Frax Finance Partners With NEAR To Drive Decentralized AI Revolution

In the cryptocurrency space, artificial intelligence (AI) is poised to completely change our relationship with money. Frax Finance has made significant progress in this direction through its partnership with the NEAR protocol, reflecting their idea of a multi-chain positive-sum ecosystem. With user-owned AI and programmable money at the heart of this alliance, decentralized finance (DeFi) is entering a new phase.

The NEAR protocol‘s chain abstraction stack distinguishes it and allows developers to build applications that can scale to billions of users across all blockchains. This chain abstraction provides unparalleled flexibility and interoperability, allowing NEAR to sign transactions on any blockchain. In addition, the huge scaling through parallel partitions made possible by NEAR’s sharding technology guarantees the networks robustness and efficiency even in the face of high loads.

The basis of decentralized AI is decentralized financial systems. Frax Finance bridged and provided over $5.5 million in FRAX to renowned NEAR DeFi initiatives such as Ref Finance and Burrow Finance. The highest yielding assets Frax, sFRAX and sfrxETH are expected to be used on the NEAR DeFi network. This synergy between decentralized AI and money is an important step for more creative blockchain solutions.