FRAX FINANCE BIWEEKLY PROJECT UPDATE - #36
Week ending 04/30/2026
What We Did
Events / Media
[Bitcoin Conference] The Frax team attended Bitcoin 2026 in Las Vegas. Co-Founder Sam Kazemian, was live on a CLARITY panel with two U.S. Senators. Link.
Governance
Note: Does not include votes that did not meet quorum. Also, only ongoing and completed votes.
[FIP-444] PASSED: Add sGHO and USCC to sfrxUSD Strategies. Link. This proposal expands the yield strategies available to sfrxUSD by adding two new assets: sGHO, Aave’s native stablecoin savings module, with a $10M allocation cap, and USCC, a tokenized fund combining short-duration Treasuries and crypto basis trades, with a $20M allocation cap. The addition of sGHO connects sfrxUSD to Aave’s internal interest flows, providing a protocol-native and structurally sustainable DeFi yield source. USCC, previously introduced to Frax governance via FIP-420, extends sfrxUSD’s exposure to institutional-grade, RWA-backed carry strategies in line with Frax’s broader regulated asset framework. Together, these integrations diversify sfrxUSD’s yield profile across both DeFi-native and offchain sources, reinforcing its positioning as a benchmark yield stablecoin. The proposal passed with 27,902,106 votes in favor against 5,424 opposed, well exceeding the 8,252,476 quorum threshold.
Partnerships / External Integrations
[Aave]
Frax confirmed its role as an Aave V4 partner and announced plans to propose a governance vote for a structured, incentive-aligned approach to supporting Aave markets following the rsETH incident.
Separately, for the second week in a row, frxUSD caps were raised on Aave V4 as part of its security-first launch strategy, with frxUSD forwarding underlying yield to Aave users. Link
[Boardwalk] Boardwalk, a new community-centered fee-protection launchpad backed by Coinbase Ventures, announced it will launch on Fraxtal alongside Ethereum, Base, and Katana.
[Coinshift] USPC was welcomed to the frxUSD PegKeeper family, with the USPC/frxUSD pool live on Curve Finance enabling access to institutional credit yield from BlackRock, Fidelity, and Apollo. Link
[EtherFi] Week 2 and Week 3 EtherFi frxUSD rewards were distributed, with over 1,000 transactions made with frxUSD on EtherFi Cash and an ongoing campaign rewarding users who choose frxUSD as their default stablecoin when spending. Link
[Eva Markets] evaUSDT selected frxUSD as its default stablecoin pairing in a new PegKeeper pool on Curve Finance, with evaUSDT yield sourced from Wintermute loans on WildcatFi. One week after launch, the frxUSD/evaUSDT pool surpassed $1M TVL, earning up to 30% APR. Link
[Hydrex] A new frxUSD PegKeeper pool with Parallel’s USDp went live on HydrexFi, co-incentivized by Frax, Hydrex, and Parallel with up to 197% APR.
[LayerZero] Frax introduced the frxUSD Bridge, a direct way to move frxUSD across 25 chains powered by LayerZero, with no volume fees for users or integration fees for chains. Link
[Piku] A new Piku DAO proposal suggests creating and bootstrapping a frxUSD/USP PegKeeper pool on Curve Finance with a co-incentive program.
[StableFlow / NEAR] frxUSD went live on StableFlow, enabling 1:1 swaps between frxUSD and USDC/USDT across 25+ chains in one click, powered by FraxZero and NEAR Intents. StableFlow also added simplified cross-chain swaps into frxUSD across multiple chains. Link
[Eva Markets] The frxUSD/evaUSDT pool on Curve Finance surpassed $1M TVL one week after launch, earning up to 30% APR, with evaUSDT yield backed by Wintermute loans on WildcatFi. Link
[StableFlow] frxUSD went live on StableFlow, enabling 1:1 swaps between frxUSD and USDC/USDT across 25+ chains in one click, powered by FraxZero and NEAR Intents. Link.
Tech
[FraxNet]
Advanced FraxNet’s Somnia integration and shipped related web-app work, including landing page updates, notification changes, and general app/admin bug fixes.
[FXBs]
Added branded-stablecoin support for USDso, including contract drafting, staging work, and fork testing.
[Multichain / LayerZero]
Deployed the Frax LayerZero dashboard as a worker mesh and deployed the frax-lz-route-api as a worker.
Improved the frax-lz-route-api with LI.FI support and updated frax-lz-mesh for Somnia.
Added Somnia, Tempo, and legacy OFTs to frax-lz-mesh audit scripts and refactored the frax-lz-mesh dashboard.
Continued LayerZero security work, DVN hook work, HopV2 cleanup, and OFT refactoring to support rate limiting.
[Other]
Wrapped up the TG freezer interface pending deployment.
Continued pyUSD custodian work.
Miscellaneous EtherFi work, housekeeping, and bug fixes.
Other
[Twitter Space] Frax.com hosted a talk on FX onchain took to their Twitter Space Link.
[Frax Force] Onchain Cash episode 2. 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.