This Week in Frax - December 1, 2023

Samuel McCulloch
Samuel McCulloch
Dec 1, 2023
This Week in Frax - December 1, 2023

New Prisma Bribing Coming Soon™


This week we saw a huge reaction to BanklessDAO requesting 1.82m ARB on CT. DeFiDave wrote a great response to the situation on the difficulties of growing a media company and why we should be more levelheaded on the situation.

Read Dave's full post we published this week:

What’s Love Got To DAO With It?
DAOs cannot escape the weight of politics. What can be learned from recent proposals in the Arbitrum DAO? And how have we at Flywheel paved a new path forward with Frax?

Adding sfrxETH to Aave

Aave is planning to add our staked ETH product to Aave v3 soon

[ARFC] Onboarding sfrxETH to Aave V3 Ethereum Market
Title: [ARFC] Onboarding sfrxETH to Aave V3 Ethereum Market Author: @0xTogbe - Aave Chan Initiative Date: 2023-11-27 Summary This ARFC proposes the addition of sfrxETH from Frax to Aave V3 Ethereum to enhance LST liquidity and asset diversity. Motivation sFrxETH is the Staked version of FrxETH fro…

Chaos Labs recommended the following parameters for the new pair. 40k supply cap, max 77% LTV, and up to 4k sfrxETH borrowable.

In response to ChaosLabs post, Sam K wrote the following on their forums:

Sam Kazemian said that while the current setup for sfrxETH is centralized, its not much different than other LSDs like Lido's stETH and Rocket Pool's rETH, which also has a multi-signature system for governance. Only the Frax Core Devs are on the m-sig, unlike Lido's broader whitelist. Full on-chain governance is coming with v2, eliminating multi-signature trust dependencies.

He also talked about our validator performance, claiming it has the best record compared to major LSDs, based on independent evaluations seen at One thing that ChaoLabs missed was that sfrxETH's liquidity is higher than reported due to unaccounted frxETH liquidity on Curve.

Frax Registrar Moving to MarkMonitor

After the Registrar hijack on this past month, the team decided to increase security so the issue wouldn't happen again. Travis wrote:

We are moving a lot of domains to MarkMonitor. Google, Amazon, Microsoft, and a bunch of other big companies use them. You can have a customized procedure "e.g. secret spoken passphrase + 2 people on a zoom call only on a Monday morning" to change stuff, which is nice

ETH Redemptions Live!

Huge news! Travis posted that we "can now natively redeem your frxETH, in addition to the current method of selling the frxETH into Curve. You will get 1-to-1 ETH for frxETH with this new method, but now you must wait some time, depending on the entry and exit queue lengths."

Here are the details for redeeming frxETH directly.




Update on Wajahat's UI Update

Cryptovestor Goes on the Edge Podcast


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