Terra and Frax Backed 4pool locks $31M on Fantom Network

Fantom FTM Frax

Bob Coiney

April 21, 2022

4pool, a curve-based yield farm, is now live on the Fantom network ahead of its launch on the mainnet Ethereum. 4pool is one of the few yield pool projects that Frax has recently started supporting in its new initiative. 

The project comprises two decentralized stablecoins, FRAX by Frax and UST, along with two centralized stablecoins, USDT and USDC. 4pool aims to improve the utility of Terra’s UST stablecoin by partnering with Redacted Cartel, a tool for earning yields on locked tokens and the Frax network. 

According to the recent Curve data, 4pool on Fantom has locked up over $31 million in value after launching. Moreover, 4pool witnessed over $2.4 million in trading volume hours after launch. The pool is also paying out a daily yield of 0.5% after it was created using a governance vote on Curve. According to the data, the pool currently holds $9.7 million worth of FRAX tokens, $84 million worth of USDC, $4.9 million worth of Terra’s UST and $7.9 million in Tether USDT. 

Network operability of 4pool

4pool will initially test on Fantom and Arbitrum networks before launching on Ethereum. Regardless of the launch on Ethereum, 4pool aims to become one of the most liquid trading pools on Curve, the biggest decentralized finance platform on Ethereum, with $21+ billion in value locked. 

All the pools currently deployed on Curve are backed using centralized and decentralized stablecoins, wrapped tokens or using a basket of various assets. 4pool takes a unique approach by combining UST and FRAX, the two largest decentralized stablecoins with total backing of nearly $20 billion. Moreover, 4pool also relies on the two largest centralized stablecoins, USDT and USDC, with total backing of $133 billion, making it the most liquid decentralized pool in the entire crypto ecosystem. 

“FRAX and Terra look forward to supporting all the projects that use 4Pool for their stablecoin yield & liquidity needs,”

Sam Kazemian