First Frax Meetup in Korea
Kiet MC’d a packed crowd for the first Frax meetup in Seoul! Over 75 people showed up to the event throughout the night. Kiet said “We had balloons flags stickers trivia, so it was a fun night.”
Just look at this beautiful swag..
Sam Kazemian gave a talk on LSDFi Technical Workshop
Origin Protocol adds sfrxETH to their aggregated liquid staking token
Can we like a project 25% yield in Convex enough? Well done team :)
sfrxETH yields remain low as new validators in queue
Due to the demand for sfrxETH and frxETH, more than 1200 validators are in the queue to join the beacon chain. We had a lively discussion in chat that StableScarab fabulously covered in a thread.
As joining is not instantaneous, there is a lag time between when ETH is swapped into frxETH, to when it starts earning rewards. Currently, 20% of the ETH backing frxETH is queued and not earning rewards, which depresses the yield.
Once the new validators come online, yields will increase. For now, our APRs are close or right below stETH. While sfrxETH yields have typically outperformed stETH due to design, the queue lag puts what Sam Kazemian calls a “floor” on the yield of sfrxETH, as it becomes uneconomical to stake with Frax when its APR is below stETH.
Notable investor Hal Press stakes with Frax
crvUSD to add new collateral, sfrxETH cap remains fixed, stETH to rise to $150m, Michael pops into chat
Michael was asked in chat if the peg would be raised.
Michael asked Sam Kazemian if crvUSD was a competitor.
And Michael offered to make a vote for us.
And he confirmed that LP collateral like frxETH/ETH will be eligible to be added soon.
And Michael left us wanting more :)
stETH/rETH to be added to Fraxlend
Westwood proposed the addition of our competitor’s ETH LSD’s stETH and rETH after MakerDAO voted to raise the DSR to 3.33%. Borrowers potentially will be able to find better rates with Frax once the AMO’s go live.
Chainlink adds ETH Staking APR Data Feeds for sfrxETH
Covergence, a Convex-like layer for Tokemak has proposed to the DAO to provide $100,000 FRAX as a seed investment in return for .5% supply of their token. They want to build a yield aggregator first for Tokemak, and then deploy for 4 other projects on Ethereum. They describe it:
Convergence is an agnostic “Convex-like” layer, that aims to be deployed on top of various protocols, starting with Tokemak. In addition to the well-known “Convex-like” behavior of aggregation/optimization of underlying protocols, Convergence also gathers mechanisms inspired from Curve, and Olympus. Gauges and veTokenomics will be used to drive emissions, and a Bonding Program has been established. Using bonds to build Protocol Owned Liquidity (POL) and a diversified treasury will allow Convergence to ensure self-sustainalibity, but also to reward token holders with an intrinsic incentive mechanism that does not rely on underlying protocols’ aggregation.
FX Protocol vlCVX