We’re excited to announce that Frax and Harmony are coming together to launch a full suite of Frax products on Harmony.
This is timely with Harmony celebrating its 2 year mainnet anniversary on June 28th, with 50 million transactions, 130,000+ active wallets, 50+ apps (as of date of writing), the Harmony ecosystem is thriving with activity and growth.
“Sam shares our vision of a multi-chain world. Bringing Frax to Harmony is a continuation of that shared vision. Frax’s fractional-algorithmic stablecoin is a first-of-its-kind product and a powerful addition to any defi ecosystem and we are thrilled to have it part of the ONE family. ”
— Stephen Tse, founder of Harmony
“Harmony is a great place for defi and has one of the most welcoming communities we’ve seen. We think that it’s a unique place to build some of FRAX’s upcoming novel stablecoin tech. . To see a project like Harmony embracing the cross-chain future makes them an ideal partner for us.”
— Sam Kazemian, founder of Frax
Intro to Frax
Frax is a new paradigm in stablecoin design. It is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmically. Frax is decentralized with a highly autonomous, algorithmic approach with no active management. The protocol they have built is aimed at creating the first scalable, trustless, stable and ideologically pure on-chain money.
The Frax ecosystem consists of two tokens: FRAX and FXS. FRAX is the stablecoin and FXS is the governance token. The ecosystem also has a Frax Pool — a smart contract that holds USDC collateral and is managed by the governance token holders.
Frax has also deployed “algorithmic market operations” (AMOs) which will allow the protocol to do anything with new FRAX tokens and collateral as long as the market doesn’t respond by pricing FRAX under its $1.00 USD peg.
Bridging FRAX & FXS to Harmony
Frax will be bridging an initial $1m to Harmony and create a liquidity pool for [FRAX/USDC] on Sushi on Harmony. As the initial usage ramps up, additional features such as governance and AMOs will be deployed.
Deploy Frax on Harmony
Frax and Harmony are also partnering for the Harmony “Bridging TradFi to DeFi” hackathon (hack.harmony.one). $50,000 in prizes is available for teams building projects that integrate FRAX on Harmony.
Harmony is your open platform for assets, collectibles, identity, governance. We are an open and fast blockchain.
Our mainnet runs Ethereum applications with 2-second transaction finality and 1000 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance and other chains.
Build on Harmony, run with all chains. Be the ONE to bridge to All.
Frax is the first fractional-algorithmic stablecoin protocol. Frax is open-source, permissionless, and entirely on-chain. The end goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC.