• Frax Finance partners with Noble to bring FRAX and sFRAX tokens from Ethereum to the Cosmos ecosystem.
  • Noble is a Cosmos application-specific blockchain designed to issue native digital assets to Cosmos.

Frax Finance, the decentralized protocol that is the home to the seventh-largest stablecoin FRAX, has forged a significant partnership with asset issuance chain Noble to expand its footprint beyond Ethereum to the Cosmos ecosystem, which comprises about 80 blockchains.

The stablecoin FRAX, which is backed by cryptocurrency and maintains a value linked to the US dollar, along with its staked variant sFRAX, will be integrated as native tokens into the Cosmos network through Noble.

The extension of the Cosmos network, which facilitates interoperability between different blockchains, is predicted to increase the usage of FRAX and sFRAX across various scenarios such as trading, saving, making payments, and providing collateral. Additionally, it provides Cosmos users with a decentralized option akin to USDC, the second-largest stablecoin in circulation.

“It’s been a long-term goal for us to introduce native FRAX issuance to Cosmos, and we’re pleased to unveil Noble as our partner in making this happen. We’re excited about the upcoming availability of FRAX and sFRAX, and we look forward to exploring new creative applications and incentives, both from ourselves and our partners, as well as from the wider Cosmos ecosystem of apps and users.” – Sam Kazemian, Founder of Frax Finance.

Frax Finance is a full-fledged DeFi ecosystem offering stablecoins, liquidity staking on Ethereum, a layer 2 platform, and lending markets. Frax’s other tokens, Frax Price Index (FPI) and frxETH may be available on Cosmos at a later date.

In simpler terms, Noble is a unique blockchain built on Cosmos for creating native digital assets within its ecosystem. USDC, Circle’s stablecoin, joined Cosmos through Noble back in September 2023. Currently, over $195 million USDC circulates through Noble, making up approximately 0.6% of the total USDC supply across all blockchains.

With its noble capabilities, Assets flow smoothly among major Cosmos networks such as Osmosis, dYdX, Celestia, Sei, Injective, and others. Over the past month, an impressive $2.5 billion in crypto assets have been moved between these Cosmos chains.

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2024-04-04 08:49