Planet Becomes FRAX’s Lending Partner on Binance Smart Chain
January 12th, 2022 — We’re excited to announce that Planet is launching a FRAX market on Green Planet! Founded by an incredible team, FRAX is growing at a rapid pace with over $2 Billion FRAX circulating.
What Is FRAX?
FRAX is the first fractional-algorithmic stablecoin protocol. FRAX is open-source, permissionless, and entirely on-chain — currently implemented on Ethereum and other chains.
FRAX will soon be launching $FPI (Frax Price Index), which is an algo-stablecoin designed to be inflation resistant & a new unit of account. It will be pegged to a decentralized consumer price index.
Token Symbol: FRAX
Current Market Cap: $2,095,016,048
Learn more about FRAX here: https://docs.frax.finance/
How To Buy FRAX On BSC
Frax’s automated market maker (amm), is the best way to buy FRAX on BSC. All you need for this is BUSD and you can swap it directly for FRAX (BEP20) to use on Planet Finance.
- Go to https://app.frax.finance/amm
- Connect your wallet & select Binance SC as your chain
- Select BUSD in the “from” section
- Enter the amount you want to swap for FRAX & click swap
How To Bridge FRAX To BSC
If you already hold FRAX on another blockchain like Ethereum, this is the quickest and easiest option to bridge your FRAX to BSC, to start using on Green Planet.
- Go to Multichain.org and to the Router tab
- Change the asset to bridge to FRAX
- Make sure you have the correct chain selected in the “from” section
- Connect your wallet on the correct chain in the “from” section
FYI: Make sure you have gas fees to cover the transaction costs on the chain you’re sending from as well as some BNB to cover gas fees on BSC.
How To Supply FRAX To Green Planet
Now that you’ve got FRAX (BEP20), here’s the simple steps to get started lending your FRAX. Once you’ve supplied your FRAX, you will earn FRAX paid by borrowers, as well as GAMMA from the protocol.
2. Click on the FRAX market on the Supply side
3. Activate FRAX
4. Enter the amount you want to supply (lend) and then Click Supply
5. If you want to borrow against your FRAX, you need to turn collateral on
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