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The official Telegram group for Frax. https://frax.finance/ codebase: https://github.com/fraxfinance twitter: https://twitter.com/fraxfinance news: @fraxfinancenews trading: @fraxtrading

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Frax Finance

Are you asking if Fraxtal has a faucet??

No. Fraxtal currently uses frxETH as gas, and will switch to using $FRAX, aka current-day $FXS

There will be a token upgrade in the near future that will change $FRAX stablecoin to $frxUSD , and $FXS Frax Shares to $FRAX Sovereign Chain Asset and Native Fraxtal Gas

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Frax Finance

I suppose the other option would be allowing FXTL to be transferable.. but I can't recall if it's ever been clarified that FXTL will be transfer-enabled or not.

Even if so, then we just go from native redistribution/delegation to app level redistribution/delegation.

I would like to see it natively enabled, personally, but im not sure it makes much of a difference

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Frax Finance

So maybe bamm won't be online before 2025?

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Frax Finance

Sells US Treasuries with a figleaf, in the end selling USTs will matter more and if they have a figleaf they won't look deeper because it is disintermediated. Once onchain privacy improves this will all be academic imo

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Frax Finance

I guess, to your earlier statement, ww should just make sure this is one of many backings...not a dominant one

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Frax Finance

Im just curious how it all fits with the plan or decentralization if we are basing on something so centralized. Is the plan to just get them hooked and too dependent on something that can't be controlled? (Which is kinda what I think is gonna happen in the next 4 years)...or are we okay with more central dependence in the long term

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Frax Finance

https://vxtwitter.com/fraxfinance/status/1873184902092361747

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Frax Finance

If US gov wants to fuck your protocol then a whitelist for a single one of your collaterals is the least of your worries

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Frax Finance

biggest reason for me for not voting on proposals is simply not keeping up with new proposal/not hearing of it


maybe in the future it might be good to sort proposals in categorys (splitting fraxlend amo proposal from fxusd rebrand) etc

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Frax Finance

agree on this

imagine if a proposal had convex as sole NO voter and the entire rest of protocol voted yes it sends a message and ussually the proposal would be discussed again

anyhow convex aint a lone entity
its votes based on their user votes so people should try to advocate to those users

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Frax Finance

你可以去 /channel/Frax_Finance_China

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Frax Finance

Thanks for clear answers. Haven’t looked at maths yet but conceptually can see how crowd behavior could work

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Frax Finance

If you take FRAX lend high utilization really penalizes borrowers . Is the subsidy the only mechanism to mitigate the normal IR jump proportional to utilization

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Frax Finance

We're doing in this in order to stimulate demand and raise the protocol's utilization to 93% faster. When that happens, dUSD lenders will be earning 18-20% APY, and borrowers will be paying an effective borrow APY of roughly 10-12% (net of the 13% APY subsidy). This borrow APY is in line with USDC on Aave

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Frax Finance

Rebates are funded by dUSD's yieldcoin reserve's earnings.

There is about $600K of yield-bearing reserves currently, mostly in sDAI (~13% APY). There is also about $570K in dUSD debt currently. So the debt ratio is: 570 / 600 = 0.95

Rebate APY = 13% / 0.95 = 13.7% APY

Organically this is what it should be. However, we are boosting the current rebate APY to much higher, 35% APY right now, using some of the project's early funding.

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Frax Finance

I don't understand your question

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Frax Finance

I just had a good idea.. I think?

@samkazemian is there anyway to allow FLOX to incentivize voting?
Said another way, can we make governance voting a FXTL earning action? Wherein each vote cast = X FXTL earned.

And another one, how hard would it be to allow native FXTL redistribution/delegation?

For instance, say I have 5 wallets earning FXTL, rather than having to redeem and then consolidate, I just tell FLOX to send the FXTL for these 5 addresses I own to this 1 location.

All kinds of cool stuff could happen then.. for instance, protocols on Fraxtal could easily redirect a portion of their FXTL earnings to top users, or incentivize specific dapp actions ... just a few things that just came to mind that I think would be really beneficial

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Frax Finance

Hello. Can we be honest friends?

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Frax Finance

The whole thing is kinda silly though (not on our part)...what value is the kyc check on ustb if through the frxusd intermediary, no one really has to kyc and get all the benefit. Like it's good for us...but do the people in gov really think this madness accomplishes anything?

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Frax Finance

Yes it USTB can be blacklisted, but Frax trustee FinresPBC could sue

FrxUSD doesn't have native blacklist function, unlike competitor SUSD (formally DAI that does)

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Frax Finance

banks decided not to do business companies left and right (though due to some pressure from gov). Anyway, my question stands.

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Frax Finance

Does it even have to be us gov?

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Frax Finance

What's the perceived impact of a defi native token like frxUSD being backed by a USTB which has an allowlist. Could we be removed from the list and funds frozen if they dont like what some people do with frxusd?

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Frax Finance

the ceo(founder?) of cvx doesnt hold all the power over convex votes

but still a large amount ofc

if anything frax should have offered a better alternative to cvxfxs than vefxs is as all fxs was flowing to cvxfxs

currently (pre vision)

cvxfxs offers higher apr
and already offers the boosted apr on pools on platform

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Frax Finance

i think holders with a decent amount of vefxs ( like 100k) defo vote on things thats interesting to them


but it depends on marketing

most proposals are not seen

people vote even if cvx holds most power as it takes barely any efford

but only if the subject is something they are interested and if they hear about it

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Frax Finance

And when lenders mint more dUSD to supply, we gain more reserves to generate more subsidies. The cycle repeats ☯️

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Frax Finance

That is the Yin. The Yang is above-market yields for dUSD lenders (plus dT points), incentivizing them to mint and supply more dUSD, bringing the utilization down

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Frax Finance

93% utilization is where the magic starts to happen

dUSD lenders on dTRINITY will earn more than other stablecoin lenders on Aave. But dUSD borrowers will pay roughly the same or less than borrowers on Aave

dUSD borrowing subsidies reduce the effective borrowing cost at low utilization levels, attracting more borrowers. Subsidies also increase the effective lending yield at high utilization levels, attracting more lenders.

This is the beauty of dTRINITY 🎮

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Frax Finance

Are you pushing people more to borrow at the moment to get traction

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Frax Finance

In the early stages how are you funding IR subsidy + how are you maintaining peg ? (Yield bearing collateral looks likes it’s locked)

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