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FRAX Deploys Decentralized Stablecoin Infrastructure on NEAR Protocol

Share on X icon · Published för 2 år sedan on March 15, 2024 · Hassan Maishera

FRAX Finance has launched its FRAX stablecoin on NEAR via Ref Finance and Burrow through FraxFerry and the Rainbow Bridge.

FRAX Deploys Decentralized Stablecoin Infrastructure on NEAR Protocol

The Near Protocol announced via a blog post on Thursday that FRAX Finance has launched its FRAX stablecoin on NEAR via Ref Finance and Burrow through FraxFerry and the Rainbow Bridge.

Frax Finance is the second-largest issuer of decentralized dollar-pegged stablecoins and an industry leader for DeFi infrastructure. In the coming months, Frax will natively issue their suite of assets, FRAX, sFRAX, frxETH, and sfrxETH on NEAR and Fraxtal, along with exploring opportunities around NEAR LSTs. Other protocols on NEAR will also be able to explore these exciting frontiers with Frax.

NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilize fees.NEAR is trading at $8.056, up by 3% in the last 24 hours.

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Hassan Maishera
Hassan Maishera Senior Reporter

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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