Frax Finance launches the FRAX burn engine: protocol revenue will be used for buybacks and burns

According to official news, Frax Finance announced the launch of the FRAX burn engine, which will use protocol revenue for programmatic buybacks and the destruction of FRAX. According to its third-quarter report, the revenue generated from frxETH will flow into this engine in the fourth quarter.

The total locked value of frxETH is currently 120 million dollars, and from the ETH staking revenue it generates, Frax retains 8% as a protocol fee, 100% of which will be used to purchase FRAX on the open market and destroy it.