Wombat Exchange Partners with Frax Finance

The collaboration will help expand $FRAX adoption on BNB Chain.

Expanding FRAX on BNB Chain

Multichain stableswap Wombat Exchange has announced a partnership with Frax Finance to expand the adoption of FRAX on BNB Chain. The move seeks to boost the adoption and liquidity of FRAX stablecoins on BNB Chain while providing more yield opportunities and options to Wombat users.

Following the partnership, FRAX is now listed under Wombat’s Innovation Pool, where WOM emissions will be provided to support the pool as a liquidity incentive.

Users can potentially earn bribes by voting for the FRAX gauge once the voting gauge is live.

What is FRAX

FRAX is an open-source, permissionless, and entirely on-chain protocol. They carry the vision of providing highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC.

FRAX is the first and only stablecoin partly backed by collateral and partly by algorithm. The stablecoin (FRAX) is named after the “fractional-algorithmic” stability mechanism. The collateral to algorithm-backing ratio depends on the market’s pricing of the FRAX stablecoin. If FRAX trades above $1, the protocol decreases the collateral ratio. On the other hand, If FRAX is trading under $1, the protocol increases the collateral ratio.

Find information about Frax Finance here:

Website | Twitter Discord | Telegram |

What is Wombat Exchange:

Wombat Exchange is a multi-chain stableswap focused on fueling DeFi growth and promoting its product’s scalability, accessibility, and efficiency in the multi-chain space. The protocol allows users to swap stablecoins at minimal slippage and stake at maximum yield.

Find information about Wombat Exchange here:

Website | Twitter | Discord | Medium | Telegram

Source : bsc.news

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