The BrainDAO’s treasury has staked a record $10,000,000 of ETH with Frax Finance's Liquid Staking Derivative (LSD), Frax Ether. This brings revenue to BrainDAO as all profits generated from Frax Ether validators are distributed to sfrxETH holders.
This remarkable growth has strengthened the BrainDAO treasury that now holds over $26 million in total assets as of writing. BrainDAO’s strategic investments have allowed the DAO to sustainably grow the IQ ecosystem which includes launching new products such as IQGPT.com, IQ.social, and most recently IQ.wiki Korea. IQ.wiki will quickly expand into more markets with IQ.wiki China launching soon.
IQ Code, the first AI model tailored for smart contracts, will launch in 2024. More exciting updates about IQ Code are being released soon.
As the IQ ecosystem continues to grow, BrainDAO is expanding its team and investing heavily in its marketing department. There are currently several new roles available for marketing directors with senior experience where applications are now open.
Frax Ether, launched by Frax Finance in October 2022, is a leading liquid ETH staking derivative. It optimizes staking yields within the Frax ecosystem, offering a straightforward and secure method for earning interest on ETH. By incorporating Frax Ether, BrainDAO enjoys higher returns, improved security, and the convenience of not needing to run validators. This allows for earning yields on any ETH amount and facilitates easy withdrawals, making it a perfect fit for BrainDAO.
In the Frax ecosystem, ETH is represented as frxETH (Frax Ether), pegged 1:1 with ETH, and sfrxETH (Staked Frax Ether), which accumulates staking yield. This system enables users to seamlessly convert frxETH to sfrxETH to earn yields. BrainDAO's strategic use of staked Frax Ether, protocol owned liquidity, stablecoins, and yield farming positions provides stability and decentralized liquidity to the IQ token as well as accelerating growth in favorable market conditions.
The BrainDAO team is one of the first projects building on Frax Finance’s new L2, Fraxtal, alongside Etherscan, Convex Finance, and Curve.
Recently, the community-run organization behind IQ Times and the Early Retired Cats Club (ERCC) recently announced a raffle event, giving away NFTs to HiIQ stakers. ERCC is a PFP NFT project based on the Cats & Soup mobile game, which has over 50 million downloads. It features 1,930 travel-ready cats from Starry Cat Village, stationed in 192 countries and one special feline kingdom. Each NFT has unique randomized attributes separated by at least six degrees. Neowiz, the South Korean video game developer and publisher behind Cats & Soup, collaborated with the Web3 blockchain gaming platform Intella X for the collection.
