Synth Beta Launches with FRAX as Supported Collateral
Users will now be able to deposit FRAX and vaFRAX as collateral on Metronome Synth to generate synthetic assets.
Metronome is excited to announce that FRAX and vaFRAX are now available as collateral on Metronome Synth beta. Users are able to deposit FRAX and vaFRAX as collateral to generate a variety of synthetic assets.
FRAX is a stablecoin supported by both collateral and algorithmic backing, making it one of the most successful and reliable options in the market. Now, as one of the first synthetic protocols to integrate FRAX, Metronome will offer FRAX holders additional utility and provide efficient capital opportunities for the existing vaFRAX pool.
Users who deposit FRAX into Vesper and post their productive vTokens as collateral on Synth will be able to generate synthetic assets while simultaneously gaining yield. This will continue to passively compound in the same manner as before.
In addition to FRAX collateral support, open market liquidity for msUSD will also be based on Curve as a FRAXBP metapool. This enables users to trade msUSD against the FRAX pool, which consists of FRAX-USDC.
Founder of FRAX, Sam Kazemian commented: “We’re very excited to see Metronome use FRAX collateral and FRAXBP for their liquidity needs. Their innovative design and unique synthetic offerings will help users earn best-in-class DeFi yields.”
Feedback and Updates
Any feedback and suggestions during this testing period are encouraged and greatly appreciated as the team continues to work toward improving the protocol. Join our Discord to get involved. We thank everyone in the community for your support.
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