Frax Year in Review 2022: The DeFi Trinity is Born (And Then Some!)
This year, Frax evolved from being just a stablecoin to becoming a full-fledged financial stack for an on-chain world.
Between the highest of highs and lowest of lows, if there is one word that could encapsulate Frax in 2022, it would be “perseverance”. The year started with fresh ATHs and the vision of the DeFi Trinity that consisted of a lending market, a DEX, and a stablecoin all under one roof. During the spring, Frax’s consumer price index-pegged stablecoin FPI and the 4pool became the hottest topics of discussion which culminated in both the airdrop of FPIS as well as unfortunately the collapse of Terra LUNA. Coming out of the situation unscathed and undeterred, Frax would stay heads down and ship Fraxswap, Fraxlend, FrxETH, and Fraxferry. One of the shining milestones this year was Frax integrating with Curve at a protocol level with the passing of FRAXBP and approval to be whitelisted. Furthermore, Flywheel would launch as a podcast and bring a proper spotlight to these novel developments with exclusive interviews of core team devs & threadoors, daily protocol checks, events & meetups, and much more. By the end of the year, Frax had firmly established itself as one of the strongest DeFi protocols around as the narrative evolves from Frax being another stablecoin to the Frax building a full-fledged financial system for an on-chain world.
Overall, Frax is in a prime position coming into 2023 with lots of momentum building around its yield-generating primitives such as FrxETH and Fraxlend. The core team intends to release their 2023 roadmap shortly after the new year but going forward, we can expect Frax’s collateral ratio to continuing inching back towards 100% and for progress to be made in attaining a coveted Federal Reserve Master Account.
And without further ado, I present to you the Frax 2022 Year in Review!
New ATH for FXS at $41
Circulating supply is 1.84 Billion FRAX
The Beginning of the “DeFi Trinity” narrative
Important to note that Convex launched their support of FXS the month before and was starting to gain steam in January.
Sam Kazemian speaks at ETH Denver
Pitch launches to incentivize liquidity for Frax Gauges
Circulating supply reaches ATM at 2.9 Billion FRAX
SILO, VESTA, and others pair with FRAX as its base asset on Curve
4pool with Terra announced
FXS near ATM at $38
Frax deploys $9.5 Million vote incentives on Convex
FRAX plans to buy L1 tokens that would be used as reserve collateral and explores adding RWA loans
Notable because this DID NOT end up happening and Frax’s strategy has changed greatly since
First TWAMM live on-chain
Hidden Hand launches vote incentive market around Frax
Sam Kazemian appears on Bankless for the first time
4pool launches on Fantom
Terra collapses, Frax maintains peg under duress
Circulating supply crashes from 2.63 Billion to 1.4 Billion FRAX
In the ashes of Terra, FRAXBP & CRV whitelist for Frax are proposed as well as Frax experimenting with its first beacon chain validator
FXS $20 million buyback proposal
Stable Bull Mania takes Twitter by storm
Sam Kazemian and Roberts Sams interviewed on Flywheelpod about the past, present and future of stablecoins
Fraxlend alpha appears on Twitter
Crowd of people show up to the 420 Fraximalist Meetup in Paris
Fraxlend lead dev Drake Evans appears on Flywheel in one of the most popular episodes of the year
FEI shutdown proposal has Sam up in arms. Only partial repayment of hack victims. Would only leave Frax and Olympus getting cents on the dollar from the exploit. Compromise would be reached on-chainlater with Frax retrieving half of what they lost.
In the wake of the Tornado Cash sanctions, DeFi Dave writes an article in The Defiant about Frax’s and Maker’s place within DeFi
Stake DAO launched liquid lockers
Sam and Ameen appear of Flywheel to discuss governance and decentralization
0x_d24 makes his bull case for Frax
Flywheel hosts the first ever Stable Salon in NYC with Drake Evans
Flywheel interview of Jack Corddry about FrxETH premiers
Scupy Trooples proposes alUSD AMO that utilizes FRAXBP. Interviewed on Flywheel for our Halloweed special.
In the wake of FTX’s collapse, Frax and the rest of DeFi continue to function without a hitch
Fraxgiving hosted in NYC
Sam Kazemian announces Frax’s interest in attaining a Federal Reserve Master Account on Flywheel
Fraxferry launches. Frax has multiple primitives live beyond the DeFi Trinity vision outlined at the beginning of the year
Fraxlend has multiple pairs to date including for FXS, sFrxETH, CVX, CRV, gOHM, and others
FrxETH Two-Token model earns the highest APR out of all the ETH LSDs
FRAXBP noticeably alters the Curve War landscape
Frax celebrates its 2nd birthday with a meetup in Los Angeles. FXS emissions halved.
Circulating supply is 1.01 Billion FRAX