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RedStone, a decentralized data ecosystem offering accurate and rapid financial information, has announced an exclusive integration. As per the announcement, the platform is integrating with Frax Finance, a decentralized finance protocol, to offer support for Fraxlend. On its official X account, the company expressed its enthusiasm regarding the latest endeavor.
Powering Innovative Lending š§
ā RedStone Oracles ā¦ļø (@redstone_defi) May 7, 2024
RedStone is thrilled to announce its support for Fraxlend by @fraxfinance, an isolated lending protocol. Fraxlend is using $FRAX $FXS $ETH and more price feeds in the RedStone Classic (Push) Model.
Learn more š§µ pic.twitter.com/4GliE0Y19w
RedStone Oracles Integrates with Frax Finance for Fraxlendās Support
Fraxlend reportedly utilizes ETH, FXS, and FRAX tokens along with additional price feeds concerning the RedStone Classic Model. The company shared a series of X posts to provide details of the new development. It mentioned that the Frax Protocol comprises three subprotocols that operate under it. As per the platform, the respective subprotocols integrate the stablecoins thereof.
The above-mentioned subprotocols take into account Fraxferry, Fraxswap, and Fraxlend. In addition to this, RedStone also pointed out that it has started supporting the Frax Finance-based modular blockchain Fraxtal. As a result of this initiative, consumers can utilize RedStone Core model which is gas-optimized. It additionally assured the provision of dependable data feeds for bolstering the community of the builders.
The Clients Can Get Significant Interest through Yield-Bearing fTokens
According to RedStone, Fraxland lies among the prominent platforms offering lending markets in the case of ERC-20 asset pairs. Additionally, it permits the consumers to make asset deposits and leverage interest via yield-bearing fTokens. The users can redeem them to elevate the underlying assetās amounts. This entire procedure includes borrowers and lenders that communicate via pairs.
Hence, lenders provide asset tokens in return for fTokens. On the other hand, borrowers interchange collateral tokens in return for asset tokens. The pair registry keeps the record of the entirety of the deployed pairs. Lending markets require oracles to offer market rates, letting rate calculators specify the interest in line with the demand.