The stablecoin issuing DeFi platform Frax Finance has announced a liquid staking service built on the Ethereum (ETH) staking system.
With two different structures, Frax Finance offers users DeFi service and stablecoin usage. Accelerating ecosystem development efforts, the crypto project will launch its new liquid staking service in two weeks. The service, which has yet to pass the testing stages, will provide users with seamless access.
Frax Finance Announces Staking Service
Decentralized stablecoin issuer Frax Finance is launching its liquid liquid staking system for the ETH network. The service will allow users to stake ETH. Staked products will be credited to wallets as value protection and mirroring product Frax Ether (frxETH).
Frax developer Jack Corddry said:
As long as nothing unforeseen happens, everything will be fully public in two weeks. But the whole system is already live and block operations have started.
The platform has tested the new service on the ETH mainnet. Having successfully completed the security audits of liquid staking tokens, the platform provides their final checks.
The project also succeeded in establishing a pool. In this way, frxETH products will be able to be exchanged for ETH without volume drift and loss of value.
The platform’s decentralized liquid staking offering will compete with existing similar services such as Lido Finance and RocketPool. The Frax team stated that it is necessary to be ready for the most interesting ETH liquid staking service.
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