👀 Weekly Digest

FraxFinance v3

FraxFinance can be considered one of the most diligent projects during this bear market. Despite the unfavorable market conditions, they have continued to release new iterations of products. Currently, in addition to the completed $Frax stablecoin, $frxETH Ethereum 2.0 liquidity staking solution, Fraxlend independent pool lending protocol, Fraxswap TWAMM decentralized exchange, and the cross-chain bridge Fraxferry designed for full-chain deployment of $Frax, there are five mainline products. Recently, the FraxFinance protocol forum has introduced a new roadmap, featuring FraxChain and Frax V3.

FraxChain is an Ethereum Layer 2 network built with $frxETH as Gas, with the aim of establishing a dedicated second layer for the FraxFinance ecosystem and supporting related DeFi protocols. On the other hand, Frax V3 is connecting with the current hot topic in the blockchain world, RWA, making further efforts to enhance the stability of the $Frax stablecoin.

Venturing into RWA

As yields on US Treasuries rise, several giants in the DeFi world are actively venturing into real-world assets. Among them, MakerDAO, a prominent player, has swiftly shifted its top asset in its collateralized stablecoin DAI from wstETH to RWA assets. Alongside established protocols, many new protocols are also striving in this area, such as Tprotocol mentioned later in this article. FraxFinance, known for being one of the most innovative and capable teams in the DeFi realm, naturally doesn't want to miss out on this opportunity.

The launch of Frax v3 signifies FraxFinance's official foray into the realm of RWA. A significant reason driving FraxFinance towards this direction is the recent issue with USDC, where its banking partner Silicon Valley Bank faced problems, causing concerns about the soundness of Circle's bank deposits. To prevent such issues from recurring, Frax decided to upgrade to v3 and gradually become a fully independent, decentralized stablecoin system.

Frax v3 has partnered with Financial Reserves and Asset Exploration Inc Public Benefit Corporation (FinresPBC), allowing $FRAX to earn from RWA. FinresPBC, being a public benefit corporation, will provide Frax with secure cash-equivalent assets and yields close to the Federal Reserve rates, with non-profit intentions. Any benefits arising from the assets held by Frax Finance on behalf of the protocol will be returned to the protocol. It can hold USD deposits, mint or redeem other stablecoins like $USDP and $USDC, and purchase US Treasury bonds.

Fraxbonds

Apart from RWA, a highlight of FRAX v3 is Fraxbonds. According to FraxFinance CEO Sam K, Fraxbonds are "decentralized practical tokens representing debt at a certain timestamp, denominated in FRAX stablecoin."

In simple terms, $FXB is a token representing $FRAX stablecoin debt at a specific timestamp. FRAX holders can buy discounted $FRAX at present and convert it to $FRAX on the agreed redemption date. Frax plans to offer $FXB with durations of 1 year, 2 years, 3 years, or 4 years.

FraxFinance will earn this debt by obtaining collateral in the form of $FRAX, $USDC, or $USDP and then using FinresPBC to convert the collateral into cash and invest it in the nearest-to-maturity US Treasury bonds. If yields are high, they could even invest in other yield markets like Fraxlend, Aave, and more. In a sense, FraxFinance is evolving into a structure akin to a bank, allowing Frax to pool funds in advance and earn returns using those funds.

DeFi Project Introduction: TProtocol

TProtocol aims to provide on-chain users with access to low-risk US Treasury bond rates without the need for withdrawing funds or undergoing KYC.

Unlike MakerDAO, which buys bonds and offers small loans through extensive engagement with private loans from Centrifuge, and Ondo Finance, which deals solely in bonds but requires intricate KYC processes, TProtocol offers a pure asset solution and provides government bond tokens to the general public.

TProtocol Project Mechanism

TProtocol is currently in the process of updating to v2. The main feature of v2 is to bypass the need for users to directly hold government bond tokens, which would require KYC, by wrapping the mechanism within a lending protocol.

Currently, TProtocol first supports the government bond token STBT issued by MatrixDock, a subsidiary of MatrixPort. This allows the top three TVL-ranked MatrixDock in the current RWA landscape to use their issued STBT tokens as collateral to borrow USDC. Users depositing USDC will receive rUSDP in return.

A key highlight is that the LTV (loan-to-value) for STBT borrowing is as high as 100.5%. This means that in an extreme scenario, the utilization rate can reach up to 99.5%, implying that 99.5% of the government bond yield can be passed on to rUSDP holders.

TProtocol Project Updates

Since the launch of TProtocol V1 over four months ago, the data has been increasingly impressive. Currently, the project is in the final stage of Epoch 7's reward mining activity. It has also achieved cross-chain functionality, spanning across three public chains: OP, Aptos, and zkSync Era. Additionally, TProtocol is currently collaborating with Galaxe on activities related to the V2 testnet.

Project Introduction : Rollbit

Rollbit is a casino and gaming platform that utilizes cryptocurrencies as its primary payment channel. What sets Rollbit apart from typical online gambling websites is the introduction of its native platform currency, $RLB. Recently, Rollbit has updated its token economic model, deepening the connection between the token's value capture and the platform's revenue.

Rollbit Features

Rollbit's platform primarily offers three main categories of products:

Casino Games: This includes common casino games such as slot machines and roulette, as well as poker games like live dealer blackjack.
Sports Betting: This category involves a wide range of sports events, from various ball sports and boxing matches to even esports tournaments. Essentially, any game that can be broadcasted is eligible for betting.
Cryptocurrency Perpetual Contract Trading: Rollbit offers perpetual contract trading for cryptocurrencies. What sets it apart from larger exchanges like Binance and OKEx is that Rollbit does not require KYC (Know Your Customer) verification, and it allows for higher leverage, with a maximum leverage of up to 1000x.

However, it's important to note that while Rollbit is closely connected to the cryptocurrency market, all activities within the platform are not executed on the blockchain. Instead, they are operated centrall

Rollbit Project Updates

Last week, Rollbit updated its website with a dashboard displaying daily earnings. The platform's daily average total earnings are nearing 1 million US dollars. Additionally, Rollbit announced its intention to perform token buybacks and burn a certain proportion of its $RLB tokens on a daily basis.

The specific proportions for the token buybacks were as follows: 10% of the earnings from Casino games, 20% from Sportsbook betting, and 30% from the earnings of the 1000x perpetual contracts. Upon this announcement, the $RLB token experienced a significant increase in value, and the token buyback initiative officially commenced on August 9th of the previous week.

DataCheck

https://twitter.com/DodoResearch/status/1691344610080260096?s=

🚄 Bullet News

The $140 million dispute between DeFiance Capital and the 3AC liquidators will be examined in Singapore. The disagreement revolves around assets managed by DeFiance Capital, which operates independently from 3AC but is part of its corporate structure. According to court documents, the liquidators claim these funds should be held and distributed as part of 3AC's estate to creditors, while DeFiance Capital argues that the funds should be treated separately and returned to its own investors.
The Sei Foundation announced the eligibility criteria for its Airdrop, stating that active users on Ethereum, Solana, Arbitrum, Polygon, BSC, and Osmosis blockchains might qualify to participate in the airdrop.
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