Frax v3 Frax v3 Frax v3 Frax v3 Frax v3 Frax v3
We got word from Sam Kazemian this week that Frax v3 is nearly ready and should be fully launched within a month if all goes well.
The product update should decentralize the FRAX stablecoins even further, reducing its reliance on fiat coins to hold the peg.
We chronicled all of the Frax v3 leaks on Thursday. Read our writeup below.
Frax supply drops under 1bn
A sad week for FRAX, the supply dropped below a billion for the first time since 2021, after Olympus DAO moved $16m out of FRAX and into the DAI DSR.
The Curve AMO was forced to rebalance after it broke 75% this week.
CurveMetrics posted this moments before the AMO was rebalanced. While it is unaware of AMO operations, it was a nice discovery to use for other Curve pools. The CurveMetrics team has 8 different metrics they look at to see the health of a pool.
Sam Kazemian thought it was helpful, but doesn’t really work for the AMOs.
Ouroboros Interviews Sam Kazemian
Fraxferry holds strong against the Fanton/Multichain mess
A few days ago, Multichain was exploited for over $100m in assets. There was little word as to who was responsible, but the CEO Zhaojun had been arrested by Chinese authorities in May and all of this personal belongings seized, including passwords, passphrase, hardware wallets and computers.
All Multichain assets immediately lost their peg on the news and have not recovered. One of the only assets on the network which maintained peg were all Frax assets. They remain strongly protected because of Fraxferry, Frax’s connonical bridge.
We wrote about the safety of the bridge this week and what makes it so powerful.