This Week in Frax - September 1, 2023

Flatcoins, Prisma Finance launches, Groom Laker interview, Cryptovestor's new article and more

Sept 1, 2023

Everyone is talking Flatcoins

Well Brian, we have something for you.... it's called FPI and its been operating profitably for over a year. Any chance we can slide into your DMs?

1/ I'm sharing the 10 ideas I'm most excited about in crypto right now. If you're building something in crypto or thinking about doing so - check it out.

We’re building lots at Coinbase, but we don't have time to tackle everything. So I figured I'd share these. Bear markets are… pic.twitter.com/XKzCkMaOOT
— Brian Armstrong 🛡️ (@brian_armstrong) August 30, 2023

Ray Dalio knows whats up too.

View this post on Instagram

A post shared by Ray Dalio (@raydalio)

Someone needs to tell them....

Prisma Finance Launches, Hits $6m sfrxETH Cap

sfrxETH (@fraxfinance) is the second collateral to reach its debt cap🌈

You can still mint mkUSD using rETH and cbETH, less than 5m mkUSD left... pic.twitter.com/rGmLSDTeZw
— Prisma Finance (@PrismaFi) September 1, 2023

MUST WATCH INTERVIEW WITH FDR FROM GROOM LAKE

If you haven't watched the interview for this week with FDR, stop everything and go queue it up. It's quite possibly the best breakdown of OpSec in crypto.

Cryptovestor Brought the Frax Alpha

CV is joining the team to write bi-weekly Frax Alpha articles for us. His first round up went out on Tuesday.

We wrote how to trade sfrxETH yield with Pendle Finance

Pendle allows you to trade yield, and we wrote up an in-depth guide for you to trade sfrxETH.

Sam K Comments on Polygon's Bridge + DSR Implementation

All bridges are stablecoin issuers and hypothecate to earn revenue. Called this in my stablecoin maximalism speech earlier in the year. Not the first bridge and won't be the last - Sam K

Today we are open sourcing a new L2 DAI contract for all LxLy chains. Built by @sepyke (Llama 574), L2 DAI deposits its reserves into @MakerDAO's DSR using the @phoenixlabsdev sDAI wrapper.
— Polygon (Labs) (@0xPolygonLabs) August 30, 2023

Ramses Exchange Attracts sfrxETH Liquidity

$sfrxETH building up on @arbitrum

wstETH/sfrxETH pool on @RamsesExchange at $500K+ TVL five days after going live

pro tip: if you are bridging, use official Frax Ferry only 😉 @fraxfinance @lidofinance
— North (@northpool9) August 30, 2023

PYUSDFRAXBP Launched

There's a new gauge vote on @CurveFinance, and it has been deployed by @fraxfinance for the PAYPAL ( $PYUSD )- $FRAXBP pool! pic.twitter.com/mxWa2hSXgd
— Chago0x (@chago0x) August 30, 2023

Liquis + Frax

What better way to ring in the final hours of our Pre-Launch than with the unveiling of one of our latest launch partners?@fraxfinance welcome to the wave 🌊https://t.co/A7DNFG6bn9
— Liquis (@Liquisfi) August 29, 2023

Lenx + Frax SubDAO

Hey Frax, long time no talk, we've been heads down building. Proud to present https://lenx.finance. We are seeded by FRAX and want to keep going as a subDAO of FRAX to specialize in omnichain lending AMOs. Let us know what you guys think

Sam Kazemian Q&A

Frax Team & Legalities:

Q: Is Frax a legal entity? How does the team handle legal matters?
Sam Kazemian A: Frax is fully decentralized and is not a legal entity. We are cautious about U.S. laws and are considering transitioning to a more autonomous structure to prevent any potential regulatory capture.
Q: So are there no legal structures around Frax at all?
Sam Kazemian A: We are currently examining various paths to ensure that Frax can operate autonomously and in a decentralized manner, but as of now, it's not a legal entity.

Zero-Duration Yield Curve:
Q: What can you tell us about the upcoming development related to the near-zero duration part of the yield curve?
A: We are working on something that will address this issue. It will be similar in function to how DAI DSR operates but will offer more flexibility. More details will be released soon.

Upcoming Developments:
Q: Any teasers about upcoming developments you could share?
A: We are planning on introducing new staking mechanisms. This may involve a new token, possibly called "zfrax", which will work in conjunction with FXBs.

Q: Is "zfrax" intended to incentivize certain behaviors in the ecosystem?
A: Yes, it's designed to encourage more interactions and to offer added utility in the Frax ecosystem.

Stablecoin Issuers & Bridges:
Q: Can you expand on "stablecoin maximalism" and how all bridges are stablecoin issuers?
A: Yes, in the bigger picture, all bridges actually function as stablecoin issuers and generate revenue through hypothecation. It's an ecosystem where stablecoins are at the core.