Frax Finance Uses Asset Issuance Chain Noble to Grow Into Cosmos Ecosystem
Through Noble, the Frax token (FRAX), a stablecoin backed by cryptocurrencies and tethered to the US dollar, will be integrated into the Cosmos ecosystem.
To add FRAX and sFRAX tokens from Ethereum to the Cosmos ecosystem, Frax Finance teams up with Noble.
To provide Cosmos with native digital assets, Noble is a blockchain tailored specifically for the Cosmos application.
The seventh-largest stablecoin, FRAX, is backed by Frax Finance, a decentralised protocol that has partnered with asset issuance chain Noble to extend its reach beyond Ethereum into the Cosmos ecosystem, which consists of about 80 blockchains.Through Noble, the Frax token (FRAX), a stablecoin backed by cryptocurrencies and tethered to the US dollar, will be integrated into the Cosmos ecosystem.
The addition of FRAX and sFRAX to the Cosmos ecosystem, an interoperability network, is anticipated to increase their traction in a variety of uses, such as trading, savings, payments, and collateral, while providing Cosmos users with a decentralised substitute for USDC, the second-largest dollar-pegged cryptocurrency globally.
It has long been a goal of ours to bring native FRAX issuance to Cosmos, and we are excited to introduce Noble as our issuance partner. Sam Kazemian, the creator of Frax Finance, stated, “We are thrilled about the potential creative use cases and incentives developed by us and our partners as well as by the larger community of Cosmos appchains and users. We look forward to FRAX and sFRAX being available.”
A complete DeFi ecosystem, Frax Finance provides loan markets, layer 2 platforms, stablecoins, and liquidity staking on Ethereum. Later on, Frax’s additional tokens, frxETH and the Frax Price Index (FPI), could be accessible on Cosmos.
Noble helps assets integrate seamlessly with Osmosis, dYdX, Celestia, Sei, Injective, and other important Cosmos chains. Over $2.5 billion worth of cryptocurrency assets have been moved across Cosmos networks in the last four weeks.