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Add as a preferred source on GoogleFrax Finance Launches FRAX Burn Engine for frxETH Protocol Fees
Frax will use its full 8% fee on frxETH Ether staking revenue to buy FRAX on the open market and burn it. The revenue is expected to flow into the engine in the fourth quarter.
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Frax Finance has launched a mechanism to buy and burn Frax (FRAX) with protocol fees, while revenue tied to frxETH’s Ether (ETH) staking activity is expected to enter it in the fourth quarter.
Frax retains 8% of frxETH’s Ether staking revenue as a protocol fee. The full fee amount will fund open-market FRAX purchases, and the tokens bought will be burned.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.