Category: Forex News

Frax Finance Aims for $100B Locked Value with Singularity Plan

By Published On: March 22, 20241.1 min readViews: 1490 Comments on Frax Finance Aims for $100B Locked Value with Singularity Plan

Frax Finance has launched an ambitious singularity roadmap aimed at boosting the total value locked (TVL) in its layer 2 blockchain. Fraxtal aims to reach $100 billion by 2026. The plan includes launching 23 new layer 3s and introducing assets like frxNEAR, frxTIA, and frxMETIS.

According to data from DefiLama, the current TVL in Fraxtal stands at $13.2 million. The road map outlines plans to issue existing assets like FRAX, sFRAX, and frxETH, as well as the new ones on Fraxtal in the future.

The proposal calls for reviving a mechanism to share protocol revenue with stakers of the native FXS token. It suggests allocating 50% of the yield to veFXS holders and using the remaining 50% to buy FXS and other Frax assets for pairing in the FXS Liquidity Engine (FLE). The FLE aims to increase liquidity for FXS and its paired assets while building Frax’s balance sheet.

Furthermore, the plan details new tokenomics to fully collateralize Frax’s stablecoin FRAX, one of the top 10 dollar-pegged cryptocurrencies, and boost yields on staked FRAX (sFRAX).

Frax Finance’s ambitious road map demonstrates its commitment to scaling its layer 2 ecosystem and expanding its offerings while also incentivizing token holders and enhancing the stability of its stablecoin.

Also read Frax Finance Unveil Fraxtal Layer 2 Blockchain & FXTL Points.

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