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Home»ADOPTION NEWS»Decentralized stablecoin project Frax Finance pushes to restore protocol fee conversion
ADOPTION NEWS

Decentralized stablecoin project Frax Finance pushes to restore protocol fee conversion

By Crypto FlexsMarch 21, 20243 Mins Read
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Decentralized stablecoin project Frax Finance pushes to restore protocol fee conversion
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Posted 1 minute ago In ~

Decentralized stablecoin project Frax Frax

+0.27%
The Treasury Department has moved to restore protocol fee conversion through a new proposal.

“We propose to turn the protocol fee switch back on, sending 50% of profits to veFXS and the remaining 50% for purchases. FXS

+1.00%
Other Frax assets to be paired on the FXS Liquidity Engine (FLE),” Frax Finance wrote in its proposal. thursday. “FLE will allow Frax to continue building its balance sheet while dramatically increasing the liquidity of FXS and the combined Frax assets.”

The proposal also details how the new tokenomics system will fully collateralize the decentralized stablecoin FRAX, as well as propose an augmented yield structure. Regarding veFXS, an illiquid staking reward, “veFXS stakers will receive the total protocol fee if this proposal passes, which will be added to the veFXS Yield Distributor on the Ethereum mainnet and soon to be added to Fraxtal’s veFXS Yield Distributor contract.”

Frax Finance initially proposed a plan to flip the protocol fee switch on February 26, reversing its previous decision to suspend rewards, The Block previously reported. Protocol founder Sam Kazemian said at the time that Frax felt “now is the right time to flip a huge switch. It’s going to be hugely profitable.”

Frax Finance develops and manages the FRAX USD-pegged decentralized stablecoin, the protocol’s native token FXS, and the veFXS tokens that users receive when they stake FXS. According to The Block’s FXS price page, FXS was trading at $7.48 at 5:32 PM on March 21, after rising 1.13% in 24 hours.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.

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