Frax Finance To Launch Liquidity Staking Protocol On Ethereum Within Two Weeks

Frax Finance, a decentralized stablecoin issuer, is set to make its liquid staking protocol on Ethereum publicly available within two weeks.

The launch will allow users to stake ether (ETH) and receive a liquid derivative token called Frax Ether (frxETH). To receive the yield, users will have to exchange the first derivative token (frxETH) to Staked Frax Ether (sfrxETH), a second token that will accrue staking yield from Frax’s Ethereum validators.

According to reports, Frax has completed a security assessment of its liquid staking token in preparation for a final release on the Ethereum mainnet. The project has also completed the setup of a Curve pool, allowing frxETH to be traded for ETH with little or no slippage.

Frax’s decentralized liquid staking solution will compete with current protocols like Lido Finance and RocketPool.

“Get ready for the most interesting ETH liquid staking derivative released by a major stablecoin issuer,” the Frax team said.

Frax Finance also operates the decentralized exchange Fraxswap as well as the loan platform Fraxlend.

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