Frax and Flywheel crushed ETH Denver
The vibes were spectacular at the annual ETH Denver conference. Both Sam K and Dave gave presentations to packed crowds. Dave gave his talk on Thursday “Stablecoin Regulation: Something to be Feared or Welcomed?” on the current policy fight taking place in Washington right now on stablecoins. Sam K killed the idea of the DeFi Trinity, bringing a new vision of “Stablecoin Maximalism.” In addition to the speeches, almost every single Flywheel guest showed up…even the anon’s like ScoopyTrooples and NPC Christian. Napgener also supposedly showed up, but we think it’s a Psyop.
The best event outside the conference halls was the meetup hosted by Flywheel, Reserve, and Reflexer on Wednesday night. We distro’d some sick Frax-branded t-shirts and mingled with the brightest minds in DeFi.
The real highlight of the week was the Milady Rave…
Convex switches to single sided staking
The switch has been flipped and all of the earned FXS is going towards cvxFXS now. Yields are “high” to say the least… as of writing it was in the 50% range. Hopefully this is enough to bring cvxFXS back closer to the peg, which at its peak was more than 15% off.
New assets added to Fraxlend
This week saw the addition of new collateral assets in Fraxlend. Based on a previous governance vote APE, LINK, LDO, UNI, AAVE, and MKR are all to be added to Fraxlend. Additionally they will receive Lending AMO support. APE was the biggest shock for the Telegram chat. However, some timely words put the issue to rest.
Mr. Hayes dropped a new article…
Wells notice FUD from Bankless
We love the Bankless team, but one slip from host David Hoffman about Lido receiving a Wells Notice sent the token sliding 7% on the day. The entire market is testy and looking for reasons too short, with multiple lawsuits having been started this past month. Some questions came up about Frax’s exposure (none), but the real chad Kmets left this comment:
Metronome launches msETH/sFrxETH
Green Jeff dropped in the chat to announce the launch of msETH, a synthetic ETH generated using sfrxETH as collateral. This is the first synthetic product allowing wrapping of sFrxETH and we think it could be big. We’re excited to see how it grows.
One thing the Metronome team really dropped the ball on was the name…. so many Heisenberg memes lost forever.
Aave to launch GHO soon, gives a nod to Frax
Many stables have attempted to reach escape velocity via liquidity, maybe the winner is FRAX
Some kind words from Aave in their GHO genesis parameters. We can’t wait for them to pair with FraxBP once they launch.
Mstable rage quit finally passes
It took a few votes, but the Mstable rage quit proposal finally passed. Existing LPs can now exit out of their locks for a 20% fee. Based on some calculations in the group chat, the fees Frax would earn would be equal or greater than how much FXS was distributed to the pool.
Rage quits, while distasteful, are a necessary part of DAO life. I’d like to include this Ameen tweet as evidence:
sfrxETH AMO increased to 30m
It’s good to see the AMO increases happening on such a short time scale, as it shows the loan demand is growing as the sfrxETH supply grows.