FRAX FINANCE BIWEEKLY PROJECT UPDATE - #26
Week ending 11/01/2025
What We Did
Events / Media
[Bankless] Co-founder Sam Kazemian was hosted by the Bankless team where he explained the idea that FraxNet is a crypto neobank, how neobanks work, cards, and Visa’s role. Link.
[The Rollup] Sam was hosted by The Rollup where he explained the net worth theory for stablecoin adoption. Link.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP - 436] PASSED: The proposal requests to allocate a total of 30,000 frxUSD and 36,000 FRAX from the Fraxtal Ecosystem Fund to the EchoMarket growth grant.
[FIP - 436] PASSED: The proposal amends FIP-434 by adding a new Predeposit Vault AMO to the sfrxUSD strategy framework.
Partnerships / External Integrations
[Asymmetry] Frax AF was launched by Asymmetry: a co-incentivized LP ($frxUSD / $USDaf).
[DeFi Dollar] frxUSD/USDFI pool was deployed. Users can join the pool on Curve Finance.
[Feather] frxUSD (Sei Network) went live as a collateral option on Feather, a lending and borrowing protocol.
[Fireblocks] frxUSD is now globally supported asset on Fireblocks. Available across all Workspaces.
[IQ AI] Frax and IQ AI teamed up to launch KRWQ, the first Korean won stablecoin on Base. KRWQ is tradeable on Aerodrome.
[Morpho] a frxUSD vault was deployed on Morpho on the Katana chain.
[Stable] Stable pre-deposit went live with frxUSD and USDT as the two assets accepted for the deposit. $50M in new demand for frxUSD was filled quickly.
[StakeDAO] The frxUSD/crvUSD pool was deployed on Curve Finance by StakeDAO.
Tech
[Flox / FXTL] UI for FXTL point conversion and staking is undergoing final review. Documentation. cvxFXS / sdFXS points redistribution script work. Final conversion contracts work. Kaito earn tab integration. Prep for FraxStaker farm.
[Fraxnet] FraxNet, a fintech account layer for minting/redeeming/earning with frxUSD was officially launched by the Frax.com team. Remote custodian work. Scroll integration.
[Multichain / LayerZero] Stable testnet, and Optimism Sepolia frxUSD OFT deployment. HopV2 work. frxETH mintable lockbox and OFT upgrades, including documentation. LZ config and migration script automation and signing + cron jobs. LZ Gasolina ongoing tweaks. ReadHop MVP. Todo: BSC testnet frxUSD. Other OFT upgrades. monadETH, megaETH, Movement, Aptos, Tron work.
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.