BrainDAO stakes 1000 ETH with Frax Ether

Thu Jan 12 2023

BrainDAO has staked 1000 ETH through Frax Finance’s liquid staking system. Frax Finance, the leading DeFi known for the world’s first fractional stablecoin and crypto native consumer price index launched Frax Ether in October 2022. Frax Ether is a liquid ETH staking derivative designed to uniquely leverage the Frax Finance ecosystem to maximize staking yield and smoothen the Ethereum staking process for a simplified, secure, and DeFi-native way to earn interest on ETH.

ETH in the Frax ecosystem comes in two forms, frxETH (Frax Ether), and sfrxETH (Staked Frax Ether).

frxETH acts as a stablecoin loosely pegged to ETH, so that 1 frxETH always represents 1 ETH and the amount of frxETH in circulation matches the amount of ETH in the Frax ETH system.

sfrxETH is an ERC-4626 vault designed to accrue the staking yield of the Frax ETH validators. At any time, frxETH can be exchanged for sfrxETH by depositing it into the sfrxETH vault, which allows users to earn staking yield on their frxETH.

Additionally, IQIP-15: Staking BrainApe and ApeCoin to earn ApeCoin Rewards for BrainDAO recently passed with tremendous support. Be on the look-out for our BrainAPE farming ApeCoins!

This is just the start of BrainDAO’s growth as we plan to further diversify the treasury and bring in new cashflow to BrainDAO.

About IQ

The IQ token powers a knowledge ecosystem including applications such as IQ.wiki, the world's largest cryptocurrency and blockchain encyclopedia. The token is governed by BrainDAO which also includes BrainDAO's treasury of digital assets.

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