Decentralized stablecoin protocol Frax FRAX
-0.11%
This move follows Uniswap’s proposal to reward UNI holders with rewards. Although Uniswap would implement the rewards for the first time, Frax Finance would reverse an earlier decision to discontinue the rewards, Frax founder Sam Kazemian told The Block.
“Yes, they have voted before to stop the revenue share. But now we feel this is the right time to flip the big switch. It will bring in a lot of revenue,” Kazemian said, adding adding that implementation would take place. in 10 days.
Connection to Uniswap
On February 24, Frax announced asked on social media platform .Time to turn it back on?”
A day earlier, Uniswap proposed giving its users rewards for staking its native token UNI to encourage active and thoughtful delegation. Frax would follow Uniswap’s decision, but it is up to the community to ultimately decide on the move, Kazemian told Coin Bureau.
Frax Finance develops decentralized USD-pegged stablecoin FRAX. The Frax protocol is managed by its own token 
FXS
+7.60%
that users can use to earn veFXS, an illiquid token. Frax Finance has disabled staking rewards for veFXS holders in 2022.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
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