Polygon, Frax and Curve Launch Onchain Forex Liquidity Pools
Polygon Labs, Frax, Curve Finance, and DFB Network have launched onchain forex liquidity pools on Polygon, enabling swaps between fiat-pegged stablecoins using frxUSD as the base pairing. The pools include multiple global currencies and feature an incentive program to boost liquidity. This development enhances DeFi's reach into traditional forex markets, potentially increasing adoption and liquidity on Polygon.
Polygon Labs, Frax, Curve Finance and DFB Network have launched a suite of foreign exchange liquidity pools on the Polygon blockchain, enabling onchain swaps between fiat-pegged stablecoins using Frax's frxUSD as the base dollar pairing.The pools are live on Curve's Polygon deployment and pair frxUSD against BRZ (Brazilian real), IDRX (Indonesian rupiah), tGBP (British pound), AUDF (Australian dollar), KRWQ (Korean won) and USDT, with additional currency pairs in development. The four partners have also collaborated on an incentive program to bootstrap liquidity across the pools, with gauges live for reward distribution.$6 Trillion MarketTo continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
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