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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
dont we need to have the fxusd collat in another multisig than l-frax?
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Institutions are comfortable to integrate frxUSD before official approval?
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We don't know since the OCC hasn't announced it yet, but frxUSD is compliant with the GENIUS bill as it stands today. We built it in a specific way so that it's entirely within the rules of the law. So frxUSD is already ready. It's more about how long it will take for the OCC to open applications, receive ours, and approve it. No one knows yet.
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It's like getting a bank charter but a unique kind of charter that's new and for stablecoin issuance specifically.
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After the genius bill is passed how do one become a legal tender? Do you get a license or something?
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Thanks for the quick update. Keep up the good work. Sounds good 👍
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Yes passing of the act and also when we’ve signed official agreements with our institutional partners for new features.
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I'd say I'm probably more bullish in recent memory than I can remember. The reason I'm less active in this channel compared to before is that most of our current integration work for frxUSD is institutional, banking, and payments for the FraxNet platform so there's less DeFi features to talk about. But post-FraxNet release, I'll be back to prior activity here 😎️️️️️️
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Sup guys, how's it going. Relatively quiet in here last couple of weeks it seems? Depressed vibes, even Sam & team? Hope I'm wrong. What happened to the bullish outlooks? Some setbacks or just heads down getting the work done?
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The core team is doing decisions on how much of our revenue goes into getting collateralized or getting paid to veFRAX (Prev. veFXS holders). Some yield is given to veFRAX to incentivize being locked. Soon rewards will be paid out in sfrxUSD.
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Thank u found it. I forgot which wallet it even was lol
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Hey sorry for repeating this so many times, but I really want to be able to vote with my veFRAX that is staked on Fraxtal
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On DeFi what your thought about full integration on Hyperliquid for FRAX and frxUSD ?
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They're comfortable with USDC and technically that doesn't have approval either. No one does. So the answer is yes as long as they are confident we will get it.
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Ok, just a matter of receiving the official approval
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Yes. You have to apply for a license at the OCC once applications open.
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Alright, sounds good! When do you expect to be able to release the next batch of info with respect to Fraxnet? Is it mainly the passing of the genius act?
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Nothing explicitly depressed, but relative less of your trademark excitement/positivity. Combined with less activity here in chat in general. But glad to be sensing that in wrong way 🙏
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When did I sound depressed? I've never been bearish or depressed since November 5th. Extremely bullish more than past years even.
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Lol literally the message above the one you replied
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It cannot be that I get less rights as a veFRAX holder on the preferred chain
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https://x.com/cburniske/status/1943868674655629444?s=46&t=AI_Enk1lEAOTg0r4DErYFA
This is interesting. Chase bank will start charging access fees to fintech players.