Stablecoin issuer Frax Finance is set to launch the Liquid Staking Protocol on Ethereum to the public in two weeks.
The launch will allow users to stake ether (ETH) and receive a liquid derivative token known as Frax Ether (frxETH), with the aim of unlocking the value of the token staked. frxETH will reflect the price of ether and Can trade freely on other DeFi protocols
Jack Corddry, the main developer of Frax, said: “Everything will be fully public within two weeks. except if there is something unexpected But the full system is already working.”
Frax has completed its liquid staking token security checks prior to its final launch on Ethereum mainnet. The project has completed a Curve pool so it can swap frxETH with ETH with low or no slippage. at all
Frax Finance is a stablecoin which relies on margin and algorithmic mechanisms to maintain a 1:1 peg against the US dollar. It is partially backed by USD Coin (USDC) collateral and partially by Frax Finance token known as FXS.
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