Nos últimos dias, houve muito sangue no círculo monetário. Muitos imitadores foram cortados pela metade e alguns até perderam 70% de seu valor de mercado. Não sinto que o céu esteja escuro. Sinto que a oportunidade chegou!
Hoje, vamos dar uma olhada no projeto de stablecoin Frax Finance.
Hoje, o token oficial da Frax Finance, FXS, é muito forte. Uma vez subiu 48%, de 2,439 para um máximo de 3,6. Agora caiu para 3,26 dólares americanos. milhões de dólares americanos e atualmente ocupa o primeiro lugar em valor de mercado para 245 pessoas.
Introdução
O Protocolo Frax é o primeiro sistema stablecoin de algoritmo fracionário. Frax é de código aberto, sem permissão e totalmente on-chain – atualmente implementado no Ethereum (com possível implementação entre cadeias no futuro). O objetivo final do Protocolo Frax é fornecer uma moeda algorítmica descentralizada e altamente escalonável para substituir ativos digitais de fornecimento fixo, como o BTC. O protocolo contém os seguintes conceitos:
Score algorithm: Frax is a unique stablecoin, partially backed by collateral and partially supported by an algorithm. The ratio of collateral to algorithm depends on the market pricing of the FRAX stablecoin. If the trading price of FRAX is above $1, the protocol will reduce the collateral ratio. If the trading price of FRAX is below $1, the protocol will increase the collateral ratio.
Decentralization and minimized governance: Community governance emphasizes a highly autonomous algorithmic approach without the need for active management.
Completely on-chain oracle: Frax v1 uses Uniswap (ETH, USDT, USDC time-weighted average price) and Chainlink (USD price) oracles.
Two tokens: FRAX is a stablecoin aimed at a narrow range around $1/coin. Frax Shares (FXS) are governance tokens that generate fees, minting tax revenue, and excess collateral value.
Practical application of the project
Fraxswap trading platform: Fraxswap is the first AMM with an embedded time-weighted average market maker (TWAMM) for long-term bulk trading in a trustless manner. It is completely permissionless and based on the constant product invariant (xy=k).
Fraxlend: Fraxlend is a trustless, permissionless, and non-custodial lending platform that provides a lending market between any two ERC20 tokens. Each pair is an isolated market, allowing anyone to participate in lending activities.
Fraxferry: Fraxferry is a permissionless, non-custodial, and secure method for transferring natively issued Frax protocol tokens across many blockchains without the need for bridges or third-party applications.
The Frax protocol is managed by two tokens:
Frax: Frax Share (FXS) is a utility token that can be staked as veFXS to manage the ecosystem's stablecoins and infrastructure protocols. The FXS token has various utilities and functions within the entire Frax economy.
FPIS: Frax Price Index Share (FPIS) is a utility token that can be staked as veFPIS to uniquely manage the novel CPI peg attributes of the FPI stablecoin. FPIS is interconnected with the Frax Share (FXS) token, and the utility of both grows together.
Project background
The backing capital can only be described as luxurious!
Today, the token rally is also due to a piece of news:
The brokerage firm Securitize behind the tokenized BlackRock USD institutional digital liquidity fund (BUIDL) proposed adding BUIDL as collateral for the Frax USD stablecoin.
This proposal is submitted in the form of a Frax Improvement Proposal (FIP), emphasizing the advantages of utilizing BUIDL, which invests in U.S. government securities, as reserve assets.
[In this bull market, anything related to BlackRock is very powerful]
FXS token economic model
Current maximum supply: 100 million
Currently, it has basically been fully unlocked. This token is different from other tokens; as mentioned earlier, it is pegged to two tokens and can be exchanged for each other, so the circulation will decrease.
Frax Finance adopts a dual-token model, using USDC and its governance token Frax Share (FXS) to partially support its stablecoin Frax (FRAX). The collateralization ratio of Frax is variable, meaning the amount of collateral supporting the stablecoin changes based on market conditions.
On-chain ecological data
The on-chain TVL data is relatively balanced, mainly due to the astonishing growth rate of frxETH. In my personal opinion, the TVL of FXS will gradually increase and could become a big monster. Moreover, the final version from the project team is coming, and I'm curious about what surprises it will bring us.
Summary
Over the past two years of development, Frax Finance's product strength stands out among many 'DeFi veterans':
From being on par with Terra in 2022 to the astonishing growth of frxETH in 2023, as well as the rapid deployment of RWA like sFRAX, until now it claims to be the 'most important version' of Fraxtal. Although adjustments like removing stability factors and launching fraETH are passive adjustments, Frax Finance's overall approach has been timely, and it has magically coupled new products to build a self-contained DeFi matrix without missing a single hot narrative.
Moreover, it is currently collaborating with BlackRock, and its ecological matrix + strong background is making the project team active.
The market cap is low enough, fully unlocked, and with no selling pressure, which I really like! Our Black Continent Research Institute has already entered at a price of 1.7, and we are currently waiting for takeoff. For those who haven't bought, you may want to find an opportunity to try. Stablecoins are a battleground, and it's highly likely that one will stand out in a bull market!
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