What’s Interesting Today:
Frax Finance has completed its v3 rollout with the introduction of Frax Bonds (FXB), tokens that can be exchanged trustlessly for 1 FRAX stablecoin at maturity. These bonds are being sold at a discount and have maturity dates of July 30, 2024, December 31, 2024, and December 31, 2026, with $500K worth of bonds for each date sold via a Dutch auction. As of now, over $1.1M in bids have been placed. FXBs are expected to yield similarly to U.S. Treasury rates, although they don't guarantee any legal redeemability other than for FRAX stablecoins. Frax currently holds a market capitalization of $653M and ranks #102 on Coingecko. These bonds can be used across various DeFi platforms and are part of Frax's initiative to deploy $20M of its collateral into U.S. Treasuries, in partnership with Centrifuge.
The Arbitrum Foundation introduced the Arbitrum Expansion Program to enable the creation of custom Layer 2 and Layer 3 networks using its Orbit tech stack. This initiative allows for bespoke rollup chains with options for customization, including custom gas tokens and account abstractions. While Layer 3 networks on Arbitrum One and Nova are freely customizable, other deployments require a 10% profit share with the Arbitrum DAO. This move comes as part of the growing competition in Ethereum scalability, with Arbitrum maintaining a significant market presence despite recent fluctuations in its token value.
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