This Week in Frax - March 14, 2024

Samuel McCulloch
Samuel McCulloch
March 15, 2024
This Week in Frax - March 14, 2024

Welcome to Flywheel, the best place for Frax education, analysis and alpha. We write about Frax and its DeFi partners bringing you the most up to date info straight to your inbox.

What's in this email:

  1. FXTL Points Airdropped to Qualifying Addresses
  2. Fraxtal Upgrades After Duncan Upgrade, Fees Now $.05 for Swaps
  3. Frax Announces Partnership with NEAR Protocol
  4. CR100 Achieved!
  5. Rabby Adds Fraxtal Support
  6. Ra Exchange Needs Your Vote!
  7. Axelar Adds Bridge Support for Fraxtal
  8. Governance

Earn 20% extra Kelp Miles (along w/ Eigen Points) using our link 🧜‍♂️

Fraxtal TVL Breaks $10m

We're starting to see significant funds moved over from Ethereum to Fraxtal. In the past week TVL grew from just a few hundred thousand dollars to $12.8m.

The big growth driver was Fraxswap, which turned on high rewards for 4 pairs. All of these pairs are now making more than 100% APR, meaning they are some of the highest in the Frax ecosystem.

The Frax/FXS pair is topping the charts, with over 10m TVL. With these massive incentives, we should start to see a lot more TVL bridged over in the next few weeks.

FXTL Points Airdropped to Qualifying Addresses

FXTL points have been airdropped to qualifying addresses based on their veFXS this past week. While the points are locked now, they potentially will be unlocked before the end of the year. You can check your allocation by going to Fraxscan and filtering by your address.

You can also read more about FXTL points in the Frax docs.

Fraxtal Upgrades After Duncan Upgrade, Fees Now $.05 for Swaps

Frax Announces Partnership with NEAR Protocol

Frax Announces Expansion to NEAR Protocol

Frax Finance and NEAR Protocol have announced a new partnership to bring natively issued Frax assets to the non-EVM network through Rainbow Bridge. This will help grow Frax on NEAR and foster greater adoption of decentralized, open source, trustless stablecoins.

The partnership will see Frax assets included on NEAR’s leading DeFi protocols Ref Finance and Burrow.

CR 100 Achieved!

CR 100! Frax Achieves Full Collateralization

This was a big week for Frax as the CR briefly tipped over into 100% collateralization. As of writing the CR is back at 98.9%, but we're getting close to turning the fee switch back on for veFXS. Read our full write up on the event.

Rabby Adds Fraxtal Support

Fraxtal is now supported in Rabby! The best wallet alternative to MetaMask finally adds support for the network making life on chain a lot easier. Rabby automatically switches networks and has a great UI, so its worth checking out if you haven't made the switch yet.

Ra Exchange Needs Your Vote!

One of the best places to track your portfolio is on Debank. Fraxtal apps are queueing to be added and Ra Exchange is up for vote. Go to DeBank and vote for the exchange to be added to Debank so you can track your glorious memecoin portfolio.

Axelar Adds Bridge Support for Fraxtal

A brand new liquidity bridge has opened to Fraxtal, Frax's modular L2 network, as Squid Router is now live and supporting the network. Now you can move assets to and from 40 different networks powered by Axelar.

Squid Router enables fast transfers of larger token value sizes, and is now the most efficient way for you to bridge into Fraxtal other than the native Ethereum bridge. Go between your favorite networks to Fraxtal now with speed and security unmatched across DeFi.


The big proposal this week was Truflation wanting to create a partnership to deploy on Fraxtal. Truflation is proposing a partnership with Frax to integrate Truflation's inflation data and flatcoin Nuon into the Frax ecosystem. Truflation's data would be used on Fraxtal, a new smart contract chain from Frax, and Nuon would be bridged to Fraxtal. They also propose creating a joint flatcoin basepool with Frax's FPI token on Curve. Finally, Truflation would like to reward FXS holders and the Frax DAO treasury with Truflation tokens.




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