This Week in Frax - March 19-24th, 2023 - EP #6

A slow week, but that's OK. After the events of the last few weeks, it was nice to catch a breather (and an airdrop).

March 24, 2023

Frax gets an Arbitrum airdrop

The Abitrum airdrop was this week, and Frax hit it big, receiving more than 500,000 ARB for their service on the network. Yesterday, Flywheel producer Samuel McCulloch, proposed that we match the ARB with FRAX from the FXS buyback fund. This would be added as liquidity to both Curve, Uniswap and Fraxswap.

The buyback fund was authorized after the LUNA collapse of last year. It authorized the protocol to purchase up to $20 million worth of FXS, however only $2 million has been bought at this point.

Additionally, new gauges are expected once the FIP passes. This could be the beginning of a new liquidity regime on the L2 network.

Reserve eUSD-FRAXBP Curve LP kicks off

Our friends at Reserve were very excited this week as the gauge for the eUSD-FRAXBP Curve LP started. In just one week the TVL of the LP sextupled in size to $6 million.

Additionally, the Reserve team also has proposed a new FXS gauge for the pool.

Catch up on Reserve with our latest interview with Thomas Mattimore below.

sfrxETH yields were 👀👀

Well, the USDC drama caused the markets to go into a tailspin for a weekend, one of the benefits of all of the on-chain activity was that sfrxETH’s yields for this week were absolutely insane. Frax’s validators received more than 80 ETH from MEV and Tips during the calamity. You would have returned to their normal levels, but it is exciting to see how validators will perform in adverse market conditions.

cvxFPIS staking is live

C2tP dropped in the chat this past week and announce the launch of cvxFPIS staking. Convex doesn't really know yet how they're going to use the pools because there's not that much documentation in the moment, but the protocol is committed to ensuring some of the highest yields for veFPIS that you can get.