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Frax Finance's founder, Samkazemian, proposed adding FRAX stablecoin support on Aave V3 Markets, specifically on Polygon, Fantom, and Avalanche networks, which was supported by users and passed in a snapshot vote. This marks a significant step towards FRAX's growth and adoption within the Aave ecosystem, as FRAX, a decentralized stablecoin with a market cap of approximately $2.7B, is already deployed on these networks and has been successfully lent out on Aave v2 on the Ethereum mainnet.
The discussion revolved around the proposal by Samkazemian, the Founder of Frax Finance, to add FRAX stablecoin support on Aave V3 Markets, specifically on Polygon, Fantom, and Avalanche networks. FRAX, a fractional stablecoin that uses a combination of algorithmic and collateralized mechanisms to maintain its price target, is already deployed on these networks and has been successfully lent out on Aave v2 on the Ethereum mainnet. The proposal includes risk parameters for both V3 Efficiency mode and V3 Isolation mode stablecoins.
FRAX is a decentralized stablecoin minted by users of the frax.finance protocol and is currently being used in deep liquidity pools on stableswap+AMM protocols. It has a market cap of approximately $2.7B and a 24h volume of around $50M. The protocol has undergone two thorough audits and currently holds over $3.5 billion in TVL across all chains1.
The proposal received support from users like Sogipec, Powerstiering, and Tor_GAINS who believe that FRAX, being one of the most deeply integrated stablecoins, would add significant value to AaveV3 across all chains where it is deployed. The snapshot vote for the proposal was announced to have passed by MarcZeller5. Furthermore, Yuradmt from Certora conducted a formal verification of the FRAX token code using their generic ERC20 token specification and found all features to be by design and in compliance with the specification6. This proposal and its acceptance mark a significant step towards the growth and adoption of FRAX within the Aave ecosystem.
Posted 2 years ago
Last reply a year ago
Summary updated 2 months ago
Last updated 03/12 14:23