Frax Finance Votes to Fully Collateralize Its $1 Billion Stablecoin

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The vote means a significant shift for fraxfinance, as it essentially eliminates the algorithmic element of keeping FRX’s price pegged to the dollar. The decision follows a horrible 2022 for algorithmic stablecoins. sndr_krisztian reports

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fraxfinance sndr_krisztian Algorithmic stables coins will probably never work anyway… in all honesty So probably a good think to have the collateral there, I understand those who want that fully decentralised part tho

fraxfinance sndr_krisztian Just use USDC instead. FRAX is pointless.

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