The Frax Finance project, behind the stablecoin FRAX and the token staking sFRAX, has formed a new partnership with the Noble blockchain and enters the Cosmos ecosystem.
Summary
Frax Finance expands into the Cosmos ecosystem thanks to the partnership with Noble
Frax Finance, the crypto project behind the crypto-collateralized stablecoin FRAX pegged to the US dollar, and the sFRAX token staking, expands and enters the Cosmos ecosystem.
Thanks to the new partnership with Noble, the blockchain specific to Cosmos, Frax Finance expands its reach beyond Ethereum.
“We are excited to collaborate with @fraxfinance to bring their innovative suite of decentralized stablecoins into the @cosmos ecosystem. Noble is the UX layer for issuing native assets in the ever-expanding modular ecosystem.”
Basically, both FRAX and sFRAX will become native to the Cosmos ecosystem, thanks to Noble which is designed to issue native digital assets in Cosmos.
Expanding into the new ecosystem will allow Frax Finance tokens to be used in various applications, including trading, savings, payments, and guarantees.
On the other hand, all Cosmos users will get a decentralized alternative to USDC, the second largest market capitalization stablecoin pegged to the dollar, also issued on Noble.
Frax Finance and entry into the Cosmos ecosystem thanks to Noble
Currently, the Cosmos ecosystem recently embraced by the Frax Finance project, includes an interoperability network with 80 blockchains. Not only that, it seems that in the last four weeks, over 2.5 billion dollars of cryptographic assets have been transferred between Cosmos chains.
Regarding the new partnership, Sam Kazemian, founder of Frax Finance, said:
“Bringing native FRAX issuance to Cosmos has been a priority for some time, and we are excited to announce Noble as our issuance partner. We look forward to FRAX and sFRAX being available and are excited about the potential innovative use cases and incentives developed by us and our partners, as well as the wider community of appchain and Cosmos users.”
Frax Finance is a DeFi ecosystem that offers stablecoin, liquidity on Ethereum, a layer 2 platform, and lending markets. The other tokens of Frax, Frax Price Index (FPI) and frxETH, may be available on Cosmos at a later time.
Eighth stablecoin by market capitalization
At the time of writing, FRAX is the eighth stablecoin by market capitalization. Its market cap, in fact, is close to 650 million dollars.
This figure is far from the maximum market cap reached by FRAX last March 2022, when it had reached 2.9 billion dollars.
Anyway, FRAX remains in the top 10 of the largest stablecoins in the world, led by Tether (USDT) with over $106 billion in market cap and USD Coin (USDC) which approaches $33 billion.
The initial phase of the Frax Singularity roadmap
Recently, Frax Finance also published the initial phase of its roadmap “Frax Singularity”, which will see the inclusion of 23 appchains or L3 to its crypto infrastructure within a year.
Not only that, among the goals set by the Frax team there is also the aim to reach a TVL of 100 billion dollars by 2026 for the layer-2 Fraxtal which will power the myriad of interconnected independent chains.
The “Frax Singularity” is a roadmap full of ambitious goals that foresees a growth of the project in the market in the coming years.
