New sFRAX Vault Locks $35 Million Worth Of Deposits In 24 Hours
The post New sFRAX Vault Locks $35 Million Worth Of Deposits In 24 Hours appeared on BitcoinEthereumNews.com. On October 12, Frax Finance deployed its ERC4626 staking vault, sFRAX. Frax Finance’s governance token FXS rose to $5.66, before declining to $5.49. sFRAX, which was launched at a 10% APY, soon matched the Fed’s IORB rate at 5.4%. On October 12, Crypto Hedge Fund Ouroboros Capital announced that the decentralized cross-chain protocol, Frax Finance introduced sFRAX, an ERC4626 staking vault, enabling FRAX holders to earn yields equivalent to the interest rate on reserve balances set by the U.S. Federal Reserve (IORB). However, the influx of investor funds into its newly introduced high-yield staking product failed to impact the protocol’s governance token, FXS. BTC down, FXS up. sFRAX deployed. You know what to do. — Ouroboros Capital (@OuroborosCap8) October 11, 2023 On Thursday, the price of FXS increased by 7% to reach $5.66, before subsequently falling to $5.49, reflecting a 0.5% gain over 24 hours. This stable price movement aligns with the ongoing low-volume trading pattern observed in the market’s leading cryptocurrencies, Bitcoin and Ethereum. Meanwhile, sFRAX, initially introduced with an Annual Percentage Yield (APY) of 10%, gradually aligning with the Federal Reserve’s Interest on Reserve Balances (IORB) rate of 5.4%. According to data from Dune Analytics, over 150 users have deposited over $35 million into the vault. Crypto Twitter has been very bullish about Frax’s new product, claiming that: Frax will offer a monetary premium over the full interest rate liquidity cycle. Frax offers the full vertical, on-chain liquidity stack for investors. Moreover, users are optimistic that when FRAX achieves full collateralization through RWAs, it will become part of the group of reserve stablecoins supported by RWAs, alongside USDT and USDC. However, in contrast to Circle and Tether, Frax distinguishes itself by distributing the yield back to its token holders, noted VC researcher Winter Soldier. Additionally, the Founder of…
The post New sFRAX Vault Locks $35 Million Worth Of Deposits In 24 Hours appeared on BitcoinEthereumNews.com.
On October 12, Frax Finance deployed its ERC4626 staking vault, sFRAX. Frax Finance’s governance token FXS rose to $5.66, before declining to $5.49. sFRAX, which was launched at a 10% APY, soon matched the Fed’s IORB rate at 5.4%. On October 12, Crypto Hedge Fund Ouroboros Capital announced that the decentralized cross-chain protocol, Frax Finance introduced sFRAX, an ERC4626 staking vault, enabling FRAX holders to earn yields equivalent to the interest rate on reserve balances set by the U.S. Federal Reserve (IORB). However, the influx of investor funds into its newly introduced high-yield staking product failed to impact the protocol’s governance token, FXS. BTC down, FXS up. sFRAX deployed. You know what to do. — Ouroboros Capital (@OuroborosCap8) October 11, 2023 On Thursday, the price of FXS increased by 7% to reach $5.66, before subsequently falling to $5.49, reflecting a 0.5% gain over 24 hours. This stable price movement aligns with the ongoing low-volume trading pattern observed in the market’s leading cryptocurrencies, Bitcoin and Ethereum. Meanwhile, sFRAX, initially introduced with an Annual Percentage Yield (APY) of 10%, gradually aligning with the Federal Reserve’s Interest on Reserve Balances (IORB) rate of 5.4%. According to data from Dune Analytics, over 150 users have deposited over $35 million into the vault. Crypto Twitter has been very bullish about Frax’s new product, claiming that: Frax will offer a monetary premium over the full interest rate liquidity cycle. Frax offers the full vertical, on-chain liquidity stack for investors. Moreover, users are optimistic that when FRAX achieves full collateralization through RWAs, it will become part of the group of reserve stablecoins supported by RWAs, alongside USDT and USDC. However, in contrast to Circle and Tether, Frax distinguishes itself by distributing the yield back to its token holders, noted VC researcher Winter Soldier. Additionally, the Founder of…
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