Frax Finance partners with NEAR for a decentralized AI revolution

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

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

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

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NEAR Protocol: A Chain Abstraction Powerhouse

The NEAR protocol’s blockchain abstraction stack sets it apart and allows developers to build applications that can scale to billions of users across all blockchains. Providing unparalleled flexibility and interoperability, this blockchain abstraction enables CLOSE to sign transactions for any blockchain.

Source: Frax Finance on

Additionally, massive scaling through parallel partitions enabled by NEAR’s partitioning technology ensures network robustness and efficiency even under high loads.

The foundation of decentralized AI lies in decentralized financial systems. Frax Finance has successfully bridged and delivered over $5.5 million in FRAX to well-known companies. CLOSE DeFi initiatives such as Ref Finance and Burrow Finance.

Additionally, the most profitable assets, Frax, sFRAX, and sfrxETH, are expected to drive NEAR’s DeFi network. This synergy between decentralized AI and money is a big step forward for more creative blockchain solutions.

Introducing frxNEAR: a new era for Stablecoins

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

To further strengthen its 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 at around $5.15down 4.17% on the last day. But with a 1.11% up over the past week, it is still in a favorable position, according to CoinMarketCap.

The price volatility of cryptocurrencies highlights their dynamic nature and opportunities for expansion as the collaboration between Frax Finance and NEAR Protocol grows.

According to an earlier report from Crypto News Flash, the Near Foundation is promote significantly user autonomy and sovereignty in the context of blockchain and AI technologies. This involvement is fully in line with Frax Finance’s objective: to build a more user-centric and decentralized financial environment.

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