending 03/23/2026
What We Did
Events / Media
[Hydrex] Sean Kelley from Frax.com was hosted by Hydrex where he discussed the future of onchain forex. Link.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP - 442] PASSED: A proposal to introduce a one-time optional early exit program for the legacy crvUSD/L-FRAX Convex FRAX vault.
Partnerships / External Integrations
[Aave] frxUSD was proposed to be added as a core asset in Aave V4’s Core Hub. Link.
[EtherFi] The rewards distribution to EtherFi frxUSD holders went live.
[HTX] FXS (Fraxtal gas token) was upgraded to FRAX on the HTX exchange.
[Parallel] USDp/frxUSD pool was launched on Curve Finance on Avalanche network by Parallel Protocol. Link.
[Sonic] Sonic launched a native stablecoin USSD, built on top of frxUSD infrastructure. Link.
[Stake DAO] frxUSD curated vault was launched on Stake DAO. Users can deposit frxUSD in the Stake DAO curated vault on Morpho and earn yield from lending against Curve Finance OnlyBoost LP collateral.
[Tempo] frxUSD went live on Tempo network’s mainnet launch. Link.
Tech
[Flox / FXTL]
Progressed a Fraxtal mainnet frxUSD “freezer” upgrade (for future GENIUS compliance).
[FraxNet]
Wrapping up FraxNet Stablecoin-as-a-Service (SaaS) webpage, documentation, and API.
Built a yield forwarder contract + job for SaaS that can pay yield on a chosen destination chain, in a chosen branded token.
[frxUSD]
Continued FAP work: cross-chain sfrxUSD mint/redeem paths (WIP).
[Multichain / LayerZero]
Reviewed Tempo deployment transactions.
HopV2 deployments reached “fully deployed” status excluding Tempo, then continued with HopV2Tempo work (implementation + reviews).
Tempo launch work: smart contracts + UI integration, plus documentation updates.
Made Tempo UI/FUI changes as part of rollout.
Expanded tooling by adding Tempo to the LayerZero audit script.
Completed RemoteHopV2Tempo deployment and wiring.
[Other]
Ether.fi streaming rewards work: backfill + repo/database/scripts completion, plus setup/support for a distribution pipeline.
TransferWithMemo testing.
Misc liquidity scripts.
Reviewed a USSD forwarder component.
Other
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.