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One of the largest decentralized stablecoins, FRAX by Frax Finance, makes it to BNB Chain, a mainstream EVM-compatible blockchain. New liquidity solution Thena announces THE rewards program for FRAX pool investors.
FRAX stablecoin by Frax Finance comes to BNB Chain
According to a statement made by the Thena (THE) protocol on social media, the FRAX stablecoin by Frax Finance becomes available on BNB Chain as Fraxferry non-custodial cross-network bridge is activated.
1/ @fraxfinance recently introduced its more secure method of bridging tokens, Fraxferry. As a result, BNB Chain now hosts native $FRAX
— Thena (@ThenaFi_) December 23, 2022
They will use THENA's open marketplace to scale its liquidity on @BNBCHAIN 🚀
THE emissions for FRAX/BUSD & FRAX/FXS pools go live on Jan 5 pic.twitter.com/HkP5C0DI82
The new liquidity ecosystem will use Thena's marketplace to attract and concentrate the initial liquidity supply. The Thena ecosystem is set to launch on mainnet on Dec. 29.
Following its launch, Thena's program for 1,000 loyal veFXS holders will kick off. "Early birds" from corresponding pools will be eligible for an airdrop of veTHE/THE liquidity provider tokens.
As of printing time, FRAX is the second largest decentralized stablecoin surpassed only by Maker's DAI. Its circulating supply exceeds $1 billion in equivalent, which brings it into the top 5 stablecoins by trading volume.
Liquidity aggregation program goes live Jan. 5
On Dec. 20, 2022, the FRAX stablecoin celebrated its two-year anniversary. Its team is now discussing the opportunities of the launch of the fraxBTC stablecoin.
On Jan. 5, 2023, the THE emissions will be activated for the first batch of FRAX-based pools. Namely, the liquidity providers of the FRAX/BUSD and FRAX/FXS pools will be motivated by the THE tokens.
Thena (THE) promotes itself as an upcoming liquidity layer for DeFi protocols on top of BNB Chain, the largest EVM-compatible smart contract platform.