Frax Finance partners with NEAR for the decentralized AI revolution

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

In 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 Association with the NEAR protocol, which reflects their idea of ​​a positive-sum multi-chain ecosystem.

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

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NEAR Protocol: A Chain Abstraction Powerhouse

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

Source: Frax Finance on X

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

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

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

Introducing frxNEAR: A New Era for Stablecoins

Going beyond current Frax assets, the partnership with the NEAR protocol will soon see the introduction of frxNEAR, a liquid staking derivative and stable currency for CLOSE. With its Ethereum-based staking derivative, sfrxETH, Frax has achieved top-notch performance, which this new asset hopes to match.

Further strengthening 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 for approx $5.15below 4.17% on the last day. But with a 1.11% increase in the last week, according to CoinMarketCap is still in a favorable position.

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

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

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