FRAX TVL update

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Frax TVL update

Both defillama and frax have gone through a lot of changes since the last time we updated the code that calculates their TVL, so we are now re-evaluating it

Sub-protocols (fraxlend, fraxswap...)

A lot of these protocols have frax TVL that comes from FRAX AMOs, that means that frax is minted without backing and deposited there. Lack of backing is not an economical issue for FRAX but it's an issue for TVL, since frax can just freely mint as many coins as they want and just deposit them there to set any TVL number they want. Furthermore, currently all frax subprojects get added into frax tvl which heavily inflates that number.

To solve this we'll mark to 0 all frax minted and deposited into those protocols and any other coins that had been minted by frax or are not in circulation. This follows our methodology of not counting non-circulating coins into TVL^[https://docs.llama.fi/list-your-project/readme], which we apply to all projects.

FRAX stablecoin

Following our methodology of not counting non-circulating coins we also shouldn't count all FRAX minted into AMOs. For MakerDAO and other issuers we count the collateral on the contracts, so it should be the same here instead of counting FRAX minted in AMOs.

Right now the USDC we've been able to find is on

• https://etherscan.io/address/0x2fE065e6FFEf9ac95ab39E5042744d695F560729
• 3CRV portion of their Frax pool
• non frax tokens in their investor wallet
• USD portion of staked crvcvx-fraxBP held in their investor wallet

so that's what we would count as TVL

This results in the following breakdown

Feedback

Did we miss something? pls let us know