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CATEGORY: frax


Mar 23, 2024 12:05

FXS Price Poised For Uptrend As Frax Finance Unveils Roadmap To Reach $100B TVL

Frax Finance, a decentralized finance (DeFi) protocol, recently unveiled its Singularity Roadmap. It aims to propel the total value locked (TVL) of its layer 2 blockchain, Fraxtal, to $100 billion by the end of 2026. This notable surge would represent a 760,000% increase from the current TVL levels, which stand at $13 million.  Frax Finance Singularity Roadmap According to the protocols announcement, Fraxtal, the substrate that powers the Frax ecosystem, serves as Frax Finance’s operating system. With the launch of Fraxtal and achieving an effective 100% Collateralization Ratio (CR), Frax Finance claims to have consolidated its core product offerings.  Related Reading: Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Heres What Happened Last Time To reach the ambitious $100 billion TVL goal, the protocol has announced that it has already generated over $45 million, reaching the coveted 100% CR.  As announced, with this milestone achieved, the FRAX stablecoin, which has remained relatively dormant during the process, and the FXS revenue share, which has been temporarily reduced by 90% to conserve assets, can now undergo a “transformative change.”  In addition, the upcoming introduction of Layer 3s (L3s) on Fraxtal is expected to be a key factor in further contributing to the growth and adoption of the protocol. Fraxtal, which is built on the Optimism (OP) network, stands out as one of the most widely used layer 2 solutions on top of Ethereum (ETH), according to the protocol. The Frax team says it has developed its underlying incentives to provide a seamless experience for developers and users, further encouraging adoption.  In particular, by owning the entire stack, Frax can introduce advanced features such as account abstraction, new precompiles, privacy features, aggregated decentralized applications (dApps), and interoperability with Superchain.  The protocol believes these features will enhance the on-chain experience, making Fraxtal the preferred platform for holding, staking, and transferring crypto assets. Expansion Strategy The proposal also unveils Frax Finance’s plan to establish 23 Layer 3s within 365 days, kicking off the “Fraxtal Nation” community. By supporting these 23 chains with developer access, incentives, and investment, Frax aims to foster a positive-sum approach and provide additional support to official partners.  The protocol also suggests that these partners will receive “substantial allocations” of FXTL points, aiming to solidify the role of the FXS token as the ultimate beneficiary of the Frax ecosystem. Moreover, Frax Finance founder Sam Kazemian intends to allocate 50% of the revenue from protocol fees to veFXS token holders. In comparison, the remaining 50% will be used to acquire FXS and other Frax assets for pairing in the FXS Liquidity Engine (FLE). This initiative will increase liquidity, strengthen the Frax balance sheet, and provide additional incentives for the protocol’s stakeholders. Related Reading: Stablecoins Steal The Spotlight: $150 Billion Market Cap, $122 Billion Daily Trades Frax Finance’s proposal also seeks to reactivate the protocol fee switch, which was temporarily turned off during the consolidation phase of the protocol.  By reigniting this switch, a portion of the yield generated from protocol fees will be directed toward veFXS token holders. veFXS, or veiled FXS, represents a locked version of the native token, FXS, and offers enhanced voting power and participation in the Frax ecosystem. As of the time of writing, FXS has not responded favorably to the news. Its current trading price is $6.93, reflecting a 3.5% loss in the past 24 hours. It is important to note that the proposed protocol features are still in development, and the impact on the Frax Finance ecosystem and the token’s performance is yet to be determined. Featured image from Shutterstock, chart from TradingView.com

Mar 29, 2023 10:30

Ethereum Shanghai Update Gives Native Tokens A Boost In Price

After several postponements, a date has finally been set for the Ethereum Shanghai upgrade, which will allow for the withdrawal of staked ETH on several platforms. According to the Ethereum Foundation’s latest note, the Shanghai upgrade is set to be activated by 6:30 pm UTC on April 12, 2023. This latest update on the Shanghai [...]

The post Ethereum Shanghai Update Gives Native Tokens A Boost In Price appeared first on Crypto Breaking News.

Liquid staking tokens rally by 15% as Ethereum Shapella upgrade draws near

Author: Oluwapelumi Adejumo
United States
Mar 29, 2023 05:50

Liquid staking tokens rally by 15% as Ethereum Shapella upgrade draws near

Liquid staking is the best-performing crypto sector in the last 24 hours after rallying by more than 15%, according to CryptoSlate data.

The post Liquid staking tokens rally by 15% as Ethereum Shapella upgrade draws near appeared first on CryptoSlate.

Mar 26, 2023 11:30

Stablecoin Market Sees Fluctuations With Some Coins Gaining and Others Reducing Supply

According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed. [...]

The post Stablecoin Market Sees Fluctuations With Some Coins Gaining and Others Reducing Supply appeared first on Crypto Breaking News.

Jul 25, 2023 10:35

Stablecoin Economy Sees $3 Billion Drop: Leading USD Tokens Shrink as Euro-Anchored Projects Display Resilience

The stablecoin economy continues to shrink, with more than $3 billion in value removed from today’s top stablecoin valuations in less than 40 days. The dollar-pegged tokens USDP and GUSD experienced the largest 30-day reductions, shedding 45.1% and 27.2%, respectively. Top Stablecoins Tumble: $3 Billion Evaporates in Less Than 40 Days Statistics reveal a significant [...]

The post Stablecoin Economy Sees $3 Billion Drop: Leading USD Tokens Shrink as Euro-Anchored Projects Display Resilience appeared first on Crypto Breaking News.

Apr 24, 2023 10:30

Binance Launches Ether-Based Liquid Staking Product WBETH to Rival Liquid Staking Competitors

In an announcement made on April 24, Binance, the cryptocurrency exchange with the largest trade volume, unveiled its latest staking product, wrapped beacon eth (WBETH). This new addition to Binance’s staking solutions is built on the Ethereum network, joining the ranks of other competing liquid staking products such as Lido, Coinbase, Rocket Pool, and Frax. [...]

The post Binance Launches Ether-Based Liquid Staking Product WBETH to Rival Liquid Staking Competitors appeared first on Crypto Breaking News.

Mar 22, 2023 10:30

Value Locked in Defi Rises Above $50 Billion Mark, Ethereum Dominates TVL by Blockchain

The total value locked (TVL) in decentralized finance (defi) has risen above the $50 billion mark after falling below the range throughout most of March. At present, the value locked in defi is approximately $50.34 billion, up 1.97% over the past 24 hours. Defi Value Swells Close to 2% Higher to Over $50 Billion With [...]

The post Value Locked in Defi Rises Above $50 Billion Mark, Ethereum Dominates TVL by Blockchain appeared first on Crypto Breaking News.

Stablecoin dominance slides as market cap falls to near 2-year lows: CCData

Author: Cointelegraph By Brayden Lindrea
United States
Jul 21, 2023 08:20

Stablecoin dominance slides as market cap falls to near 2-year lows: CCData

After 16 consecutive months of decline, the stablecoin market dominance has fallen to 10.3% of the total crypto market capitalization.

Mar 13, 2023 05:50

USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement

The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. [...]

The post USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement appeared first on Crypto Breaking News.

Mar 11, 2023 10:30

USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity

On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) [...]

The post USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity appeared first on Crypto Breaking News.

Feb 23, 2023 06:30

Frax Share Price Prediction As FXS Escapes From A Bearish Triangle

Frax Share price rose 15% in the last 24 hours to escape from a descending triangle as the crypto market flashed green on Thursday. FXS [...]

Frax Finance to retire algorithmic backing amid stablecoin crackdown

Author: Cointelegraph By Martin Young
United States
Feb 23, 2023 08:20

Frax Finance to retire algorithmic backing amid stablecoin crackdown

The vote was passed to fully collateralize Frax Finance’s native stablecoin, phasing out its algorithmic backing.

Feb 12, 2023 07:50

Liquid Staking: The Ultimate Guide

Liquid staking is a lucrative part of the crypto ecosystem, and this is your ultimate guide.

Continue reading Liquid Staking: The Ultimate Guide at DailyCoin.

Lido’s staked Ethereum crosses 5M, Frax Ethereum on the rise

Author: Oluwapelumi Adejumo
United States
Feb 07, 2023 05:50

Lido’s staked Ethereum crosses 5M, Frax Ethereum on the rise

Liquid staking protocol Lido said its staked Ethereum on the Beacon Chain reached 5.05 million ($8.32 billion).

The post Lido’s staked Ethereum crosses 5M, Frax Ethereum on the rise appeared first on CryptoSlate.

Jan 21, 2023 07:50

Frax Shares (FXS): Project Review, Recent Developments, Future Events, Community

Frax Shares is part of two-token system in the Frax Protocol, open-source, permissionless, and entirely on-chain protocol built on Ethereum.

Continue reading Frax Shares (FXS): Project Review, Recent Developments, Future Events, Community at DailyCoin.com.

Jan 20, 2023 10:10

Frax Price Bulls In Check, Signaling An Unstoppable FXS Rally To $15

Frax price bullish outlook carries on undeterred by the first general crypto market pullback. Investors applied brakes on their aggressive push from the beginning of [...]

Jan 18, 2023 04:45

Ethereum-Based Frax Finance (FXS) Is Up 64%, Is There Still Opportunity?

In the last seven days, the Ethereum-based project Frax Finance is the second biggest winner within the top 100 cryptocurrencies by market cap. With a price increase of 64%, the FXS token is only behind Decentraland (MANA), which has surged 76% within the same period. With the massive pump, Frax Share Token (FXS) has moved up to the 63rd position in the ranking by market cap and has seen a bullish rally since January 2. While the price was $4.09 on that day, FXS was at $9.06 at press time. When the price briefly rose above $10 yesterday, the gain was over 140% since January 2. In the 1-day chart, FXS has broken the resistance zone established in May last year between $7.40 and $8.20 and is now facing resistance at $10.02. The first two attempts to break this resistance have failed for now, so a retest of the former resistance zone could be on the cards before the Frax token continues to rally. This would also be a much-needed correction, as the RSI on the daily chart is still at 83. The weekly chart confirms the extremely bullish picture for the FXS token. Once the price consolidates in the daily chart and subsequently breaks the $10.02 level, the way would be clear for a rise toward $13. Related Reading: Altcoin Indexes Outperform Bitcoin, Small Caps Lead Market The price level served as strong support in November and December 2021, before FXS rallied to an all-time high of $52.80 in January 2022. What Do The Fundamentals Of Frax (FXS) Suggest? As NewsBTC reported, Frax Finance is benefiting from the liquid staking (LSD) narrative that emerged earlier this year and has since caused all LSD tokens to skyrocket. However, it is questionable whether the hype can continue for a longer period of time. Related Reading: Shiba Inu Price Jumps By 21%, Here’s Why As Jordi Alexander, CIO of Selini Capital explained, the Ethereum Shanghai hard fork could be in for a rude awakening: ETH staking is going to explode after the Shanghai fork allows withdrawals- esp. now as Metamask integration makes it easy for Dummies. But LSD tokens are overvalued in anticipation of this – revenue is not going to change much, bc reward yields will plunge as staking % goes up. But analyst Thor Hartvigsen doubts whether the same will be true for Frax Finance. The analyst shared five reasons via Twitter why Frax Finance will be a key player in DeFi this year. The first reason is that Frax offers the largest APR among liquid staking providers at 6-10%, while its nearest competitor is only around 5%. The main reason for this difference is that frxETH can be used in DeFi applications such as the ETH/frxETH Curve pool. The second reason Hartvigsen cites is that Frax Finance has made extensive improvements since its inception, in particular, it has improved its model (FRAXV2) and “has become a huge liquidity engine with a range of products.” These include algorithmic market operations (AMOs), FraxSwap, FraxLend, FraxFerry (native bridge design), ETH liquid staking, and FPI (US inflation rate linked stablecoin). ¤ Frax Finance has been crushing it lately?? And with their growing ecosystem of DeFi products, $FXS has a TON of upside in 2023. Here are 5 reasons why @fraxfinance will be a central player in DeFi this year and how you should be taking advantage of this ?? 1/19 pic.twitter.com/epFMEgY4HF — Thor Hartvigsen (@ThorHartvigsen) January 17, 2023 Third, it’s the AMOs that make Frax special, as they don’t just let collateral sit dormant, but use it in various DeFi applications. It also offers some of the highest stablecoin yields, which significantly strengthens FXS by increasing liquidity on Curve. Last but not least, Hartvigsen points to Frax’s roadmap to reach a market cap in the trillions and become the risk-free underlying in DeFi. The analyst touts the Fed Master Account (FMA) as the biggest innovation: A FMA is dollars deposited directly into the FED treasury’s ledger and grants access to US Treasuries. The FED gives a status on the ledger once a day which essentially is the ultimate audit. This would make FRAX one of the closest things to a ‘risk free dollar’. It’s a very ambitious goal however and likely a few years away. Featured image from Inside Out, Charts from TradingView.com

Jan 16, 2023 06:30

Frax Share Price Prediction: FXS Explodes 35% To $9 – is it Time to Buy This Crypto?

Frax Share, the first crypto native CPI platform, has sustained a winning streak for more than two weeks. In the last 24 hours, the ecosystem’s [...]

Sep 21, 2022 06:00

Could the New House Stablecoin Bill Kill FRAX and DAI?

The legislation comes in response to the May collapse of the algorithmically-backed TerraUSD stablecoin. U.S. Proposes Stablecoin Regulation House lawmakers are taking a step toward regulating stablecoins. A new bill...

Sep 07, 2022 10:35

Stablecoin Protocol Frax Finance Launches Lending Market Fraxlend


Algorithmic stablecoin protocol Frax Finance has launched its own lending marketplace Fraxlend, where any user can lend and borrow using any token belonging to the Chainlink data feed without permission, according to The Block. (Read More)

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