Frax Finance has initiated a governance vote to integrate BlackRock's BUIDL token as a reserve asset backing the frxUSD stablecoin. If approved, users will be able to deposit BUIDL tokens into the smart contract and receive frxUSD at a 1:1 ratio. This proposal aims to enhance safety, liquidity, and minimize risks for Frax's stablecoin. The Frax Finance DAO community has expressed strong support for the combination of traditional and decentralized finance.
The governance vote starts on 27/12/2024 and is expected to end on 1/1/2025.
The price of FXS has pumped 60% since the news broke, the W chart is also beautiful but is currently at a resistance zone, breaking through may lead to further pumps, be careful to Sell the news when results come in.
