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Frax launches six-currency FX pools on Aerodrome

Frax launches six-currency FX pools on Aerodrome

The stablecoin issuer paired frxUSD with tokens tracking the real, rupiah, rand and three other currencies on Base, starting with about $241,000 in liquidity

by Kaye Quema

2 min read

In DeFi

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Frax Finance has launched six foreign exchange pools on Aerodrome, the largest decentralized exchange on Base, pairing its frxUSD stablecoin with tokens that track six national currencies.

The pools let traders swap frxUSD against BRZ (Brazilian real), CADD (Canadian dollar), tGBP (British pound), IDRX (Indonesian rupiah), ZARP (South African rand) and AUDF (Australian dollar).

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Early activity is limited. The six pools held about $241,000 in combined liquidity and recorded roughly $20,000 in trading volume over 24 hours, according to GeckoTerminal data cited by The Defiant.

Expanding beyond Polygon

The Base launch extends an onchain FX push Frax began in May, when it partnered with Polygon Labs and Curve Finance to launch frxUSD pools against BRZ, IDRX, tGBP, AUDF, KRWQ and USDT on Polygon. Market maker DFB Network provided liquidity infrastructure for those pools.

Polygon cited $6.6 trillion in daily foreign exchange volume at the time when it launched the Polygon pools.

Launch comes ahead of Aero migration

The pools went live two days before Aerodrome and its sister exchange Velodrome are scheduled to combine into a unified protocol called Aero on October 21. Both exchanges are developed by Dromos Labs.

With roughly $40,000 in average liquidity per pool, depth remains thin, and larger trades are likely to face significant price impact until more liquidity arrives.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

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