SynFutures Partners with Frax to Expand Trading Opportunities
The team at SynFutures is excited to announce our partnership with Frax, the world’s first fractional-algorithmic stablecoin. Frax will bring liquidity to its stablecoin trading pairs on SynFutures, giving our DEX users more opportunities to trade and offering Frax users a new platform to engage with and trade FRAX.
Frax is the first fractional-algorithmic stablecoin protocol. Frax is open-source, permissionless, and entirely on-chain — currently implemented on Ethereum and other chains. 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.
The Frax protocol is a two-token system encompassing a stablecoin, Frax (FRAX), and a governance token, Frax Shares (FXS). The ecosystem also has a Frax Pool — a smart contract that holds USDC collateral and is managed by the governance token holders.
Frax will be added to SynFutures V1 as a margin coin to give our users transaction mining opportunities, beginning with a Matic-Frax pool on Polygon. As the partnership progresses with the launch of SynFutures’ V2, more oracles will be available for use with FRAX.
“Stablecoins play a crucial role in the DeFi ecosystem, and with Frax’s support, we’ll be able to expand stablecoin trading opportunities for our growing community,” said Rachel Lin, co-founder and CEO at SynFutures. “As we progress with V2, more opportunities to partner with Frax and utilize FRAX will become available, so we look forward to the future.”
Stay tuned for information on our partnership with Frax.
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling trading on any device with proper price feeds. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier for entry in the derivatives market, creating a more equitable exchange market for digital assets.
About Frax Finance
Frax is the first fractional-algorithmic stablecoin protocol. Frax is open-source, permissionless, and entirely on-chain. The vision for the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. FRAX is the only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The ratio of collateralized and algorithmic depends on the market’s pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio. Learn more: frax.finance