Frax Partners with Ola Finance to Launch Lending Network for the Fractional-Algorithmic Stablecoin

Through close work with the Frax team, Ola is excited to announce the launch of the Frax Lending Network on Moonbeam. The Frax Lending Network will deepen their integration with Moonbeam by providing additional functionality for users who mint FRAX tokens natively on Moonbeam.

Meet Frax

Frax is the first fractional-algorithmic stablecoin protocol. Frax is open-source, permissionless, and entirely on-chain — currently implemented on Ethereum and other chains. The end goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC.

Frax Lending Network

At launch, the lending network will support lending and borrowing for FRAX, FXS, USDC, and WGLMR (wrapped GLMR — Moonbeam’s native asset). The following parameters have been set for the initial launch:

New tokens can be added at anytime according to Frax’s governance procedure.

Moonbeam Network

Moonbeam is an Ethereum compatible smart-contract parachain for building decentralized applications in the Polkadot ecosystem. By providing cross-chain smart contract functionality, Moonbeam allows developers to shift existing workloads and logic to Moonbeam and extend the reach of their applications to new users and assets in the Polkadot ecosystem. Moonbeam has a rich and growing DeFi:

For a more comprehensive list of projects and DApps building on Moonbeam, you can visit:

https://moonbeam.network/community/projects/

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