Today marks the end of the Liquis Pre-Launch Program. Over the past four weeks, Liquis has received 2.55M veLIT-equivalent deposits and the blessing of the Timeless Finance community to act as a liquid locker. Once locked, Liquis is set to represent over 21% of Bunni governance power.
In further exciting news, we’re pleased to share that Frax Finance has been onboarded as a launch partner!
Frax Finance is comprised of three stablecoin-issuing protocols and a number of subprotocols intended to foster their adoption, all governed by a token-driven DAO. There are currently three Frax stablecoins:
Holders of these stablecoins can utilize them in numerous Frax subprotocols:
Fraxswap: Automated market maker with built-in TWAP functionality
Fraxlend: Permissionless, siloed lending markets for borrowing Frax assets
Fraxferry: Optimistic bridging solution across networks
Frax Finance is governed by holders of the FXS governance token. These holders can vote future FXS emissions across all liquidity strategies onboarded to the platform, thereby playing a key role in where Frax assets gain adoption.
The Frax Finance team is currently focused on their liquid staking ecosystem built on top of frxETH, as well as the future deployment of an independent Fraxchain network. This is in addition to the build out of a real world assets initiative with the launch of the Finres legal entity.
Frax Finance is an existing player in the Bunni ecosystem and we’re looking forward to Liquis making it easier than ever for Frax assets to access concentrated liquidity on Uniswap v3. Frax assets have driven close to $30,000 in subsidies to veLIT holders in just the past few months alone, and it’s a trend that should only grow with the addition of Liquis utility and incentives.
Frax Finance will receive 1% of total LIQ supply in anticipation of this activity moving to Liquis gauges.
You can follow and learn more about Frax Finance via the following resources:
The primary Frax Finance interface can be found here.
The Liquis protocol is set to be deployed tomorrow. Due to the timing of the Bunni voting cycle, it is anticipated that the first Liquis epoch will be a test run insofar as there will be less than 48 hours for Pre-Launch depositors to lock their positions; LIQ vesting to begin and for holders to lock in governance; and for vlLIQ holders to vote on gauges. Further guidance will be published on these various moving parts tomorrow.