Today, a tweet from Frax Finance attracted attention in the cryptocurrency circle. The asset tokenization issuer proposed that BlackRock's RWA department support frxusd, which immediately caused Frax Finance's governance token $FXS to rise by 48%. So what about this project? Can you still buy it now?

 

1. Founder: Sam Kazemian, an Iranian-American, was born in 1993 and graduated from UCLA in 2015, majoring in neuroscience and philosophy. While at school, he created Everipedia, now IQ.wiki (its token IQ was launched on Binance in September 2023).

2. Investors: Participating investment institutions include Crypto.com (Singapore cryptocurrency exchange), Dragonfly Capital, Mechanism Capital, Electric Capital, Robot Ventures, and ParaFi Capital, among others. Individual investors include Balaji Srinivasan, former CTO of Coinbase and A16Z partner; Stani Kulechov, the leader in the DeFi space from Aave; Kain Warwick from Synthetix; and Eyal Herzog from Bancor.

3. Operating Model: FRAX is a fractional algorithmic stablecoin, where a fractional algorithm refers to a method of maintaining the value of the stablecoin through partial reserves and algorithmic mechanisms. Specifically, this algorithm allows a portion of the stablecoin to be backed by real assets, while another part adjusts the supply through algorithms to maintain price stability. Additionally, the frax finance project includes liquid staking, lending, L2, and market-making services. FXS is the governance token of FRAX.

4. Token Empowerment: Decentralized governance, buyback and burn, and staking for yield.

5. Assets and Revenue:

1. Stablecoin Business: Market value of $741 million (including dollar stablecoin FRAX $646 million and inflation stablecoin FPI $95 million). In contrast, the market value of competitor algorithmic stablecoin dai is $5.3 billion, and the governance token MKR has a market value of $1.583 billion (fully diluted market value).

2. Liquid Staking Business (Staking ETH): Locked amount of 148,741 ETH, valued at $489 million. LDO (leader in liquid staking) has a locked value of $32 billion, with a token market value of $1.734 billion.

3. Revenue: According to DeFiLlama data, their daily revenue has reached $180,000, and they currently have only 13 employees. It can be said to be a money printer.

6. Token Market Value: Total market value: $324 million. All tokens have been unlocked.

7. Token Distribution:

8. Price Trend: Since its listing in 2021, it has continuously created new lows, reaching $1.5 in August 2024, breaking below the bear market lows of 2022 and 2023. This indicates a thorough washout, and there have been signs of accumulation with large trading volumes in the past six months. However, on the other hand, it indicates a continuous downward trend.

9. Others: Currently, their staking yield is 5%, much higher than LDO's 3%.

Summary: Still a hot topic in recent times with DeFi and stablecoins. The project's fundamentals are solid, and the founder is reliable. The previous startup project IQ.wiki claims to be the Wikipedia of the crypto world, and I found it quite useful. If the collaboration with BlackRock can be communicated, there is still room for growth, but it is just a proposal; if it does not pass, it may fall into silence again.#比特币市场波动观