I have been aping into algo stablecoins, like BAC, ESD and FRAX since about 3 months ago. However, Basis-forks have been proven failed by the market. FRAX seemed to be doing good. But it's APY has been dropping. And now it's at  34.02% for the FRAX-USDC pool and  190.39% for the FRAX-FXS pool.

I was aware of a project called stably cash in the FRAX group, which is a FRAX fork, but with some real interesting improvements, for example, while most projects are linearly distributing their governance token, it links the token emission with TVL, which I think it's great as in this case, your APY won't drop as the total TVL grows, also the sell pressure on the market can also be effectively reduced.

Based on its emission formula, for the stablecoin pool, daily STS = TVL*0.3%. Hence, if you stake $1k of value, you will get 3 STS per day. Given that FRAX's recent bottom price is about $5, I would expect that the STS price is at least $5 as well (could be a little bit lower). In this case, your APY form the stablecoin pool will be about 500%, and that's when the price is low. Remember, the FXS price hit about $25 couple of days ago. Also, that's the stablecoin pool. If you calculate the sharecoin pool, whose emission rate is 3x of the stablecoin pool, the APY would be over 1500%.
Anyways these are all based on my assumption. Stably Cash is going to live Jan. 27. Let's see if I am right. DYOR.

TG: https://t.me/stably_cash
Medium:  https://stablycash.medium.com/introducing-stably-cash-b2ba6ee98936