Boba Network and Enya are proud to share that as part of their commitment to building a more efficient, economical, and inclusive Ethereum ecosystem, they are partnering with Frax, the world’s first fractional-algorithmic stablecoin pool.
Like Boba Network, Frax is working towards complete decentralization and is currently partially collateralized with the USDC and partially algorithmically stabilized. Frax, which was created by the same team behind the Frax Price Index, the first crypto-native CPI, joins the rapidly expanding network ahead of Boba’s mainnet launch.
The partnership with Frax expands the offering of stablecoins to Boba Network. Frax brings unique functionality as a decentralized, permissionless stablecoin - one of the biggest opportunities in crypto to create a truly global, digital currency. “In a time where DeFi stablecoins lose their pegs, we have been impressed with the time-tested stability, security, and decentralization offered by Frax,” said Alan Chiu, Founder and CEO of Enya.
“We are excited to partner with Boba, and are especially optimistic about their DeFi opportunities and NFT bridging capabilities,” said Travis Moore, Co-Founder of Frax Finance. "We are seeing NFTs being used more and more often for non-art purposes, such as Uniswap V3, and expect their usage and application to expand in the future. Boba Network’s shorter exit times and lower transaction costs initially drew us to the project, and we are excited to see the new features that develop throughout our partnership.”
Boba is an Ethereum Virtual Machine (EVM) compatible Layer 2 Optimistic Rollup that helps Ethereum smart contracts scale while delivering a delightful user experience. Boba enables Ethereum developers to build dApps that trigger code running on web-scale infrastructure such as AWS Lambda, making it possible to leverage sophisticated algorithms that are either far too expensive, far too slow, or practically impossible to execute on-chain.
Founded by Stanford faculty and alumni, Enya pioneered decentralized privacy and became the largest provider of secure multiparty computation services, serving more than 10 million users across 91 countries. Enya creates decentralized infrastructure solutions that serve the next billion users, leading with Boba Network. Boba is an Ethereum Layer 2 solution that scales and augments Ethereum, helping developers deliver a more delightful and inclusive user experience. Enya is a core contributor to OMG Foundation.
Frax is the world's first fractional-algorithmic stablecoin protocol. That means it is partially collateralized, and partially stabilized algorithmically. Frax’'s collateralization ratio (CR) increases or decreases, as supply and demand changes. The token can become more algorithmic, or more collateralized, as it seeks a stable value. 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. Since launching in December 2020, FRAX has grown rapidly with over $700M in TVL (Total Value Locked) and a $250M+ market cap.