FRAX FINANCE BIWEEKLY PROJECT UPDATE - #32
Week ending 02/10/2025
What We Did
Events / Media
[Greeks Live] Sean Kelley from Frax.com was hosted by Greeks Live where he discussed on Stablecoin. Link.
[Origin Protocol] Sean Kelley from Frax.com was hosted by Origin Protocol on their community call where he discussed about Frax, stable yields, and the new frxUSD/OUSD PegKeeper pool. Link.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP - 441] PASSED: A proposal to complete Frax’s transition into a single-token, Frax-centric system with clear ownership, disciplined monetary policy, and a growth-first revenue framework.
Partnerships / External Integrations
[Avant] frxUSD PegKeeper pool with Avant’s avUSD went live on Curve Finance on Ethereum and on Etherex on Linea.
[Cap] Cap expanded its approved delegation assets to include sfrxUSD which makes sfrxUSD a Security Delegation Asset on Cap.
[Concrete] One-Click yield for frxUSD was deployed on Concrete. Users will be able to deposit their frxUSD into Concrete’s vault and receive ctfrxUSD + vault shares.
[Fraxtal] KRWQ, the first Korean won stablecoin was launched on Fraxtal.
[infiniFi] frxUSD PegKeeper pool with infiniFi’s iUSD went live on Curve Finance.
[Origin Protocol] frxUSD PegKeeper pool with Origin Protocol's OUSD went live on Curve Finance and over $1M in TVL was reached in a short time. The pool receives incentives from frxUSD yield-forwarding, and also receives incentives from OUSD yield. Link
Tech
[Flox / FXTL] Hit the 100th Flox epoch, handled Flox maintenance during downtime. Reviewed the success of Fraxiversary.
[FraxNet] FUI Merkle integration, Fraxnet UI polish, Bearer Link WIP, TG bot improvements, coordinating the test-to-prod merge for branded stablecoin UI. Week two shifted to audit fixes, FUI hotfixes, branded stablecoin app feature with locally run queues, and misc PR reviews.
[frxUSD/sfrxUSD] Built the Fraxtal sfrxUSD minter contract (wk1), then followed up with MintRedeemer changes and tests (wk2). Todo: Finalize the MintRedeemer
[Multichain / LayerZero] Integrated the LZ config audit script with Google Sheets, reviewed HopV2 and built RemoteHopV2 for Tempo, refactored FraxOFTAdapter/FraxOFT per LZ’s OFTAlt (wk1). Week two: deployed and tested mock frxUSD bridging on Tempo testnet via LZEndpointDollar, deployed Frax DVN for both Tempo testnet (moderato) and mainnet (presto), and built RemoteHopV2Tempo with TIP20 gas support. Todo: Deploy Frax assets on Tempo mainnet, RemoteHopV2Tempo refactoring/testing, finalize Solana freeze/thaw script, LZ config audit enhancements for Gasolina API total supply correctness. Lower priority: connect Movement/Aptos to Ethereum with Frax DVN, and Tron OFT deployment.
[Other] Frax mobile app WIP. Work on credit card support. Validated the FNS metadata/image generation service, fixed the Farms API, coordinated on FNS metadata service usage, and designed/announced a Rarible NFT competition. Built agentic CI/workflows, and started TransferWithMemo ideation. Explored misc AI tooling (Claude skills, Zellic tool). TransferWithMemo EIP work. List FNS on Rarible.
Other
[Frax Force] Frax Force Community Talk - Pegkeeper pools and the importance of liquidity 5. 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.