2 years ago
Frax Finance is scheduled to administer its latest stablecoin, the Frax Price Index (FPI), to holders and stakers of its assorted tokens – arsenic agelong arsenic they ain 1 connected Feb. 20.
Frax says the FPI is an “inflation resistant” algorithmic stablecoin, designed to fluctuate successful worth successful enactment with U.S. government-published user terms scale (CPI) data.
Data is sourced from the Bureau of Labor Statistics’ monthly inflation report and is pushed to the blockchain by an oracle provided by Chainlink.
An algorithmic stablecoin means that the worth is derived from a perpetually changing handbasket of underlying integer assets.
The FPI volition beryllium denominated successful dollars, Frax Finance laminitis Sam Kazemian explained to CoinDesk successful an interview, simply due to the fact that they are a portion everyone is acquainted with.
As an example, should ostentation clasp astatine 7%, by the extremity of the twelvemonth the token volition beryllium worthy $1.07
“We privation to beryllium a stablecoin protocol wherever we person a dollar stablecoin, arsenic good arsenic the successor to the dollar,” helium said.
Eventually, holders of the governance token volition beryllium capable to ballot connected the weighting of the handbasket of goods utilized by FPI to measurement ostentation and whether changes to the handbasket are required.
Frax hasn't acceptable a day for the airdrop. A snapshot volition instrumentality spot Feb. 20 to number the fig of eligible wallets.
Kazemian whitethorn uncover much details during a speech connected Saturday astatine EthDenver, an manufacture lawsuit taking spot Feb. 11-20.
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