Ethena Labs has set aside $250 million for USDeFRAX POL after the proposal for the Singularity Roadmap from Frax Finance was successfully approved.

The team behind the decentralized finance (DeFi) framework for the USDe stablecoin has announced approval for the Singularity Roadmap initiative. Ethena Labs Ethena Labs will be channeling funds up to $250 million for USDeFRAX POL through Curve's automated market operation (AMO) as part of this initiative. Frax Finance Upon receiving the necessary approval, FRAX started the process of integrating USDe POL, aiming to establish the most substantial pool of on-chain dollar liquidity and to broaden FRAX's yield sources through this liquidity pool.

They shared their thoughts on the decision via a post on social media platform X, recognizing the FRAX team as significant players in the DeFi space. Ethena Labs expressed eagerness about collaborating to enhance the on-chain dollar economy in the upcoming months.

Ethena Labs Ethena Labs greatly admires the FRAX team, considering them among the top builders in the DeFi sector, and they are looking forward to collaborating in the months ahead to strengthen the on-chain dollar economy.

This proposal was aimed at allowing the Fraxlend AMO to create new FRAX tokens that are underpinned by overcollateralized debt, receiving enough community support to move forward.

The Fraxlend platform is a lending market tailored for stablecoins based on the Frax model, allowing for customizable non-custodial loan services and integration of collateral assets within their ecosystem.

It operates as one of the three subdivisions of the Frax Protocol, which is focused on the assimilation of decentralized stablecoins, thus enhancing the overall functionality of the Frax ecosystem.

Recent statistics from Curve Finance show that a new liquidity pool has been set up, currently holding a total liquidity of $44.9 million. This pool consists of $30.6 million in FRAX tokens and $14.6 million in USDe synthetic dollars. Frax Finance It's important to mention that the information shared here does not constitute legal, tax, investment, or any financial advice. Investing should only be done with disposable income, and anyone with uncertainties should seek independent financial counsel. We encourage reviewing the terms and conditions alongside the issuer's help and support pages. MetaversePost is committed to providing accurate and impartial information, but please be aware that market conditions can change suddenly. issue stablecoins , including frxETH, FPI, and FRAX.

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