[Frax Finance Launches FRAX Burning Engine; Protocol Revenue to be Used for Buybacks and Burns] According to official news, Frax Finance has announced the launch of its FRAX burning engine, which will use protocol revenue to programmatically buy back and burn FRAX. According to its Q3 report, revenue generated by frxETH will flow into this engine in Q4. frxETH currently has a total locked value of $120 million, and of the ETH staking revenue it generates, Frax retains 8% as protocol fees, 100% of which will be used to purchase and burn FRAX on the open market.