Wheel of Yield Spotlight: Frax Finance
The Wheel of Yield just landed on Frax!
Frax isn’t just another DeFi logo wall. It’s a whole suite: FRAX stablecoin, liquid restaking with sfrxETH and sfrxUSD, and a stack of other financial Lego. Frax has been cooking on every front of DeFi, and now it’s pulling up to the Wheel of Yield.
Between September 16 and October 16, users can deposit sfrxETH and sfrxUSD into Enjoyoors vaults and gain access to the Enjoyoors Wheel of Yield - a campaign designed to reward users with boosted yields (up to 50%), exclusive EnjoyPass NFTs, and leaderboard recognition.
Engage early throughout the campaign for greater chances on the Wheel.
What is Frax Finance
Frax Finance and its restaking arm involves using their sfrxETH and sfrxUSD tokens, a liquid staking derivative for Ethereum and their stablecoin, to "restake" on platforms like Enjoyoors. This process allows these holders to earn additional rewards by leveraging their staked tokens for other "actively validated services" (AVSs) or protocols, increasing yields on their staked assets while also providing enhanced security to those new services.
How does Frax Finance Work?
- Staking ETH: Users stake their ETH to receive sfrxETH, the yield-bearing liquid staking derivative from Frax Finance.
- Restaking sfrxETH: Holders then deposit their sfrxETH into a restaking protocol or vault, like the Enjoyoors app or EigenLayer.
- Earning additional rewards: The restaked sfrxETH is then utilized to secure new "actively validated services" (AVSs) or other protocols. In return, the users receive additional rewards on top of the yield they are already earning from their sfrxETH.
- Expanding cross-chain access: The inclusion of FRAX in this restaking mechanism allows the deposit of FRAX on the Fraxtal L2 network to earn cross-chain rewards, further integrating the Frax ecosystem into the restaking landscape.
Why do DeFi Users Choose Frax Finance?
Frax has carved out its place in DeFi for a few reasons. The ability to stack multiple reward streams from a single staked position appeals to anyone chasing yield efficiency. By restaking, users are also directly contributing to the security of AVSs, which strengthens the broader ecosystem. And as Frax integrates its stablecoins and staking products into new protocols, its reach and utility continue to expand.
Put simply: Frax gives stakers more ways to earn while helping DeFi infrastructure scale safely.
Why Stake and Spin the Wheel with Frax Finance?
The Enjoyoors Wheel of Yield Campaign runs from 16th Sept – 16th October, during this time, you can:
- Deposit sfrxETH and sfrxUSD into Enjoyoors vaults to earn Wheel spins
- Win yield boosts (+10%, +30%, or +50%) for 30 days
- Unlock rare EnjoyPasses for extra power
- Climb the weekly leaderboards repping sfrxETH and sfrxUSD
Every spin is your chance to get extra boosts, bundles, and rare Diamond EnjoyPasses.
Ready to Spin?
Head to the Enjoyoors app, stake your sfrxETH or sfrxUSD, and start spinning.
