Invictus Dao has partnered with Frax Finance and TerraForm Labs to introduce the FRAX-UST LP Bonds and help shape Solana’s future.
Solana Gets Frax bond
The partnership was announced by Invictus DAO´s Twitter account on January 13th and will allow them “to accelerate the transition away from centralized, stable coins such as USDC and USDT that the Solana Defi ecosystem so heavily relies on.” This development will give Sol Invictus a more robust treasury to further expand the Solana DeFi infrastructure.
“With FRAX in our treasury, we can not only improve the quality of our stable assets, but move towards a more decentralized future on Solana. Better stables, brighter future, out of the darkness of the night sky,” the Sol Invictus team stated in their Medium blog from January 13.
Frax Finance describes Frax as “the world’s first fractional-algorithmic stablecoin” and attempts to create the first stablecoin that combines asset-backed and algorithmic-backed design principles. The FRAX-UST LP is currently offering a 2.07% ROI and has $280,502 purchased, at the time of writing.
Also, If readers want to purchase FRAX for the bond offering, they can use Jupiter Aggregator.
FRAX-UST LP Bonds are also here
In addition, Sol Invictus just announced that the FRAX-UST LP Bonds are now live on their platform, entering the Saber Wars in a fight for the future of Solana.
Following the introduction of the Terra bonds we reported about on January 13, and the Frax bonds, Sol Invictus announced in a Medium article on January 17 the release of the FRAX-UST liquidity provider bonds.
“With this bond offering, Sol Invictus enters these wars, accumulating SBR so that Invictus DAO has a say in the governance of what we believe is a key money lego of the Solana Defi ecosystem. This conviction is best illustrated by our intention of allocating a portion of our UST and FRAX already accumulated in our treasury to work, in combination with LP bonds being launched today,” wrote the January 17 Medium blog.
Accumulating Saber SBR through the FRAX-UST bond will give their holders, namely the platform and its users, the power to vote for yield allocations and future developments. This could create a “war” between the different pools of users to increase their rewards.
“We intend on locking this SBR, so we can actively partake in governance. With the introduction of our forum later this month, members of Invictus DAO can take part in this governance within our own DAO. IN is evolving,” wrote the Medium.
For a more detailed summary regarding the impact of the Saber wars inside Solana check out Twitter user Crypto Notte´s thread.
What is Frax Finance
Frax is the first fractional-algorithmic stablecoin protocol. Frax is open-source, permissionless, and entirely on-chain. The vision for the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. Frax is the only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The ratio of collateralized and algorithmic depends on the market’s pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio.
Where to find Frax Finance
Source : solana.news
Founded in 2020, solana News is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (solana). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. solana News aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the solana DeFi space.
solana NEWS is a private news network. All posts posted by this user belong 100% to solana.news All rights are reserved to Solana NEWS.