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Frax(FRAX)

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$1.0009
(-0.04%)
0.00001611 BTC
Market Cap (Rank#126)
$650,055,459
10,465 BTC
Vol 24h
$33,744
0.543221 BTC
Circulating Supply
649,462,235.51
Max Supply
131,992,706
4 days agocoindesk
Frax Finance Mulls Uniswap-Like Reward Mechanism for Token Stakers
"We are going to follow Uniswap's lead in proposing it. It will be up to the community to pass it," Frax's CEO Sam Kazemian told CoinDesk.
23 days agocryptopotato
Interchain Token Service Opens Native-Like Capabilities on 15+ Chains
[PRESS RELEASE – New York, USA, February 6th, 2024] Frax Finance is among the 1st to adopt no-code Interchain Tokens Axelar network’s Interchain Token Service (ITS) is now live on mainnet and permissionlessly available, allowing any ERC-20 token issuer to create Interchain Tokens with the click of a button. Interchain Tokens move freely to EVM-compatible […]
43 days agocoindesk
Frax Finance's Layer 2 Fraxtal to Debut in February: Founder
Kazemian expects Fraxtal to debut with a bang, attracting at least several hundred million dollars worth of crypto assets in the first month.
51 day agocoindesk
PayPal's Stablecoin Part of Third Largest Liquidity Pool on Curve
Curve's FRAXPYUSD liquidity pool, which went live on Dec. 27, boasts the third largest TVL of $135 million.
120 days agocryptopotato
Frax Finance Reports Domain Hijacking Incident
Frax Finance confirms the successful resolution of its domain name hijacking issue. There have been no instances of user funds being compromised.
121 day agocoindesk
Frax Finance Says its Domain Name Hijacking Has Been Resolved
Frax founder Sam Kazemian says his team has been "left in the dark" by the domain registrar as to what happened.
139 days agocoindesk
Frax Finance's Fed Yield-Matching Staking Vault Attracts $30M, FXS Steady
Early Thursday, Frax unveiled sFRAX staking vault, allowing users to take advantage of higher interest rates in the U.S.
155 days agocointelegraph
Curve Finance founder cuts debt to $42.7M, settles entire Aave loan
Curve Finance founder Michael Egorov still has debt of $42.7 million across four protocols including Silo, Fraxlend, Inverse and Cream.
212 days agocryptodaily
Curve Finance’s CRV Receives Support From Justin Sun And DCF God
Curve Finance and CEO Michael Egorov have received support from prominent names in the crypto space, including Justin Sun and DCF God. Curve had suffered a major exploit earlier in the week, leading to the protocol losing nearly $50 million to hackers. Chaos At Curve Finance Curve Finance suffered a major exploit earlier in the week, allowing hackers to siphon off nearly $50 million worth of crypto. This included CRV tokens worth $4.52 million, leading to a significant drop in the token’s price. The exploit resulted from a reentrancy bug in Vyper, the programming language powering parts of the Curve ecosystem. The CRV token saw a decline of nearly 20% following the attack. The markets were further spooked after reports emerged that the founder of Curve Finance, Michael Egorov, had allegedly taken several loans, using nearly 47% of the total circulating supply of CRV. Reentrancy attacks have become relatively common in the DeFi space. In such an exploit, hackers trick smart contracts by making repeated calls to the protocol and stealing user assets. As a result, Upbit has suspended deposits and withdrawals of the CRV token, while other exchanges have warned users to exercise caution when dealing with investments related to CRV. Upbit had tweeted, “Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV). As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV. To ensure the safety of digital asset transactions, we have temporarily suspended deposits and withdrawals for CRV.” Curve And Egorov Find Support The plummeting CRV price significantly increased the risk of liquidating the loans Egorov took. However, prominent players from the crypto space have stepped in to assist Curve and Egorov. These include Power DeFi user DCF God, Tron Foundation CEO Justin Sun, and Jeffrey Huang, also known as Machi Big Brother. All have since stepped in and purchased CRV tokens from Egorov. As a result of this help, the principal value of Egorov’s loan dropped from $63 million to $54 million. Tron founder Justin Sun tweeted that he was excited to assist Curve, demonstrating his support for the protocol by acquiring a number of CRV tokens. According to available on-chain data, Sun purchased around 5 million CRV tokens worth around $3 million. The tokens were purchased from a wallet called the Curve.fi Founder, and was completed through an over-the-counter transaction. Sun tweeted, “Excited to assist Curve! As steadfast partners, we remain committed to providing support whenever needed. Our joint efforts will introduce an @stusdt pool on Curve, amplifying user benefits. Together, we aim to empower the community and forge a decentralized finance!” Other players that chipped in to assist Curve were Cream Finance, who sent Egorov $1 million in USDT and USDC stablecoins. Egorov also received $1.5 million worth of USDT from Jeffrey Huang (Machi Big Brother), according to data sourced from PeckShield. Egorov also transferred over 50 million CRV to other entities, including the Web3 investment firm DWF Labs and Power DeFi user DCF God. Going by these numbers, Egorov sold around 50 million CRV tokens at a price of around $0.4 per token, making the transactions worth close to $20 million. Major Implications For DeFi The Curve Finance exploit could have major implications for the larger DeFi ecosystem, with the CRV token’s value suffering a significant decline, putting Egorov’s $168 million lending position at risk of liquidation. If the position were to be liquidated, it could have a domino effect on the larger DeFi ecosystem. Egorov has a $70 million loan on Aave v2, for which he has used CRV as collateral. Additionally, he has also borrowed $17 worth of FRAX, putting $32 million worth of CRV as collateral, along with another $18 million loan from DeFi protocol Abracadabra. Concerns about the concentration of CRV on Aave were flagged by Gauntlet, who recommended freezing the token on Aave. “The amount of CRV concentrated on Aave, relative to the circulating supply of CRV, is already high. Given the limitations of V2 mechanisms, including the possibility of circumventing an LTV of 0, the only way to truly prevent more risk of this position is to prevent borrowing of all assets on V2.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
212 days agocryptopotato
Tron’s Justin Sun Buys 5M CRV Tokens to Help Curve Finance’s Bad Debt Situation
Egorov has deployed a new Curve pool for FraxLend's CRV/FRAX market with massive rewards to alleviate his debt.
213 days agocoindesk
Curve Founder Deploys New Liquidity Pool to Address FRAX Debt Situation
Egorov has created a new liquidity pool on Curve for FraxLend's CRV/FRAX market, called crvUSD/fFRAX. Analysts said it is an attempt to incentivise liquidity to FraxLend's pool from where Erogov has taken loan of 15.8 million FRAX.
213 days agocryptodaily
Has The Curve Finance Exploit Put Aave And DeFi At Risk?
Curve Finance suffered a significant exploit over the weekend, with attackers managing to siphon off around $70 million worth of assets from users. Curve founder Michael Egorov has a loan of around $70 million in USDT on Aave v2, using CRV as collateral. Curve Chaos Could Have Major Implications The exploit at Curve Finance resulted in the price of the protocol’s CRV token experiencing a sharp decline. This decline has put a $168 million lending position held by Curve founder Michael Egorov at risk of liquidation. If the position gets liquidated, it could have disastrous implications across the decentralized finance (DeFi) ecosystem. The Curve founder has around $168 million worth of CRV, which he has used to secure loans from several DeFi protocols, according to data from the blockchain analytics site DeBank. This amount equals nearly 34% of CRV’s total market capitalization. The exploit has led to a decline of over 20% in the CRV price, putting Egorov’s position in danger of liquidation. A Major Blow A forced liquidation would be a devastating blow to Curve after its weekend exploit. As a result of the exploit, the total value of assets locked on the DeFi protocol dropped from $3.7 billion to $2.1 billion, with investors pulling their funds as a precaution. Thanks to DeFi’s interconnected nature, the liquidation of Egorov’s position could put significant pressure on CRV’s price and other decentralized lending protocols. The CRV token is extremely popular on Uniswap and Sushiswap and is used as collateral on platforms such as Aave. Aave’s Exposure Michael Egorov has a $70 million loan in USDT on Aave v2, for which he has used CRV as collateral. Based on risk parameters set by Aave, if the CRV token’s price drops below $65%, it would be at risk of liquidation. When liquidations occur, the collateral the borrower deposits is sold in exchange for the borrowed asset. In the case of Aave, the CRV would be sold for Aave, leading to considerable bad debt. The concerns around bad debt were already flagged by Gauntlet, who recommended freezing CRV and setting its loan-to-value to zero on Aave v2. “The amount of CRV concentrated on Aave, relative to the circulating supply of CRV, is already high. Given the limitations of V2 mechanisms, including the possibility of circumventing an LTV of 0, the only way to truly prevent more risk of this position is to prevent borrowing of all assets on V2.” However, this proposal failed to pass. Aave’s GHO stablecoin also lost its peg for a few hours on the 31st of July. The stablecoin subsequently regained its peg, with analysts working to determine why the de-pegging occurred. According to most, the de-pegging was a result of the reentrancy attack on Curve Finance. The GHO stablecoin had dropped to $0.96 on the 31st, losing its $1 peg for a few hours. However, it regained its peg and is currently trading at $0.98. Other Protocols At Risk Aave is not the only protocol that the Curve Finance fiasco could impact. Egorov has also borrowed $17 million worth of the FRAX stablecoin, putting $32 million worth of CRV as collateral. Since the exploit, Egorov has made several transactions to repay part of the amount he borrowed on Fraxlend. According to DeBank data, Egorov also has an $18 million loan on DeFi protocol Abracadabra. Egorov has moved to shore up his capital by selling LDO, the governance token for liquid staking protocol Lido, in exchange for the USDC stablecoin. These transactions have been done in several batches valued at between $10,000 and $50,000, according to data from EtherScan. The developments have raised several questions for decentralized lending protocols, and whether they should implement measures to prevent large positions, such as the ones taken by Egorov, that could potentially introduce systemic risk. Egorov came under fierce criticism in 2020 after he took control of over two-thirds of a Curve voting token, veCRV. He later apologized and called the move an overreaction to what he thought was a takeover attempt by Yearn.Finance. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
235 days agocryptodaily
Swaap v2 Launches: Revolutionizing DeFi Market Making with Secure, Autopilot Strategies
Paris, France, July 10th, 2023, ChainwireLeveraging its successful $4.5m fundraising, Swaap launches its v2 protocol, bringing easy-to-use and powerful market-making strategies to the global DeFi community. Swaap v2 is unique in addressing key challenges such as impermanent loss which have plagued Liquidity Providers.Swaap, the cutting-edge market-making protocol for blue-chip crypto assets, is thrilled to announce the launch of its v2 protocol. With an emphasis on ease of use, state-of-the-art strategies, strong security, and solutions to impermanent loss, Swaap v2 is poised to democratize access to advanced market-making tools for the global DeFi community.What Sets Swaap v2 Apart: Making Market Making EffortlessFor the first time ever, Swaap v2 offers anyone - from institutions to individuals - a seamless way to engage in advanced market-making strategies. The protocol uses mathematically optimized strategies, which means it intelligently adjusts fees and asset holdings to maximize returns while minimizing risks, all on autopilot. Importantly, Swaap v2 addresses impermanent loss, a problem that has deterred many from participating as liquidity providers.Stanislas Barthélémi, an early user of Swaap v2, shares: “As someone who was an LP in traditional Automated Market Makers but was burned by Impermanent Loss, Swaap v2 has been a game-changer for me. It's like having an expert trader working for you around the clock.”The Tech Behind Swaap v2With models built in collaboration with the Louis Bachelier Institute, a leading financial research institute, Swaap v2 brings the best of traditional financial market-making models to DeFi. It incorporates strategies that intuitively adapt to market conditions, safeguarding funds while optimizing returns. Moreover, liquidity providers can effortlessly engage with a wide array of assets across the Polygon and the Ethereum ecosystems.Launch Partners Powering Swaap v2Swaap v2 is backed by notable launch partners to ensure robust functionality and support. Chainlink provides critical price feeds for on-chain defensive mechanisms and safeguards, further reinforcing security for Liquidity Providers.Additionally, Paraswap, Odos, and Open Ocean are onboard as aggregators, which already ensures significant volumes on the Swaap platform.FRAX, a leading stablecoin protocol, has approved a proposal to incentivize liquidity on a FRAX-ETH pool on Swaap v2 to reinforce its role as a connector token in DeFi.Built with Security at its CoreIn the world of DeFi, security is paramount. Swaap v2 has undergone rigorous audits by ChainSecurity & Quantstamp. Furthermore, Swaap v2 pioneers defensive modules and on-chain protections that offer users additional peace of mind.Swaap is celebrating the launch by offering Swaap tokens to the first wave of liquidity providers, seamlessly integrating them into the governance ecosystem.“With Swaap v2, we’re not just launching a product; we’re catalyzing a movement to empower people globally through decentralized financial tools. Our goal is to ensure that anyone, anywhere, has access to sophisticated market-making strategies that were once reserved for high-net-worth individuals and established financial institutions,” says Cyrille Pastour, co-founder of Swaap.“Swaap v2 is an eloquent example of what happens when innovation meets expertise. We believe Swaap is on the verge of redefining how DeFi engages with market-making, and we are thrilled to be part of this transformative journey.", says Nikolai Lambsdorff, from Signature Ventures.Liquidity Deposits to Secure Launch NFTSwapp invites users to deposit liquidity in Swaap v2 to not only unlock the full potential of their assets but also to secure exclusive launch NFT. This uniquely designed digital asset is Swapp's way of acknowledging users early participation and commitment to the evolution of DeFi.Users who want to deposit liquidity to secure their piece of blockchain history and join the frontlines of DeFi innovation can visit this link.About SwaapSwaap is an innovative market-making protocol specializing in blue-chip crypto assets. Through pioneering models developed in collaboration with leading institutions, Swaap is revolutionizing DeFi market-making by providing liquidity providers with effortless and superior market-making strategies.ContactHead of MarketingDavid [email protected]
256 days agocryptodaily
Crypto Weekly Roundup: SEC Under Fire And More
The SEC has been facing increasing levels of scrutiny and criticism over its less than ideal approach to regulating the industry. It has come under fire from various industry leaders and a bill to dismiss the chairperson has even garnered support from several lawmakers. Let’s find out more. Bitcoin The world’s largest asset manager, BlackRock, has filed an application for a Bitcoin spot exchange-traded fund (ETF). However, there are concerns that Blackrock could, in one fail swoop, take control of Bitcoin. Crypto exchange Binance has announced the launch of its new subscription-based Bitcoin cloud mining services. The Federal Reserve did not raise rates for the first time since the inflation-inspired start of its rapid interest rate expansion. However, crypto continues its downward slide. Ethereum The Bank of China (BOCI) has made history by issuing tokenized securities on the Ethereum blockchain in Hong Kong. DeFi Frax Finance has unveiled its plans to roll out an Ethereum Layer 2 blockchain, aptly named Fraxchain. Uniswap recently disclosed its preferred choice for handling non-Ethereum deployments in its cross-chain bridging operations: Wormhole and Axelar. Uniswap has also unveiled plans for Uniswap v4, the next iteration of the hugely popular crypto platform. An Aave proposal intended to prevent a particular account from accumulating more debt has led to significant controversy, with some stating that it violates the principle of neutrality in DeFi. Altcoins A group of Terra Classic Core developers, the Joint L1 Task Force (L1TF), has announced that it is ready for the Parity Upgrade, set for the 14th of June, 2023. Ethereum Layer-2 scaling solution Polygon (MATIC) has unveiled its Version 2.0, the blueprint for which will be revealed over the next few weeks. Technology Polygon recently proposed a new decentralized governance model aimed at enhancing its network's security, upgradeability, and robustness. Business The Banco de la Republica, Colombia’s Central Bank, has announced a partnership with Ripple as it looks to explore the use of blockchain technology in the country. The crypto investment arm of venture capital firm Andreessen Horowitz, a16z, announced it would be opening its first overseas office in London. Korean-based cryptocurrency lending service, Delio, has temporarily suspended customer withdrawals due to financial irregularities involving crypto investment firm Haru. Voyager customers were in for some good news a year after their assets were frozen, with the platform stating that they could withdraw a significant chunk of their crypto assets from June 20. San Francisco-based crypto payments firm Wyre has announced that it has begun the process of winding down its operations, citing challenges arising from the prolonged bear market. Regulation Tether, the issuer of the leading stablecoin USDT, reportedly deactivated around 29 accounts tied to significant players in the cryptocurrency sphere in 2021. Binance is reportedly under scrutiny from French financial regulatory authorities, who have been investigating the exchange's activities since at least the early quarter of 2022. Crypto exchange OKCoin has come under the scrutiny of the Federal Deposit Insurance Corporation (FDIC) over accusations of making false promises to customers. The Blockchain Association has filed a Freedom of Information Act request with the SEC over the regulator's interactions with Prometheum. The Hong Kong government has proactively advocated for major banks to embrace clients engaged in digital currencies. Coinbase has become the latest entity to push back against the SEC’s proposal of changing the definition of an exchange. According to Tim Draper, the SEC Chair Gary Gensler is stifling the crypto sector leading to a potential long-term detrimental effect on technology in the US. Following a Financial Services Committee hearing on Tuesday, a digital asset bill will be voted on in July which will give clarity to the crypto industry. The SEC has requested four more months to respond to Coinbase’s call for crypto regulatory clarity. Crypto billionaires Tyler and Cameron Winklevoss cautioned the Democratic Party that its “war on crypto” will result in its losing crucial voters. United States Congressman Warren Davidson has filed a new bill called the SEC Stabilization Act, which looks to restructure the regulatory body, including the dismissal of current SEC Chair Gary Gensler. Lawyers for FTX Founder Sam Bankman-Fried have stated that litigation proceedings against him could be significantly delayed if further charges are added against the founder. NFT Nike has started dropping hints about a potentially massive move - introducing a collection of sneaker NFTs in Fortnite. Indian e-commerce giant Flipkart has formed a key alliance with Polygon, one of the industry's key crypto firms building infrastructure around an ecosystem of Web3 products. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
258 days agocryptodaily
Frax Finance Unveils Plans For Its Ethereum L2
Frax Finance, creators of one of the most innovative decentralized stablecoins and DeFi-focused stablecoin infrastructure, has unveiled its plans to roll out an Ethereum Layer 2 blockchain, aptly named Fraxchain. The objective is simple but ambitious: to cultivate a smart contract platform with an unwavering focus on decentralized finance. Frax Protocol: A Trio of Stablecoins and Integrated Subprotocols The Frax Protocol represents a pioneering development in the crypto world. At its core, it issues three distinct decentralized stablecoins: FRAX, a USD pegged asset; the Frax Price Index (FPI) stablecoin, which uniquely ties its value to a basket of consumer goods, creating a new unit of account independent of national currencies; and FraxEther (frxETH), a stablecoin pegged to ETH, designed to replace WETH in smart contracts. Complementing these stablecoins, the protocol also houses three subprotocols: Fraxlend, Fraxswap, and Fraxferry. Fraxswap, the first Automated Market Maker (AMM) using time-weighted average market maker orders, helps in rebalancing collateral, minting/redemptions, adjusting stablecoin supply, and deploying protocol-owned liquidity on-chain. Fraxlend creates a lending market for Frax-based stablecoins, allowing the origination of debt, bespoke non-custodial loans, and the incorporation of collateral assets into the Frax Finance economy. Lastly, Fraxferry enables the transfer of Frax Protocol tokens across multiple blockchains. Frax Share (FXS) serves as the primary governance token across the Frax ecosystem, accruing fees, revenue, and excess collateral value. An additional governance token, FPIS, is specific to the FPI and shares its value capture with FXS holders. A Gauge Rewards System allows the community to propose rewards for strategies that integrate Frax-based stablecoins. The fixed, halving annual FXS emissions flow to different gauges based on veFXS staker votes. Frax Finance Sets Sights on Layer 2 with Fraxchain Fraxchain, a project by the makers of the Frax stablecoin, is set to strengthen the hold of decentralized finance in the blockchain landscape. “Fraxchain marks the zenith of the entire Frax ecosystem and mirrors the traction and usage we’ve attained,” Frax founder Sam Kazemian explains. A Glimpse into the Fraxchain Framework The slated release date for this network is by the end of this calendar year. The network's governance will hinge on the holders of Frax Shares (FXS) tokens. The modus operandi of the network includes leveraging the Frax stablecoin and Frax Ether, the project's liquid staking derivative, for transaction fees. What's more, the fees garnered by the roll-up network could partially be burned or funneled back to the Ethereum mainnet, to be dispersed among stakers of the FXS governance token, Kazemian outlined. Fraxchain hinges on a Layer 2 rollup model. In this arrangement, it will publish state roots to the Ethereum mainnet for securing the network. The rollup network will also incorporate decentralized sequencers—these nodes order transactions into batches in a rollup network. Any entity can operate them, as long as they secure the nod via a governance vote. Kazemian further elaborated on this feature: “Fraxchain proposes a solution where sequencer roles can be auctioned off and rotated, creating a decentralized sequencer base. If a sequencer is forced to shut down, Fraxchain would allow the next elected sequencer to pick up from where the previous one left off,” he explained. Fraxchain: By the Numbers As per the numbers, Frax's ecosystem has made a significant mark on the world of crypto. As of this writing, the total supply of Frax stands at over $1.23 billion, while Frax Shares (FXS) have a market cap exceeding $371 million. The Frax stablecoin is listed on major exchanges and is integrated into numerous DeFi platforms, while FXS token is used for governance decisions, further cementing its position in the decentralized finance space. The launch of Fraxchain encapsulates the pivotal move of Frax Finance to fortify its position in the DeFi world. It will be interesting to monitor the progress of this Layer 2 solution, with an eye on the continued growth and traction of the Frax ecosystem. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
289 days agocoindesk
Asymmetry, ‘ETF’ for Liquid Staking Tokens, Raises $3M Round From Ecco Capital, Ankr and Others
The crypto project’s safETH token represents a basket of liquid staking tokens from Lido, Rocketpool and Frax.
290 days agocryptodaily
Frax Share (FXS) and IOTA Plummet As Holders Look to Tradecurve’s (TCRV) Presale for Reconciliation
As the cryptocurrency market undergoes rapid shifts, Frax Share (FXS) faced a 6% drop, while IOTA (MIOTA) holders have been turning their attention to the promising Tradecurve presale. With its innovative trading platform and real world utilization experts predict Tradecurve will see 40x gains once it’s presale has completed . This in-depth analysis will explore the latest developments and market trends for each project, with a particular focus on the burgeoning interest in Tradecurve as the next big investment opportunity. Frax Share (FXS) Frax Share (FXS), an innovative stablecoin project, has recently experienced a 6% decline in its value. While the Frax Share's (FXS) algorithmic model has been praised for its unique approach to maintaining stability, it appears that recent market trends have shifted investor interest towards more lucrative options like Tradecurve. Frax Share's (FXS) current challenges can be traced back to a few factors to Increased Competition. The stablecoin market has become increasingly saturated, making it difficult for Frax Share (FXS) to maintain its unique selling points. As new and innovative projects like Tradecurve enter the scene, FXS faces an uphill battle to stay relevant. Unlike Tradecurve, which offers a diverse range of high-yield investment options, Frax Share (FXS) provides limited opportunities for investors to maximize their returns. This lack of diverse investment choices may be driving Frax Share (FXS) holders to explore more dynamic projects like TCRV. IOTA (MIOTA) IOTA (MIOTA), known for its innovative Tangle technology that eliminates the need for a blockchain, has been facing its share of difficulties in the market. While the project has been working tirelessly to expand its use cases and forge industry partnerships, it seems to be struggling to keep pace with emerging competitors like Tradecurve. The reasons behind IOTA (MIOTA) holders shifting their investments is the possibility of 100x gain prediction, IOTA (MIOTA) investors may be looking to capitalize on these potential returns instead. Despite IOTA's unique technology, the project has not experienced the widespread adoption it had initially anticipated. The lack of mainstream adoption may be driving MIOTA holders to seek out projects with faster growth trajectories, like TCRV. Tradecurve Presale Continues Gaining Massive Momentum Tradecurve has captured the attention of the crypto community due to its groundbreaking decentralized finance platform, which is poised to disrupt the digital finance landscape. The platform is built on a foundation of advanced yield farming strategies, secure staking options, and an impressive tokenomics model, all designed to drive significant value for its holders. The growing interest in Tradecurve can be attributed to enhanced User Experience. The platform has prioritized traders by implementing an intuitive interface and seamless navigation. This approach ensures that both novice and experienced investors can take full advantage of the platform's features without any difficulties. Beyond that, there are also lucrative earning opportunities with a diverse array of high-yield investment options on Tradecurve which sets it apart from other DeFi projects. The native token of the platform is called $TCRV, and this token serves as a utility and a governance token on the platform. Tradecurve’s native utility token $TCRV has also been audited by Cyber Scope, whilst a team KYC was carried out by AssureDeFi further providing security and transparency to investors. Currently in its presale stage $TCRV is trading at $0.01, analysts predict that Tradecurve will surge 40x-50x once the token launches, providing investors and traders with a unique opportunity to generate fast profits from a transparent crypto project. Find out more about the Tradecurve (TCRV) presale here: Website: https://www.tradecurve.io/ Presale: https://app.tradecurve.io/sign-up Twitter: https://twitter.com/Tradecurveapp Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
296 days agocryptodaily
ETH Staking Deposits Report Sharp Increase, Outpace Withdrawals
With the Shanghai upgrade in the rearview mirror, Ethereum staking numbers have reported a sharp increase, outpacing ETH withdrawals by $189 Million. The numbers show that since the completion of the upgrade allowing stakers to withdraw their ETH, most users are eager to begin ETH staking. ETH Staking Sees Considerable Growth Ethereum completed the Shapella upgrade on the 12th of April. Following the completion of the upgrade, Ethereum has seen 2.32 million ETH deposited, while 2.28 million ETH has been withdrawn. This means there is a positive net flow of around 32,000 ETH. In just the past 24 hours, investors have deposited 192,000 ETH while withdrawing only 29,000 ETH. This also marks the first time since Shapella that the cumulative amount of staked ETH has exceeded the total ETH withdrawn. Additionally, there is also a significant uptick in the ETH burning rate. Over the past seven days, the network has seen 61,000 ETH burnt. This high burn rate can be primarily attributed to Uniswap, contributing to almost half of the ETH being burnt. ETH is the largest decentralized exchange by trading volume currently in operation. All of the data suggests that users are extremely bullish when it comes to staking with Ethereum. Analysts believe this is a good development for ETH. ETH being locked up for staking means there would be less ETH in the open market. Centralized Exchanges Drive Staking Withdrawals Looking at the breakdown of withdrawals, it is abundantly clear that centralized exchanges such as Binance, Conbase, and Kraken and driving them. According to data from Nansen, these exchanges are responsible for over 50% of withdrawals, totaling around 1.2 million ETH. In fact, Kraken alone has withdrawn about 609,410 ETH, while Binance and Coinbase have collectively withdrawn 624,650 ETH. Other centralized exchanges that have made sizable ETH withdrawals include Gate.io, Huobi, and Gemini. Gate.io has withdrawn 36,560 ETH, while Huobi has removed 53,040 ETH. Meanwhile, Gemini has withdrawn 24,200 ETH. Even bankrupt crypto lender Celcius has withdrawn 6000 ETH. The data has also shown that Kraken staking customers in the United States have been almost completely removed from the staking system. This is because of regulatory action against Kraken by the United States Securities and Exchange Commission (SEC). Kraken eventually settled with the SEC after paying a $30 million fine and shuttering its staking operations in the United States in February. Several entities are still waiting to withdraw their staked funds. Out of these, Coinbase is the largest, with around 55,000 ETH waiting to be withdrawn. Liquid Staking Protocols Make Significant Gains On the other hand, liquid staking protocols have made significant gains, with their total value locked (TVL) rising to over $16 billion. According to Nansen data, liquid staking protocols are responsible for most of the staked ETH. This category is dominated by Lido Finance, with its TVL rising by over 10% in the past month and going above the $12 billion mark. However, Lido’s growth rate is relatively tame compared to the growth of other protocols, such as Rocketpool and Frax Ether. Rocketpool has reported a growth of nearly 28%, while Frax Ether has reported an increase of almost 44%. This sees their TVL rise to $1.55 billion and $345 million, respectively. Liquid staling refers to users depositing their ETH into a protocol which then stakes it on the users’ behalf. In return, the user receives a token representing their staked positions. In the case of Lido, the token is stETH. According to Nansen, Lido’s staked ETH takes up 79% of the total market. Next in line is Coinbase, with 15%. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
298 days agocryptodaily
Deus Finance Stablecoin Contract Exploited For $6 million
Decentralized finance (DeFi) protocol Deus Finance has lost over $6 million due to a security breach on its stablecoin DEI (DEI). The hacker exploited a vulnerability in the BNB Smart Chain (BSC) on May 5th, according to blockchain security firm PeckShield. A bot initiated the hack on the BSC, which led to a more than $1.3 million loss. The attacker also targeted the Arbitrum network, with ARB/ETH deploymfents losing over $5 million. Security researchers claim the token contract had a basic implementation error as the root cause, over $DEI, which is a fractional reserve stablecoin forked from frax.finance. Update on DEI tokens security breachYesterday:In response to the security breach, all contracts were paused, and DEI tokens on chains were burnt to prevent further damage — DEUS (@DeusDao) May 6, 2023 Deus Finance is a decentralized marketplace that allows for digital and non-digital assets, such as commodities, to be traded on the Ethereum blockchain. The platform operates using a peer-to-peer bilateral agreement system, enabling digitized derivatives to be cleared directly between two parties in a trustless manner. Decentralized threshold-signature-based oracles help verify agreements by providing economic-driven third-party market observations. The marketplace uses an n-dimensional "request for Quote" system, which lets liquidity providers produce derivatives with their preferred rulesets, creating unlimited market access. Users can create an immutable "request for Quote" on the blockchain with their desired trade parameters, allowing third-party order matching engines to connect sellers with buyers. In Deus Finance's particular implementation, "n-dimensional" refers to a system that can have multiple variables or parameters influencing the outcome or decision-making process, where n represents an arbitrary number of dimensions, which can be customized to accommodate various factors or conditions.Such a system allows liquidity providers to create derivatives with their preferred rulesets, considering multiple parameters simultaneously, leading to a more flexible and personalized trading environment. This approach contrasts with traditional order book-based exchanges that typically use a single variable, such as price, to match orders and limit market variety. Deus Finance's $DEI has already lost its peg with the U.S. dollar last year. In response to the attack, the protocol paused all contracts and burned DEI tokens to prevent further damage. “We are currently in the process of comprehending the actual backing of DEI tokens,” said the Deus team on Twitter, adding that a “comprehensive recovery and redemption plan” will be created after a full analysis of the balances and snapshots. DEI is used as a collateral mechanism for third-party instruments built on the Fantom protocol. Its price dropped 30% over the past 24 hours, data from CoinMarketCap shows. The stablecoin is trading at $0.20 at the time of writing, losing its $0.30 peg. Last year, the stablecoin also lost its $1 peg after the Terra collapse. This is not the first time that Deus Finance has been hacked. The protocol was exploited in March 2022 in a flash-loan attack, resulting in over $3 million in losses in Dai (DAI) and Ether (ETH). At the time, PeckShield revealed the exploiters funneled the stolen funds using the crypto mixer Tornado Cash. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
301 day agocryptodaily
Curve Deploys Native Stablecoin On Ethereum Mainnet
On Wednesday afternoon, the highly anticipated crvUSD stablecoin was finally deployed on the Ethereum mainnet. crvUSD Live On ETH Mainnet The decentralized finance (DeFi) protocol, Curve Finance, has finally launched its much-awaited native stablecoin on the Etheruem mainnet. The token crvUSD is a collateralized-debt-position (CDP) stablecoin pegged to the US Dollar. The launch of the stablecoin token has had a direct positive impact on the protocol’s governance token. CRV has had a 7% hike and has reached the price tag of $0.97 in just a day. The news was first hinted at when blockchain data firm Etherscan revealed that a smart contract on the Ethereum blockchain had minted a total of $20 million worth of crvUSD tokens across five transactions in under five minutes. The Curve.Fi Team wallet soon after created a $1 million crvUSD loan using $1.8 million of frxETH, which in turn was issued by another DeFi protocol Frax Finance. Team Announces Deployment, Addresses Community Concerns The official confirmation of the matter happened later on Twitter, where the Curve team tweeted, “As many figured - deployment of crvUSD smart contracts has happened! This is not finalized yet because UI also needs to be deployed. Stay tuned!” The team also conducted a peer review of the deployed crvUSD tokens after a community member pointed out that veCRV was receiving zero fees. The team conducted a peer review, which unveiled an error in the deployment script. The team was transparent about this error on Twitter, even thanking the community member who had first pointed out the bug and decided to redeploy the crvUSD tokens. The community wanted more information about the deployed tokens, mainly how many of them were in circulation. However, the Curve.Fi team avoided answering that question directly, claiming that the total supply of crvUSD also included tokens that have not been released yet. The Long-Awaited Stablecoin The public has been waiting a long time for the protocol’s native stablecoin as it is one of the largest decentralized marketplaces, which focuses primarily on stablecoins. The company had announced its decision to develop its own dollar-pegged stablecoin last year, and ever since, the community has been anticipating the crvUSD. However, the stablecoin has not yet been integrated into the protocol’s user interface. As a result, the general public will not be able to access it just yet. According to someone in the know, the public release of the crvUSD stablecoin is “waiting on the front end,” which they said would happen soon. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
302 days agonulltx
Frax Share (FXS) and GMX (GMX) Resume Bearish Decline as Sparklo (SPRK) Readies for Uptrend
Frax Share (FRX) and GMX (GMX) offer investors little chance at a price swing, as the tokens are expected to continue their downtrends. This has heightened interest in the Sparklo presale, which offers uptrend price movement. Sparklo (SPRK): What is all the Fuss? The fuss around Sparklo stems from its unique fundamentals, which involve investing […]
311 days agocryptodaily
Binance Announces Launch Of Ether-Based Liquid Staking Product
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a new and significant upgrade to its ETH 2.0 staking service, which will be rebranded to ETH staking. From the 27th of April 2023, Binance will introduce the Wrapped Beacon ETH (WBETH) on the ETH staking platform. The WBETH Solution Binance unveiled its latest staking offering through a Twitter post on its official handle. “Introducing Wrapped Beacon ETH (WBETH) on #Binance ETH Staking, available from the 27th of April at 8 am UTC. WBETH allows you to use DeFi while continuing to receive your $ETH staking rewards.” The latest staking solution from Binance is built on the Ethereum Network and puts Binance in the company of other liquid staking products such as Coinbase, Lido, Frax, and Rocket Pool. The new WBETH tokens will allow users to participate in DeFi initiatives outside the Binance exchange. In an official announcement, Binance stated, “Binance is rebranding ETH 2.0 Staking to ETH Staking and introducing Wrapped Beacon ETH (WBETH) on the ETH Staking service, effective from 2023-04-27 08:00 (UTC). WBETH is a new liquid staking token, where 1 WBETH represents 1 BETH and the total staking rewards accrued by the BETH token on ETH Staking after 2023-04-27 08:00 (UTC).” A Few Details Following the launch, 1 WBETH token will be the equivalent of 1 BETH. According to Binance, users will be able to create WBETH by depositing 1 ETH and vice versa. Binance stated, “Each WBETH token will accrue ETH Staking rewards daily, in accordance with the daily APR on ETH Staking.” Furthermore, to support the daily updates when it comes to the BETH/WBETH conversion rates, the “wrap” and “unwrap” functions will be paused each day at a predefined time. Binance will also continue to support its BETH/BUSD, BETH/USDT, and BETH/ETH spot trading pairings. However, users can also keep their BETH tokens in their spot wallets and receive daily staking rewards, and utilize the WBETH tokens to participate in DeFi projects. Adding WBETH to Binance’s ETH staking service also gives users greater control over how they receive their staking payouts. The new token will allow users to access DeFi projects on other networks besides Binance. As a result, users can expand and diversify their crypto portfolios. Binance has stated that it has also created two smart contracts for the WBETH token, one for Ethereum and the other for the Binance Smart Chain. The Growing Popularity Of Liquid Staking Products Liquid staking products have gained significant popularity on Ethereum over the past couple of years. According to data from DeFillama, over 8 million ETH worth over $15 billion is locked into liquid staking derivatives. A majority of these assets, nearly 75%, are held by Lido Finance. Next in line is Coinbase’s wrapped ETG product, which has just over $2 billion locked. These are followed by Rocket Pool, which has just over $980 million locked; Frax, with nearly $300 million; and Stakewise, with over $160 million. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
327 days agocryptopotato
ETH Liquid Staking Tokens Drop 8% Daily, Bitcoin Stalls at $28K: Weekend Watch
Lido DAO and Frax Share are the two poorest performers today.

About Frax?

The live price of Frax (FRAX) today is 1.0009 USD, and with the current circulating supply of Frax at 649,462,235.51 FRAX, its market capitalization stands at 650,055,459 USD. In the last 24 hours FRAX price has moved ? USD or 0.00% while ? USD worth of FRAX has been traded on various exchanges. The current valuation of FRAX puts it at #126 in cryptocurrency rankings based on market capitalization.

Learn more about the Frax blockchain network and how it works or follow the price of its native cryptocurrency FRAX and the broader market with our unique COIN360 cryptocurrency heatmap.

Frax (FRAX), launched in November 2020 by Frax Protocol, is said to be an innovative fractional-algorithmic stablecoin, pegged to the US Dollar at a 1:1 ratio.  

Collateralized stablecoins lack capital efficiency while fully-algorithmic stablecoins are fragile and prone to de-pegging (e.g. UST) during volatile market movements. That’s why FRAX uses the ‘Fractional-Algorithmic’ stability mechanism. Frax aims to be a unique stablecoin protocol that implements the design principles of both collateralized and algorithmic stablecoins to deliver a highly stable, trustless and scalable on-chain solution for value transfer.

It is currently implemented on Ethereum as well as 12 other blockchains including Polygon, BNB Chain, Fantom, Harmony and Avalanche. At the time of writing, only stablecoins like USDC are accepted by the protocol as collateral. That said, plans are underway to also allow more volatile crypto collaterals like Wrapped Bitcoin (WBTC) with increased adoption in the future.

FRAX price

As FRAX coin was always meant to retain its dollar peg, its price has stayed mostly in the vicinity of $1 ever since its launch. On occasions when it has veered slightly from its peg, owing to various internal and external factors, these fluctuations haven’t been beyond 3 cents up or down. According to our FRAX live price chart, FRAX coin’s closing price has always stayed with the range of $0.97 to $1.03. We are yet to witness any steep falls or rises.

Nonetheless, there have been intraday drops and spikes on multiple occasions, with the FRAX price reaching its all-time high of $1.14 on Feb. 7, 2021, and an all-time low of $0.89 on Dec. 4, 2021. At its ATH, FRAX’s fully diluted valuation was well over $1.5 billion.

How FRAX works

The Frax protocol features a two token system — comprising of Frax (FRAX) the stablecoin and Frax Shares (FXS), its governance token that accrues excess collateral value, seigniorage revenue and protocol fees. There’s also a pool contract that holds the USDC collateral, and different pools can be introduced and removed through the protocol’s governance mechanism.

Frax v1, the first iteration of the protocol, used a banking algorithm that dynamically adjusted the collateral ratio based on the market price of FRAX. The collateral ratio would decrease (‘decollateralization’) if the FRAX price would be over $1, and increase if it would fall below $1 (‘recollateralization’). This fractional-stability mechanism is referred to as the ‘Base Stability Mechanism’.

Frax v2, launched in March 2021, introduced the concept of ‘Algorithmic Market Operations Controller’, thus expanding the above-explained idea of fractional-algorithmic stability. An AMO module can be defined as an autonomous contract that implements an arbitrary monetary policy while ensuring that the FRAX price doesn’t go off its $1 peg. Although AMO controllers can algorithmically perform open market operations, they can’t mint FRAX and break the peg.

While Frax v1 employed one Algorithmic Market Operations Controller (AMO) for accomplishing base stability, and thus, conceptualized the fractional algorithmic stablecoins, Frax v2 serves as a building block for a programmable monetary policy. In Frax v2, AMOs are smart contracts that execute stablecoin monetary policies without impacting the FRAX price and collateral ratio. These AMOs leverage the protocol’s assets and automate their movement to various capital-efficient DeFi protocols. All these AMOs run atop run atop the ‘Base Stability Mechanism’. There are four AMOs currently implemented by the protocol - Collateral Investor AMO, Curve AMO, Uniswap v3 AMO and FRAX Lending AMO – while two more are still under development.

At the core, FRAX is an ERC-20 stablecoin, which being the digital version of USD, can be used for trading, borrowing and lending of digital assets. It is also used as a hedge mechanism for minimizing exposure to volatile crypto market conditions.

FRAX news, updates and highlights

Sam Kazemian, the co-founder of Frax, highlighted in a December 2021 interview to Cointelegraph that authorities have always been too harsh on fiat stablecoins, and that this category of crypto assets bears the maximum brunt of regulatory scrutiny. He stressed that Frax will always keep complying with the regulatory requirements by just existing and staying fully decentralized. The news came amidst concerns that fiat stablecoins may require banking licenses to operate in the future.

In another FRAX news, in April 2022, Terra and Frax-backed 4Pool went live on Fantom Network, attracting $31 million TVL within a few hours of launch. The Curve-based yield farm 4Pool, created as a result of a governance vote on Curve, was paying daily yields of almost 0.5% after launch. It held close to $9.7 million in FRAX funds. Sam Kazemian, co-founder, Frax, said that FRAX looked forward to supporting all projects that incorporated 4Pool for their liquidity needs and stablecoin yield.

However, since the Luna and UST crash, stablecoins, especially algorithmic ones, have come under increased scrutiny.

Frequently asked questions about FRAX

  • Can you mine or stake FRAX?

Although you cannot mine FRAX coins, it is possible to stake them for staking rewards. You can learn more here.

  • What are some of the best FRAX wallets?

You can store your FRAX coins in any ERC-20 compatible crypto wallet, including Trezor, MetaMask, Atomic Wallet and Ledger.

  • What can you do with FRAX cryptocurrency?

You can use FRAX to hedge against volatile market movements. It is also actively used for trading, lending and borrowing crypto assets.

  • How can you buy FRAX coins?

You can buy FRAX from various well-known crypto exchanges, with fiat currency, or crypto coins like USDC, USDT, ETH, BTC and more.

Frax Price1.0009 USD
Market Rank#126
Market Cap650,055,459 USD
24h Volume33,744 USD
Circulating Supply649,462,235.51 FRAX
Max Supply131,992,706 FRAX
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