Zenlink announced partnership with Frax Finance

Zenlink announced this Thursday, February 17, through its Twitter account, its new partnership with Frax Finance along with the launch of the FRAX liquidity incentive program on the Moonbeam Network.

Image about Zenlink’s Twitter post

“We are pleased to announce that Zenlink is partnering with Frax Finance! Zenlink is the first native cross-chain DEX protocol based on Polkadot. Zenlink DEX Dapp is currently available on Moonbeam, Moonriver, and Bifrost, and is one of the most widely used DEXes in the Polkadot ecosystem. Frax is the first fully on-chain, open-source, permissionless, fractional algorithmic stablecoin protocol currently implemented on Ethereum and other chains”, he said through an article published on the Medium platform.

According to the company, through this partnership, Zenlink will help Frax expand into the Moonbeam network and drive widespread adoption of FRAX on the Moonbeam network. The Ethereum <> Moonbeam Network Bridge for FRAX is supported by our partners, Nomad, Multichain and Celer cBridge.

In his opinion, with the joint efforts of both parties, the GLMR/FRAX and FXS/FRAX pairs now have more than $10 million of liquidity on Zenlink. Liquidity is provided by the Frax Foundation as initial liquidity for startup on the Moonbeam network. To better drive FRAX adoption on the Moonbeam network, we plan to launch the FRAX liquidity incentive program.

Also read: TrustSwap: “Legion Network Launchpad will be activated this February 17”

The company explained that to participate in GLMR/FRAX and FXS/FRAX farming on Zenlink it will first require a FRAX and FXS cross-chain from Ethereum to the Moonbeam network. Since Frax has issued canonical FRAX on the Moonbeam network after we chained FRAX and FXS to the Moonbeam network via Nomad/Multichain/Celer cBridge, we also need to exchange the corresponding cross-chain assets via https://app.frax.finance/ to a canonical FRAX issued by Frax on Moonbeam, then you can participate in DeFi activities.

Guide

Transfer FRAX or FXS to Moonbeam Network

Visit https://app.nomad.xyz/ to connect to the wallet and follow the steps below:

Step 1: Select FRAX or FXS Token

Step 2: Choose the source and destination chains as Ethereum and Moonbeam respectively

Step 3: Enter the amount of cross chain

Step 4: Confirm the information, then click “BRIDGE TABS”

You can also jump to other supported bridges for cross-chaining, such as Multichain and Celer cBridge, under the Bridge button in the bottom right corner of the Zenlink DEX DApp, which will follow a similar process.

Exchange FRAX and FXS Bridge for Moonbeam Native Canonical Tokens via Frax App

After a successful crosschain, visit https://app.frax.finance/crosschain to connect to the wallet and follow the instructions below to change the FRAX or FXS bridge to Moonbeam’s native canonical FRAX or FXS.

Step 1: Select the chain for Moonbeam

Step 2: Select FRAX or FXS Canonical Token

Step 3: Select the bridged asset, FRAX or FXS connected to Moonbeam via Multichain/Celer cBridge/Nomad with any front-end identifier, celr or mad respectively, simply select the corresponding asset for any bridge you have used.

Step 4: After confirming the information is correct, click “Change” and sign the MetaMask to submit the transaction.

After completing the above, you can use FRAX or FXS on Zenlink to participate in farming and earn ZLK and GLMR rewards, please refer to the farming tutorial here: https://wiki.zenlink.pro/zenlink-dex-dapp/user- guide/yield-agriculture#liquidity-mining-and-staking

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