Users are now able to deposit their sfrxETH positions as collateral on Metronome to generate synthetic assets
- Users can now deposit sfrxETH as collateral on Metronome Synth
- sfrxETH is a Liquid Staking Token (LST) product by FRAX Finance
- sfrxETH enables users to leverage the staking power of Frax ETH validators to earn a yield
- Holding sfrxETH gives you a valuable stake in frxETH
Back in January, we announced our support for FRAX and vaFRAX on Metronome Synth. Now we’re teaming up yet again to integrate sfrxETH as a collateral asset. This will provide new farming opportunities, increase demand for sfrxETH, and enable Staked FRAX ETH holders to take on additional positions while still earning rewards.
What is sfrxETH?
Staked FRAX ETH is one of the newer players in the Liquid Staking Tokens game, and it’s already making waves. Designed as an ERC-4626 vault, sfrxETH enables users to leverage the staking power of Frax ETH validators to earn a yield on their frxETH tokens. The sfrxETH vault can seamlessly exchange your frxETH for sfrxETH at any time, giving you the power to maximize profits.
Over time, the exchange rate between frxETH and sfrxETH grows increasingly favorable as staking rewards are added to the vault. Holding sfrxETH gives you a valuable stake in frxETH, which is distributed proportionally among sfrxETH holders based on their share of the total sfrxETH supply. This means that as the value of the vault grows, so does the value of your sfrxETH holdings. So if you’re looking for a smart and efficient way to make your money work for you, Staked FRAX ETH is the perfect solution.
How to Deposit sfrxETH into Metronome
- Visit the Metronome App
- Select sfrxETH and click ‘Deposit’
- Generate the Synth of your choice
- Confirm the transaction and pay gas fees
For a more comprehensive and visual guide, please refer to our blog all about how to use the Synth Beta.
Feedback and Updates
Any feedback and suggestions during this testing period are encouraged and greatly appreciated as the team continues to work toward improving Metronome Synth. Join our Discord to get involved. We thank everyone in the community for your support.
Follow us on Twitter as we release more about Synth’s features and how to navigate the application.