Frax Finance, according to the voting result from the community, the ecosystem stablecoin is completely and will gradually end its algorithmic support.
stablecoinsincreasing pressure on stablecoin Its issuer also put pressure on crypto companies. In particular, last year’s terra The crisis revealed that algorithmic stablecoins are in a structure that can explode at any moment. One of these projects, Frax Financeis making changes for its stablecoin, which it claims with its algorithmic support. frax, ecosystem stablecoin will fully guarantee and bid farewell to its algorithmic support.
Frax Finance Focused on Ecosystem Stablecoin
decentralized finance and stablecoinprotocol Frax Finance, native stablecoin FRAX will fully insure. As a result of this voted decision, the previous algorithmic support structure will be terminated.
of FRAXthat will change the collateralization model and FIP-188 released on February 15governance proposal, according to snapshot on February 23 It reached a quorum with 98 percent of the votes in favor.
In this offer to the community, in FRAXIt was stated that algorithmic support will be completely removed and this will happen gradually.
In addition, after the proposal is put into practice, the protocol will further increase the collateral rate and token supply. FXSwon’t print.
