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Frax Finance's Fed Yield-Matching Staking Vault Attracts $30M, FXS Steady

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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Frax's governance token FXS is in stasis as the decentralized finance protocol's nascent high-yielding staking product draws millions in investor money.sFRAX, an ERC4626 staking vault allowing holders of the protocol's partially collateralized fractional-algorithmic stablecoin FRAX to earn yields matching the U.S. Federal Reserve's

FXS' price rose 7% to $5.66 on Thursday, but has since pulled back to $5.49 to indicate a 0.5% gain on a 24-hour basis, CoinDesk data show. The steady price action is consistent with the continued low-volume range play among market leaders bitcoin and ether.The new offering comes as lending protocol MakerDAO enjoys a first-mover advantage in capitalizing on high interest in the U.S.

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