What We Did
Events / Media
[bitcoin2025 - Las Vegas, NV - May 27-29] Frax sponsored the bitcoin2025 conference in Las Vegas at the Moon (highest) level. This included hosting a large booth as well as the Frax Bitcoin Lobby Lounge (official entrance lounge) at the main entrance.
Some key highlights from the event:Sam Kazemian shared his views on stablecoins on the main Nakamoto stage, alongside House Majority Whip Tom Emmer (R-MN), Congressman Bryan Steil (R-WI), Senator Bill Hagerty (R-TN), Digital Chamber CEO Cody Carbone, and Lightspark CEO David Marcus. The speech can be listened to here.
Numerous closed-door private meetings with government and business leaders.
Frax was featured on Sphere during the conference.
Frax Cigar Night at Eight Cigar Lounge (Resorts World) private event. The team networked with investors, business associates, and old friends in the crypto space in a relaxed setting.
Vice President J.D. Vance gave the main speech of the event, in which he highlighted his support for the GENIUS Act and for Stablecoins, as well as for Bitcoin and crypto in general.
[BidCast] Sam Kazemian was interviewed on BidCast where he discussed:
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
None for past 2 weeks.
Partnerships / External Integrations
[Beets] Beets integrated sfrxEth and sfrxUSD on its platform which will allow sfrxEth holders to earn multiple yield streams with a single deposit of sfrxEth and sfrxUSD on top of swap fees and protocol rewards.
[dTRINITY] dTRINITY launched a looping strategy for sfrxUSD. Users can supply sfrxUSD on dTRINITY, then borrow dUSD at 80% LTV and swap dUSD for more sfrxUSD and earn 3X leveraged loop ≥ 20% Net APY and 5X leveraged loop ≥ 35% Net APY.
[Equalizer] Equalizer collaborated with Frax to launch frxUSD / FRAX and sfrxUSD / eliteRingsScUSD pools on Equalizer Exchange on Sonic.
[EYWA] frxUSD and frxETH were integrated on the EYWA protocol crosscurve. Supplying frxUSD and frxETH on the Crosscurve earns the user more yield.
Tech
[Flox / FXTL] Routine farm tracking. FloxCapacitor, FloxConverter, and FraxStaker work. Code and tests basically done and expected to be audited in the near term. Once they are ready, FXTL conversions can begin.
[FraxNet] Soft/private launched to existing VCs, investors, and partners for fine-tuning and troubleshooting/feedback. Will be audited shortly, then fully released.
[Fraxlend] ReUSD LP work. sfrxUSD2 Static Oracle price source finalization.
[frxAccounts] EIP-7702-related EOA upgrade experiments.
[frxBTC] Once FraxNet is fully launched, reuse / adapt code and infrastructure to support frxBTC.
[FXBs] Per FIP-430, Fraxtal FXB upgrade (frxUSD → Legacy Frax Dollar underlying) code and tests are finished and ready for audit.
[Multichain / LayerZero] DVN deployment work. Prepare Ethereum WFRAX lockbox migration. Worldchain added. Misc lockbox migrations. Gasolina API (LayerZero) work.
[sfrxUSD2] Per FIP-430, sfrxUSD will be changed from a traditional ERC-4626 token to a vault-style token. Code and tests finished, ready for audit.
About Frax
Frax currently issues 3 stablecoins: frxUSD, 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.