BAMM WEEK

This week BAMM blew up, it's all the TG chat discussed and we learned a lot more from the Core Team. First up though, here is a collection of BAMM resources you can use for your own research:

We published 3 articles on BAMM this week

BAMM BAMM BAMM; The Revolutionary Primitive Decentralizing The DeFi Trinity

Get the latest DeFi podcasts, newsletters, hackathons & IRL events straight to your inbox.

Flywheel | Your grassroots media source for DeFi cultureSamuel McCulloch

The Math Behind BAMM Lending

Get the latest DeFi podcasts, newsletters, hackathons & IRL events straight to your inbox.

Flywheel | Your grassroots media source for DeFi cultureSamuel McCulloch

BAMM BAMM! Cryptovestor’s Alpha Corner #5

Get the latest DeFi podcasts, newsletters, hackathons & IRL events straight to your inbox.

Flywheel | Your grassroots media source for DeFi cultureCryptovestor

As always, refer back to our interviews with Infinity pools to understand it at a high level:

And also our article on Gammaswap

Gamma Swap: A New Type of Money Lego

TLDR; GammaSwap looks great! IL is a myth! Long Live IL!

Flywheel | Your grassroots media source for DeFi cultureSamuel McCulloch

Mich also helped describe BAMM

Another explainer by lstmaximalist

And don't forget to check out IQ Wiki's article on BAMM

All in all, it'sitsbeen a great week to discover and explore BAMM, we will continue to report and publish analysis on Flywheel as we learn more with you.

Fraxchain Testnet is Live!

On a casual Monday morning, Justin dropped the info that the Fraxchain test net was live! We've reprinted the directions below so you can easily access Fraxchain test net using Metamask

1. Adding Holesky and Fraxchain Testnet to MetaMask:
   • To add these networks to MetaMask, go to the MetaMask extension or app.
   • Click on the network selection dropdown at the top.
   • Choose "Add Network" or "Custom RPC" depending on your version.
   • For Holesky, enter the following details:
     • Network Name: Holesky
     • New RPC URL: https://rpc.testnet.frax.com/l1
     • Chain ID: [You may need to find this from Chainlist or the provided link]
     • Currency Symbol: ETH (or as appropriate)
   • Repeat the process for Fraxchain Testnet with these details:
     • Network Name: Fraxchain Testnet
     • New RPC URL: https://rpc.testnet.frax.com/l2
     • Chain ID: [As above, find from Chainlist or the link]
     • Currency Symbol: ETH (or as appropriate)
2. Getting Holesky ETH via Faucet:
   • Visit the Holesky faucet at https://holesky-faucet.pk910.de/.
   • Follow the instructions on the faucet page to receive test ETH. This usually involves entering your wallet address and completing a captcha or similar verification.
3. Minting frxETH on the Main App:
   • Ensure you are connected to the Holesky network in MetaMask.
   • Visit the main app where you can mint frxETH. The exact URL might be provided in your resources or you can search for it.
   • The app should automatically detect that you are on the Holesky network. If not, make sure you've correctly added the network and are connected to it in MetaMask.
   • Follow the app's instructions to mint frxETH.
4. Bridging frxETH to Fraxchain Testnet:
   • Visit https://testnet.frax.com/tools/bridge/deposit.
   • Here, you can bridge your frxETH from Holesky (L1) to Fraxchain Testnet (L2).
   • Alternatively, you can bridge Holesky ETH directly, and it will convert to frxETH on L2.
   • Follow the bridge UI instructions to complete this process.

Some Degen Frax enjoyers were quick to move funds over, and are already testing the network.

Sam K said that Fraxscan is coming soon and that we should just have fun testing while they put the final touches on the network deployment. We're less than 60 days away from Fraxchain debuting and we couldn't be more excited about it.

Frax Invests into Curvance

Curvance is an omnichain yield optimized money market that aims to simplify the cross-chain DeFi experience. The team has been working on the product for 19 months and has secured a $3.6 million funding round with investors from Curve, Convex, Pendle, and Frax. Curvance aims to provide a cohesive, Web2-esque UI/UX for DeFi users, consolidating steps and simplifying complex processes. The protocol will use a routing system to execute transactions and optimize yields for users. The distribution of the CVE token will reward early adopters and active community members. Curvance plans to launch its testnet soon and aims for a full launch in Q1 2023.

For more information about the Curvance announcement, watch the interview they gave with Leviathan News

Governance

[FIP - 30X] Whitelisting PYUSD for Frax Curve AMO

PYUSD is going to be added to the Curve AMO. Cryptovestor was quick to pick up on this change as Frax swapped 3m USDP for PYUSD this week.

[FIP - 304, 305] Authorize Fraxlend AMO for new pairs ( FXB_20240601, FXB_20250101 )

The Core Dev Team proposed adding 2 yet to be released FXB assets to Fraxlend once they debut. Based on previous information we received from the Core Team, we might see FXBs go live at the latest by Jan 1, 2024, as that is when the window for new deposits should open. Additionally we had a SoonTM message from Travis in chat.

Onboard Frax to Centrifuge Prime

Centrifuge proposed to onboard themselves to the Frax DAO as an RWA partner. This would allow Frax to transfer funds into an offshore Cayman Foundation run by Centrifuge to enable global RWA purchases.

For their services, Centrifuge proposed charging a .35% Portfolio fee as well as a 5000 FXS ($45,000) annual fees to handle costs. The Portfolio Fee would represent a $70,000 annual revenue for their entity.

Horse raised a good question as to why Frax should work with Centrifuge when it already has access to RWA's through FinresPBC, to which Centrifuge replied:

No major stakeholders from Frax DAO have replied to the thread yet, so we will keep on this story as it develops.

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