Sommelier Fraximal Vault is Growing!
In its first week, the Fraximal vault on Sommelier has accumulated more than $2m in TVL and is currently paying 18.2% interest. This is a great start to the yield optimization platform for Fraxlend.
If you want to learn more about the Fraximal vault, the Sommerlier team, and how the have integrated Cosmos, check out our latest interview with them.
Bluechip Rates Frax a D
Bluechip a “Stablecoin rating agency” launched their website this week rating Frax as a D. The report covers a variety of areas including stability, decentralization, management, collateral, implementation and governance.
Frax only received ratings for 4 of 6 categories, with governance receiving a 0. Researcher Deathereum noted that the only reason Frax’s score is poor is due to the current multi-sig setup.
The core team controls a 3/5 multi-sig which will be curtailed in the upcoming frxGov upgrade. Additionally, Bluechip noted the high amount of veFXS voting power owned by the team. Both of these issues have been known for a long time now, and frxGov will remove any ability of the multi-sig to act maliciously against the protocol.
Additionally, Frax also received hits to stability for the two days when USDC depegged, leading to Frax dropping to $0.92.
The platform is funded by donations from MakerDAO co-founder Rune Christensen, Reserve’s co-founder Nevin Freeman and StarkWare co-founder Eli Ben-Sasson.
Economists Tyler Cowen, Robin Hanson, Alex Tabarrok and Lawrence H. White, along with Ameen Soleimani and Nic Carter, also serve as advisors to the project. The Bluechip team is made up of CEO Benjamin Levit, Chief Economist Garett Jones and Ratings Director Vaidya Pallasena.
Stable Scarab wrote about frxETH LTV
DeFi Explained made a video about Frax Ferry
Biz Dev Discussion
GHO is launching on July 15th and the Frax community is interested in being a primary liquidity provider for them.
Producer Sam put up a new FIP to create gauges for the upcoming GHO pairs.
Read the full discussion about liquidity on the Aave forums.
FXS Price Clock
A Frax community member set up a dutch auction for his hand-built FXS price tickers The rocket points up or down based on 24hr price action. Check out the website to bid in the auction.