Summary
Frax Finance has launched Frax Bonds (FXB), a utility token that can be converted into 1 FRAX stablecoin upon maturity. The bonds have different maturities and are being sold through a gradual Dutch auction. Over $1.1 million in bids have been placed so far. Frax Bonds can be used in various DeFi applications and will be usable across platforms such as Curve Finance pools. Frax Finance recently partnered with Centrifuge to deploy $20 million of its collateral to U.S. Treasuries.
Key Points
1. FXB tokens can be trustlessly redeemed for FRAX at par upon maturity, providing a discounted way to acquire FRAX stablecoins in the future.
2. Frax Finance has completed its v3 roadmap with the launch of Frax Bonds (FXB), which convert into 1 FRAX stablecoin upon maturity.
3. The initial bonds have maturities of July 30, 2024, December 31, 2024, and December 31, 2026, and are being sold through a gradual Dutch auction. Over $1.1M of bids have already been placed.