Frax Finance Teams Up with NEAR for Decentralized AI Revolution

• Frax Finance partners with NEAR Protocol to enhance decentralized AI and programmable money.
• Launching frxNEAR stablecoin and liquid staking derivative in collaboration with NEAR Protocol.

Within the cryptocurrency space, artificial intelligence (AI) is poised to completely transform our relationship with money. Frax Finance has advanced this cause significantly by forming a partnership with NEAR Protocol, which reflects their idea of a multi-chain, positive-sum ecosystem.

With user-owned AI and programmable money driving this alliance, decentralized finance (DeFi) is entering a new phase.

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AI in crypto is going to change how the world interacts with money.

Time for a highlight reel of our partnership with @NEARProtocol, furthering our positive sum multi-chain vision, powered by programmable money and user-owned AI pic.twitter.com/FUJL9u5Mb1

— Frax Finance ¤¤ (@fraxfinance) June 26, 2024

NEAR Protocol: A Chain Abstraction Powerhouse 

The chain abstraction stack of NEAR Protocol distinguishes it and enables developers to build apps that can scale to billions of users on all blockchains. Offering unmatched flexibility and interoperability, this chain abstraction allows NEAR to sign transactions for any blockchain.

Furthermore, the huge scaling through parallel partitions made possible by NEAR’s sharding technology guarantees the network’s robustness and efficiency even in the face of high loads.

The foundation of decentralized AI is decentralized financial systems. With success, Frax Finance has bridged and provided over $5.5 million in FRAX to well-known NEAR DeFi initiatives such as Ref Finance and Burrow Finance.

Moreover, the highest-yielding assets, Frax, sFRAX, and sfrxETH, are expected to drive NEAR’s DeFi network. A big step forward for more creative blockchain solutions is this synergy between decentralized AI and money.

Introducing frxNEAR: A New Era for Stablecoins

Growing beyond current Frax assets, the partnership with NEAR Protocol will soon see the introduction of frxNEAR, a liquid staking derivative and stablecoin for NEAR. With their Ethereum-based staking derivative, sfrxETH, Frax has achieved top-tier performance, which this new asset hopes to match.

Further bolstering their position in the DeFi market, Frax Finance is also developing native issuance of FRAX and sFRAX on the NEAR blockchain.

Meanwhile, the NEAR token is now trading for about $5.15, down 4.17% in the last day. But with a 1.11% rise in the last week, it is still in a favorable position, according to CoinMarketCap.

The price volatility of cryptocurrencies emphasizes their dynamic character and the opportunity for expansion as the Frax Finance and NEAR Protocol collaboration develops.

According to a prior report by Crypto News Flash, the Near Foundation is prominently promoting user autonomy and self-sovereignty in the context of blockchain and AI technologies. This dedication fully fits with the goal of Frax Finance: to build a more user-centric and decentralized financial environment.