Announcing the Expansion of sfrxETH Staking on InceptionLRT

March 14, 2024
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We are thrilled to announce a new collaboration with Frax Finance. Offering a new avenue for earning on their staked assets, our users can now restake sfrxETH (Staked Frax Ether) on InceptionLRT.

TL;DR:

  • Frax Finance is a groundbreaking DeFi (Decentralized Finance) protocol offering liquid staking, lending, automated market-making, and three stablecoins.
  • InceptionLRT users can now restake sfrxETH and, in exchange, mint insfrxETH, our counterpart liquid restaking token.
  • sfrxETH operates as an ERC-4626 vault that accumulates staking yield from the Frax ETH validators.

Enabling New Possibilities with sfrxETH

This latest integration of sfrxETH is a milestone in our mission to enhance and diversify the staking options available on our protocol.

As the 7th largest liquid staking protocol, counting almost $1.2 billion in TVL (Total Value Locked), Frax has a longstanding reputation in the DeFi sector.

Here, we delve into the core aspects of sfrxETH and the Frax ecosystem, highlighting their innovative approach to Ethereum staking and how these features play a pivotal role in our platform.

Frax Finance: A Comprehensive Overview

Since its inception in 2019, Frax Finance has distinguished itself within the DeFi space by issuing three unique stablecoins, including frxETH, and is governed by two primary tokens (FXS and FPIS).

unnamed.png [1] - Frax three stablecoins (Source)

The protocol stands out for its innovative subprotocols that enhance financial operations across multiple networks such as Ethereum, Avalanche, and Polygon. Frax has been audited by reputable firms including Certik, Trail of Bits, and Code4rena, ensuring a high level of security and trustworthiness​​.

Frax Ether (frxETH) and Frax Staked Ether (sfrxETH)

sfrxETH, or Staked Frax Ether, is a cutting-edge component of the Frax ecosystem designed for Ethereum staking. It operates as an ERC-4626 vault that accumulates staking yield from the Frax ETH validators.

Frax Ether, or frxETH, is at the heart of Frax's approach to liquid ETH staking, offering a simplified and secure method to earn interest on Ethereum. It effectively smoothes the Ethereum staking process, eliminating the need for technical knowledge or the capacity to run a validator node.

Users can convert frxETH to sfrxETH at any time by depositing it into the sfrxETH vault, enabling them to earn staking yield on their frxETH​​.

This mechanism is akin to other autocompounding tokens in the DeFi space, such as Aave's aUSDC and Compound's cUSDC, allowing sfrxETH holders to share in the staking rewards proportionate to their holdings​​.

Establishing a Foothold on the Ethereum Staking Ecosystem

By integrating sfrxETH restaking into InceptionLRT, we are expanding our platform's functionality and joining forces with a powerful player in the Ethereum staking landscape.

Users interested in leveraging this new feature can now restake their sfrxETH on InceptionLRT, effectively participating in the Frax ecosystem’s unique approach to Ethereum staking. We invite our community to explore the benefits of sfrxETH restaking on InceptionLRT.

Your support and participation are invaluable as we continue to innovate and expand our platform. Visit us to learn more and take advantage of this opportunity to diversify your DeFi investment strategies with sfrxETH and InceptionLRT.

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