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BrainDAO has acquired $2.1 Million Staked FRAX through Frax Finance’s staking vault

Generated avatar for Anonymous userFri Oct 27 2023
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We are delighted to announce that BrainDAO’s treasury has acquired 2,100,000 sFRAX through Frax Finance’s ERC4626 staking vault.

Staked Frax(sFRAX) distributes a portion of the protocol's yield on a weekly basis to stakers, with rewards denominated in FRAX stablecoins. The sFRAX token is a representation of proportional deposits held within the vault and can be redeemed for FRAX stablecoins at any time, maintaining a pro-rata exchange rate. This will bring revenue to BrainDAO as all profits generated are distributed to sFRAX holders such as BrainDAO.

The sFRAX APY aims to approximate the United States Federal Reserve's Interest on Reserve Balances (IORB) rate, using data from the IORB oracle. This rate is widely recognized as the "risk-free rate" for the US Dollar. The FRAX staking vault attempts to align with this rate.

Staked FRAX was released in October 2023, and as of writing we currently hold $2.1M sFRAX which is now the 4th highest in our treasury and the 6th largest staker in sFRAX.

BrainDAO's treasury has been diversifying its portfolio, including holdings of other sFRAX stablecoins through the Time-Weighted Average Market Maker (TWAMM) on Fraxswap, along with other notable assets such as sfrxETH, cvxFPIS, cvxFXS, sDAI and more.

The Staked FRAX vault’s yield predominantly originates from real-world asset (RWA) strategies employed by Frax Protocol partner custodians including, but not limited to, FinresPBC.

Over $40 Million sFRAX has been staked as of writing.

Stay tuned for the latest developments from BrainDAO, as the development team is actively working on bringing innovative updates to IQ GPT and is working on other products in the IQ ecosystem that will be included in the IQ V3 update coming soon.

About IQ

The IQ token is a cryptocurrency dedicated to building a more intelligent future through artificial intelligence and blockchain technology.

The IQ token powers a knowledge ecosystem including applications such as IQ.wiki, the world's largest cryptocurrency and blockchain encyclopedia, IQ GPT, the AI-powered agent for blockchain knowledge, IQ.social, an AI-powered social forum governed by IQ holders that summarizes crypto-related news, and IQ Code, the upcoming AI for smart contract.

The IQ token is governed by BrainDAO which also includes BrainDAO's treasury of digital assets.

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