Zenlink Partners with Frax Finance and Launches FRAX Liquidity Incentive Program on Moonbeam Network
February 17th, 2022 — We’re pleased to announce that Zenlink partners with Frax Finance!
Zenlink is the first native cross-chain DEX protocol based on Polkadot. Zenlink DEX Dapp is currently live on Moonbeam, Moonriver and Bifrost, and it is one of the most widely used DEXs in the Polkadot ecosystem. Frax is the first fractional-algorithmic stablecoin protocol, which is open-source, permissionless, and entirely on-chain — currently implemented on Ethereum and other chains.
Through this partnership, Zenlink will help Frax expand to the Moonbeam network and drive widespread adoption of FRAX on the Moonbeam network. Ethereum <> Moonbeam network bridging for FRAX is supported by our partners, Nomad, Multichain, and Celer cBridge.
With the joint efforts of both parties, GLMR/FRAX and FXS/FRAX pairs now have over $10M of liquidity on Zenlink. The liquidity is provided by the Frax Foundation as initial liquidity for bootstrapping on the Moonbeam network. To better drive the adoption of FRAX on the Moonbeam network, we plan to launch the FRAX liquidity incentive program, as described below.
How to transfer FRAX and FXS to the Moonbeam network and participate in farming on Zenlink？
Participating in GLMR/FRAX and FXS/FRAX farming on Zenlink will first require cross-chaining FRAX&FXS from Ethereum to the Moonbeam network. Since Frax has issued canonical FRAX on the Moonbeam network after we cross-chain FRAX&FXS to the Moonbeam network by Nomad/Multichain/Celer cBridge, we also need to exchange the corresponding cross-chain assets via https://app.frax.finance/ to a canonical FRAX issued by Frax on Moonbeam, then you can participate in the DeFi activities.
We have prepared a guide for you below:
Transfer FRAX or FXS to Moonbeam Network
Visit https://app.nomad.xyz/ to connect to the wallet and follow the steps in the chart below. (Nomad/Multichain/Celer cBridge all support FRAX&FXS cross-chain, here Nomad is an example)
Step 1: Select token FRAX or FXS
Step 2: Choose the origin and destination chains as Ethereum and Moonbeam respectively
Step 3: Enter the amount of cross-chain
Step 4: Confirm the information, then click on the “BRIDGE TOKENS”
You can also jump to other supported bridges for cross-chaining, such as Multichain and Celer cBridge, under the Bridge button in the lower right corner of the Zenlink DEX DApp, which will follow a similar process.
Swap bridge FRAX&FXS for Moonbeam-native canonical tokens via Frax app
After successful cross-chaining, visit https://app.frax.finance/crosschain to connect to the wallet and follow the instructions below to swap bridge FRAX or FXS for Moonbeam-native canonical FRAX or FXS.
Step 1: Select chain for Moonbeam
Step 2: Select the canonical token FRAX or FXS
Step 3: Select the bridged asset, FRAX or FXS bridged to Moonbeam via Multichain/Celer cBridge/Nomad with any, celr, or mad front-end identifiers respectively, just select the corresponding asset for whichever bridge you used.
Step 4: After confirming the information is correct, click “Swap” and sign the MetaMask to submit the transaction.
After completing the above, you can use FRAX or FXS on Zenlink to participate in farming and earn ZLK and GLMR rewards, farming tutorial refer here：https://wiki.zenlink.pro/zenlink-dex-dapp/user-guide/yield-farming#liquidity-mining-and-staking
Learn more about Zenlink:
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