Pangolin and Frax Finance join forces to bring the FRAX stablecoin to Avalanche
Pangolin is proud to announce a partnership with the 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
There are two tokens in the Frax Finance ecosystem: Frax (FRAX)and Frax Shares (FXS). FRAX is a fractionally algorithmic stablecoin targeting a tight band around $1 USD. FXS is the governance token of Frax Finance which accrues fees, seigniorage revenue, and excess collateral value.
With this partnership, we hope to boost the availability of stablecoins on the Avalanche network for users of Pangolin, and provide sufficient liquidity in innovative stablecoins like Frax. We will be adding a reward pools for the AVAX-FRAX pair and the AVAX-FXS pair to support liquidity.
“We are excited to be expanding more into Avalanche and look forward to utilizing Pangolin’s routing and liquidity. Many of our users have been wanting us to have a larger presence on Avalanche, and Pangolin’s many trading pairs are a great gateway for FRAX and FXS users to enter” — Travis Moore, Frax Finance Co-Founder
We had an interview with Sam Kazemian of Frax Finance as well.
About 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. Learn more: frax.finance
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About Pangolin Exchange
Pangolin Exchange is a community-driven decentralized exchange (DEX) with fast-settlement, low fees, and a democratic process. Built on the Avalanche Network. Pangolin brings you the best trading opportunities to find and maximize your yield.
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