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0.00004071 BTC
Market Cap (Rank#51)
57,878 BTC
Vol 24h
7.890138 BTC
Circulating Supply
Max Supply
7 days agocryptodaily
Ethical Hackers Return $9 Million To Nomad Following Exploit
“White hat” or ethical hackers that safeguarded the funds on behalf of Nomad during the attack on the cross-chain bridge have begun returning the funds to a wallet address belonging to the company according to a report by blockchain security firm PeckShield. Thus far, about $9 million has been returned, amounting to 4.75% of the total loss. Following an attack on the cross-chain token bridge Nomad that saw more than $190 million in funds stolen, the company published a wallet address on Wednesday for the recovery of the tokens. Data from Etherscan shows that almost $9 million of the total funds have been returned. Tokens returned so far include $3.75 million in USD coins, $2 million in Tether, $1.4 million in Covalent Query tokens, and $1.2 million in Frax. The majority of the funds have come from known Ethereum Name Service domain wallet addresses, and these individuals are among the 300 wallets that took part in the hack. However, unlike the hackers, ethical hackers took swift action to ensure the safety of Nomad’s funds during the incident after the protocol requested that they return funds in a Tweet following the attack. The Tweet reads, Dear white hat hackers and ethical researcher friends who have been safeguarding ETH/ERC-20 tokens, Please send the funds to the following wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154. In a statement included in the Tweet, it said, We are actively working with a leading chain analysis firm and law enforcement to trace funds. All involved are prepared to take necessary action in the coming days. If you took ETH/ERC-20 tokens with the intention of returning them, we now have a process for you to do so. Cryptocurrency custodian Anchorage Digital has been tasked to handle and safeguard the returned tokens. 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.
16 days agocryptodaily
Klaytn Lending Platform KLAP Launches Its Native Token
Klaytn Lending Application (KLAP) has released its native token. The second largest dApp on the Klaytn blockchain, KLAP grew to become the leading lending and borrowing protocol within days of its May launch. Now, its eponymous KLAP token is being distributed to early users of the platform. Klaytn Users Catch KLAP The native token of KLAP protocol will have a total circulating supply of 1 billion, but just a fraction of that will be distributed initially – 6% to be precise. That’s calculated to be enough to seed initial liquidity pools, and to reward early users of the KLAP platform, leaving the bulk of the tokens to be distributed as rewards over time. The token became available for trading on decentralized exchange ClaimSwap on July 25 at 22:00 ET. KLAP will serve as a governance token, as is standard practice for protocols issuing a native token. This will enable KLAP holders to vote on key decisions concerning new liquidity pools, reward rates, protocol upgrades and suchlike. There’ll also be a lot more that can be done with KLAP however. The KLAP team has decided to go down the “ve” token route that was made famous by Curve and then adopted by such protocols as Frax Finance. In this system, users who lock up their tokens through staking for a lengthy period of time will be awarded ve tokens which are a virtual representation of their holdings; veKLAP in this case. While ve tokens can’t be sold on the open market, they do entitle the owner to other benefits such as yield boosters on liquidity mining rewards for both lending and borrowing. DeFi Gains Ground on CeFi Decentralized finance, which stagnated through late 2021 and early 2022, has begun to show signs of innovation once more. Trust in DeFi protocols has also risen, stirred by the spectacular collapse of CeFi apps such as Celsius and lenders like BlockFi and Voyager. The mantra “not your keys, not your coins” has been brought sharply into focus, sending retail users flocking to DeFi lending platforms such as Aave, Compound, and KLAP en masse. The EVM-compatible Klaytn blockchain has been a huge hit in Asia, with more than a million wallets created since launch, even if it is less known in the West. The maturation of smart contract blockchains can be seen in the time it takes them to acquire a complete set of DeFi primitives including platforms for trading, derivatives, lending, and NFTs. With KLAP taking care of the borrowing and lending side of things, Klaytn now has a full stack, and it’s got the users too. Tokens such as ETH, KLAY, and WBTC can already be posted as collateral on Klaytn Lending Application, whose TVL stands at $106 million. KLAP will soon be added to that list, enabling depositors to provide liquidity to earn a passive income, and borrowers to obtain collateralized stablecoin loans. Only KlaySwap DEX has more liquidity locked on Klaytn. KLAP will be hoping the launch of its native token can propel it to the top of the dApp charts. 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
17 days agocointelegraph
Stablecoin projects need collaboration, not competition: Frax founder
As long as stablecoin “liquidity is growing proportionally with each other," there won’t ever be true competition between stablecoins, says Frax Finance's Sam Kazemian.
44 days agocryptodaily
Harmony Trying To Win Back Stolen Funds, CEO Explains Attack
Harmony Protocol has offered a $1 million bounty for a return of stolen funds and any information regarding the hack that attacked the protocol last week. Fund Return Request Promises No Charges The Harmony team has offered the bounty for the return of the $100 million worth of altcoins stolen from the hack of the Horizon bridge last week, claiming that it will not press any criminal charges against the perpetrators. The call is also for sharing further information on how the hack happened. So far, the team has been able to deduce that the hackers were able to compromise private keys and gain access. The team tweeted, “We commit to a $1M bounty for the return of Horizon bridge funds and sharing exploit information…Harmony will advocate for no criminal charges when funds are returned.” The hack targeted altcoins like Frax, Wrapped ETH, Aave, SushiSwap, Frax Share, AAG, Binance USD, Dai, Tether, Wrapped BTC, and USD Coin. Tokens worth $100 million were channeled into one wallet, and swapped for ETH on Uniswap. Crypto Community Calls Out Lowball Offer However, the disproportionate bounty amount has taken the crypto community by surprise. The consensus among the masses is that the offered $1 million is just a drop in the ocean for the return of a $100 loot amount. The Twitter community believes that the offer amount should be much higher to be seriously considered. Some Twitter users responded to the announcement with - “Didnt they take about 100 million? What the h*ll is 1 million gonna do?” “Really? Only 1M out of 100M? I feel like you gotta offer at least 8M to be taken seriously.” “I doubt 1m will suffice the hacker, might need to up for and hope they answer.” How Was The Bridge Hacked? The Harmony bridge has previously been called out for the lack of stability offered by its multisigs. Reportedly only two of the four multisigs secured the bridge. Therefore two signees could easily gain access to control the funds. However, the Founder and CEO of Harmony Protocol, Stephen Tse has clarified that neither have any vulnerabilities been discovered on the Horizon platform, nor was there any hint of a smart contract breach. According to Tse’s tweets, the root of the vulnerability lay with some compromised private keys. He tweeted, “Our consensus layer of the Harmony blockchain remains secure…The team has found evidence that private keys were compromised, leading to the breach of our Horizon bridge. Funds were stolen from the Ethereum side of the bridge.” He explained that despite being double encrypted, the private keys were accessed and then decrypted by the attacker, who used them to authorize the malicious transactions. 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.
47 days agocryptodaily
Hackers Steal $100M In Harmony Horizon Bridge Exploit
Harmony’s cross-chain protocol, the Horizon Bridge, has been hacked, leading to a loss of funds of around $100 million. Stolen Altcoins Swapped For ETH Earlier today, the Horizon Bridge, which facilitates token transfers between Harmony and the Ethereum network, Binance Chain and Bitcoin, was targeted by hackers. They conducted a series of eleven transactions that siphoned off various altcoins. The tokens were then sent to a different wallet, from which they were swapped for Ether (ETH) on the Uniswap decentralized exchange (DEX). Around $100 million worth of funds were stolen through altcoins like Frax (FRAX), Wrapped Ether (wETH), Aave (AAVE), SushiSwap (SUSHI), Frax Share (FXS), AAG (AAG), Binance USD (BUSD), Dai (DAI), Tether (USDT), Wrapped BTC (wBTC), and USD Coin (USDC). The news broke when the Harmony team tweeted about it this morning, “The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.” Team Discloses Initial Info According to the statements from the Harmoney team, the hack will not affect the trustless BTC bridge and the funds and assets stored in the decentralized vaults. The team has also identified the wallet, which was responsible for swapping the stolen tokens for ETH, and has disclosed the address on Twitter. They also announced that necessary actions have been taken to prevent further transactions by notifying exchanges and pausing the Horizon bridge. Finally, the team also announced that it is closely working with national authorities and forensic specialists to identify the culprits behind the hack and will soon disclose a post-mortem report. Multisig Concerns Valid The community had previously raised concerns about the stability of the bridge’s multisig wallet on Ethereum. Reportedly only two of the four multisigs secured the bridge, indicating that two signees were enough to move funds away. An industry expert had even pointed this out on Twitter back in April, saying that the low number of required signers leaves the bridge vulnerable to a significant hack. The fact that the bridge was actually exploited only vindicates these concerns that were raised months ago. Multisigs have been posing serious security threats. For example, Axie Infinity’s Ronin Bridge was hacked when hackers took control of the required five out of the nine validators and stole over $600 million in assets. Another cross-chain protocol, Wormhole, was also attacked when the hackers exploited a vulnerability in the bridge. 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.
48 days agocryptopotato
Harmony Bridge Hacked, $100 Million Worth of Ethereum Lost
A variety of tokens were stolen using this exploit, ranging from wBTC and wETH to AAVE, FRAX, and several stablecoins among other tokens.
99 days agocointelegraph
Markets are weak, but ALGO, FXS and HNT book a 20%+ rally — Here’s why
Algorand, Frax Share and Helium staged brief double-digit rallies in an otherwise stagnant market, thanks to a major partnership and new project developments.
106 days agocryptodaily
NEAR Protocol’s USN Stablecoin Goes Live
The decentralized stablecoin, called USN, was launched on the NEAR Protocol mainnet today, led by the Decentral Bank DAO. Another Stablecoin Joins NEAR Ecosystem The news of the launch was announced in a statement by NEAR’s DeFi arm, Proximity Labs, confirming a prior report that the stablecoin was in development. While the NEAR Protocol is a scalable Layer 1 blockchain, the USN is a decentralized stablecoin that is soft-pegged to the dollar but does not hold cash reserves. Basically, it functions similar to TerraUSD (UST) and Frax Finance (FRAX). To mint the USN stablecoin, users need to deposit NEAR tokens as collateral. DAO-Led Stablecoin The DAO in charge of the USN stablecoin is the Decentral Bank, which is working in tandem with Proximity Labs. The DAO earns revenue of 11% by staking NEAR tokens with security validators. 10% of this annual revenue will be paid via USN. Therefore the actual USN yield will vary according to the NEAR staking percentage and the market value of the tokens. In fact, ‘first lenders’ could rake in much more through incentives. The Decentral Bank DAO is planning to assist the stablecoin through an arbitrage system to ensure that USN trades around $1 worth of NEAR tokens. The DAO is also putting forth a reserve fund with an undecided amount of NEAR and USDT tokens owned by the DAO treasury. NEAR Protocol x Terra (UST) The NEAR Protocol has been partnering with other stablecoins and integrating them on its platform. Back in November 2021, the NEAR team announced that it was working with Terra to integrate its UST Stablecoin on NEAR and Aurora. The integration was born out of a partnership between leading DeFi protocols Rose and NearPad, and Terra. This integration allows users to bridge assets directly from Terra to Aurora by using Allbridge. Additionally, incentives will also open up to allow users to directly deposit UST liquidity into the protocols to be accessed by the NEAR and Aurora communities. Crypto Investors Flock To NEAR The protocol has also been successfully raising capital through multiple consecutive funding rounds that have attracted many crypto-native investors. Earlier in April, it raised $350 million of investment in its latest round, led by US-based investment company Tiger Global. It also saw contributions from Republic Capital, FTX Ventures, Hashed, and Dragonfly Capital. The goal of the protocol is rapid decentralization of the NEAR ecosystem, a mission that the crypto investment market is more than happy to support. The team had previously raised $150 million in a private token sale held just four months ago, with participation from Su Zhu’s Three Arrows Capita, Mechanism Capital, Dragonfly Capital, Andreessen Horowitz (a16z), Jump, Alameda, Zee Prime, and Amber Group. 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.
111 days agocryptodaily
Tron Founder Announces Launch Of Decentralized Stablecoin USDD
Tron Founder Justin Sun has announced the launch of a decentralized algorithmic stablecoin, USDD. Sun announced the news on Twitter and in an open letter to the community, stating that the new decentralized stablecoin could help decentralize the blockchain world’s most centralized territory. According to the announcement, the new decentralized stablecoin will be available on Tron from the 5th of May. Details Of The Stablecoin The new USDD stablecoin will operate differently from traditional stablecoins such as the USD Coin (USDC) and Tether (USDT), which are backed by fiat (USD) and other assets maintained in an account. The new USDD stablecoin will be an algorithmic stablecoin, similar to TerraUSD (UST) and Frax Finance (FRAX). Initially, the USDD will be issued as a TRC token on Tron’s network. The USDD stablecoin will utilize a similar system to the algorithmic stablecoins and maintain its peg to the USD. Explaining the mechanics behind the USDD stablecoin, Sun stated, “When USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX. When USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralized system and receive 1 USDD.” Sun has claimed that USDD’s algorithm will allow the stablecoin to maintain its peg against the Dollar irrespective of prevailing market conditions. A $10 Billion Backing The Tron DAO, a decentralized autonomous organization (DAO), will handle the USDD stablecoin, administering a reserve with an interest rate of 30%. The DAO will also provide custody reserves of up to $10 billion. These assets will be highly liquid and serve as collateral backing for the USDD stablecoin. This approach is similar to the one taken by the Founder and CEO of Terraform Labs, Do Kwon, who has announced plans to acquire $10 billion of Bitcoin, which would act as reserves for UST. However, Sun has not clarified which assets would be serving as collateral for the USDD, only stating that the assets would be highly liquid and raised from initiators of the blockchain industry. Favorable Reception Justin Sun’s Tron stablecoin initiative was met favorably by Do Kwon, who stated “decentralized economies deserve decentralized money” and went on to say that soon, every blockchain would run on decentralized stable currencies. According to Sun, the USDD stablecoin will be available on BNB Chain and Ethereum, launched through BitTorrent Network’s cross-chain protocol. The Need For A Native Stable Currency Sun explained why it was important to have a native stable currency on Tron, stating that the gradual expansion of the USDT transaction volume heralded the need for USDD. USDT has gained significant popularity on the network thanks to traders looking for arbitrage opportunities without having to pay much in terms of transaction fees. The Tron Ecosystem Tron has seen significant growth over the years, with over 87 million on-chain users and around 3 billion transactions in its ecosystem. Tron’s circulating supply of TRC-20 USDT has now exceeded that of ERC-20 USDT, making Tron the largest stablecoin network in the world. Tron holds over $55 billion in financial assets, which include on-chain stablecoins, and has also settled and cleared financial transactions worth $4 trillion. 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.
112 days agocoindesk
Frax, Terra-Backed 4pool Goes Live on Fantom Network, Attracts $31M
Frax is working on supporting Fantom projects interested in joining the yield pool, its founder confirmed.
114 days agocryptosrus
Three Resilient Altcoins For The Week Of April 18th
Bitcoin and the crypto markets are breaking down today, giving these three resilient altcoins the stage to showcase their strength. Covered: Monero (XMR) Frax Share (FXS) Binance Coin (BNB) RECOMMENDED: MONERO PUMPS AS INVESTORS TURN LEARY OF CBDC OVERREACH Monero (XMR) As the geopolitical landscape faces greater uncertainty, Monero (XMR) has proven itself as a […] The post Three Resilient Altcoins For The Week Of April 18th appeared first on CryptosRus.
120 days agocryptodaily
What Are Stablecoins & What Makes Them ‘Stable’?
Cryptocurrencies like Bitcoin, Ethereum, and others can be excellent investments for those looking for a big return, but their incredible volatility can also be a drawback at times. Because the value of Bitcoin and other cryptos fluctuates so wildly, often gaining or losing thousands of dollars in the space of a few hours, it can cause big headaches for investors at the wrong end of a price movement. So much so that they need a way to exit their position quickly, rather than risk maintaining it overnight when anything could happen. Previously the best thing investors could do was cash out overnight. But transferring crypto to fiat is a time-consuming process that often incurs not insignificant fees. Hence, the world’s first stablecoins were born. Stablecoins are the crypto-equivalent to fiat currencies like the U.S. dollar, Euro, or Japanese yen. They can be trusted to hold their value over time and also provide a way to easily transfer that value. For example, Bitcoin investors can quickly convert their holdings to a USD stablecoin, then invest that amount elsewhere when they feel the time is right. It can be transferred to a different exchange or wallet with ease, much faster than Bitcoin transactions occur. It can also be withdrawn more easily or spent at certain vendors. Stablecoins were a big boon for crypto traders when they first emerged in the middle of the 2010s. It provides a way for them to instantly cash out and sleep peacefully without needing to stress over how their position might be affected in the morning. They also give investors a way to hold part of their portfolio in cash, so they’re ready to buy whatever asset they need at a moment’s notice. The vast majority of stablecoins peg their value to the U.S. dollar, though there are many that peg themselves to alternative fiat currencies such as the Euro, the GBP, the IMF’s SDR, assets such as gold, and even to other cryptocurrencies, such as the unique Wrapped Bitcoin crypto. That said, there are a number of stablecoins that appear to stand out from the crowd, proving extremely popular with investors. We’ve highlighted a few of them below. Acala (aUSD) aUSD is the stablecoin of Acala, which is an emerging DeFi hub project on the Polkadot blockchain. It is designed to allow users to transfer value that’s pegged 1:1 with the USD across any parachain within Polkadot’s ecosystem. The stablecoin is based on the Honzon protocol, which is similar to other protocols in that it requires collateralization before new tokens can be minted. However, aUSD is notable for being a multi-collateralized token that can be backed by Polkadot’s native DOT token, BTC, ETH, KSM and various other ERC-20 tokens. To mint new aUSD, users must take out a loan from Acala using one or more of those cryptocurrencies as collateral, and they’ll be required to pay interest on the loan. However, unlike other protocols, Honzon uses various mechanisms that ensure stability and manage the risks that arise from the fluctuating value of the underlying assets. The advantage aUSD has over other stablecoins is it has full access to Polkadot’s ecosystem of parachains, allowing it to transfer value across them in seconds. It can therefore perform many functions easily. For instance, aUSD allows users to earn interest by lending aUSD via several different DeFi protocols within the Polkadot ecosystem. Users can also trade aUSD through various decentralized exchanges, benefiting from higher liquidity thanks to its cross-chain nature. Finally, aUSD is secured by the shared security model of Polkadot TerraUSD (UST) The primary stablecoin of the Terra blockchain, TerraUSD is not backed by any on-chain asset, but rather maintains its 1:1 peg with the USD by using an algorithm that manages its money supply. So, when 1 UST falls lower than 1 USD, the system mints and auctions mining power to buy back and burn UST to reduce the overall supply and increase its value. On the other hand, it can also expand its supply when 1 UST overtakes 1 USD, buying back mining power with UST until the target peg is reached. TerraUSD is trustworthy as its source code has been successfully audited by third-party security firms. The protocol can also support other stablecoins, so if the community decides to do so it can create TerraEUR, TerraJPY and others. Furthermore, atomic swaps are also supported, meaning those stablecoins can be exchanged at their market exchange rate. That makes Terra stablecoins highly scalable and liquid. TerraUSD’s anchor protocol allows stablecoin holders to borrow and save, while other users can take out loans in exchange for other cryptocurrencies. It also boasts a mirror protocol for users to issue and swap synthetic assets for real-world assets, without any physical backing. Terra is working to add cross-chain functionality to TerraUSD so it can work with other blockchains like Ethereum and Binance Chain. Magic Internet Money (MIM) The protocol enables users to collateralize digital tokens, including interest-bearing tokens, and mint MIM, a stablecoin that runs on multiple blockchains, including Avalanche, Arbitrum Binance Chain, Ethereum and Fantom. MIM’s goal is to give users a way to farm yield more efficiently. It relies on a special protocol that allows users to provide collateral using interest-bearing coins, known as ibTKNS. Users can obtain ibTKNS by staking regular tokens to yield farms such as Sushi and Yearn. For doing so, they receive illiquid ibTKNs (like yvUSDC) that are essentially receipts of their deposits. These must be returned back to the yield farm to claim back the original deposit plus interest. MIM uses ibTKNS because they accumulate interest over time, thus increasing their value slowly but surely as users pay back the interest on the MIM loans they take out. This is different from other stablecoins, which are minted via deposits of liquid assets. Some examples of ibTKNS include yvYFI, yvUSDC, yvUSDT, xSUSHI and yvWETH, which can be collateralized and then injected into the system in return for newly minted MIM. MIM can then be linked to all of the above blockchains and traded. In this way, MIM enables DeFi users to transform stranded capital back into liquid assets that can be traded or used in other ways. Previously, interest-bearing tokens had no use cases. Tether (USDT) Tether is the best-known stablecoin in the crypto world but despite this, it has fewer use cases and is somewhat less trustworthy than the proven protocols we’ve covered so far. Tether was created by Tether Holdings Ltd., a Hong Kong-based company. It runs on the Omni protocol, a second layer on Bitcoin’s blockchain, and on other chains such as Ethereum and EOS. Tether Holdings claims that each USDT token issued is backed by fiat deposits in its traditional bank accounts, thereby maintaining its 1:1 peg with the USD. Tether allows its assets to be evaluated once a quarter (four times a year) by an independent auditing firm. It also publishes daily reports on its bank balances, though these are unaudited. Despite these measures, Tether was previously fined for lying to its customers that it had sufficient fiat holdings to back all USDT it had issued. Tether’s popularity stems from the fact it had first mover advantage as the first stablecoin in existence. It has also built up a strong ecosystem simply from being the first and is traded on all major cryptocurrency exchanges in the world. There is one concern regarding Tether that may dissuade some users. USDT is somewhat unique in its ability to be able to blacklist wallet addresses if it believes they are involved in fraudulent activities. While some users may appreciate Tether’s attempt to combat fraudsters and money launderers, they may be less than happy if their own USDT wallet becomes blocked for unsubstantiated reasons. Tether hasn’t publicly explained what kind of activity might lead to a wallet getting blocked, but the very fact it can block specific users goes against the ethos of decentralization that many crypto users favor. USD Coin (USDC) Similar to Tether, USD Coin is fully backed by cash and equivalents and short-duration U.S. Treasuries, according to its parent companies Circle and Coinbase. USDC, like Tether, is available on multiple blockchains including Ethereum, Solana, Stellar, TRON and Algorand. USDC is also audited on a monthly basis, more consistently than USDT. Moreover, its code is completely open-source and available to all. Notably, USDC’s backing from two of the biggest crypto/payments companies in the U.S. gives it a lot of credibility, and use cases and has, in turn, helped to accelerate adoption. For instance, USDC is already available on more than 50 crypto exchanges, including most of the biggest ones. That being said, some users may be concerned that, like Tether, USD Coin also reserves the ability to blacklist wallets that it deems to be involved in fraud or money laundering. Frax (FRAX) Frax proudly proclaims itself to be the world’s first fractional-algorithmic stablecoin, which means it uses characteristics from both the collateralized and algorithmic stablecoin models. Whereas collateralized stablecoins simply maintain deposits equal to the amount of tokens minted, algorithmic stablecoins use mathematical algorithms to maintain their peg. Typically, this is done through automated monetary policies that are used to manage coin supply, in order to alter the value of the token to match its pegged asset. Frax’s unique fractional-algorithmic model is built on two assets - the FRAX stablecoin, which is pegged to the USD at a 1:1 ratio, and Frax Shares (FXS), a governance and utility token. While FXS is used for governance, voting, and staking, its main purpose is to enable minting of FRAX stablecoins. The minting and redeeming mechanisms are the keys to FRAX maintaining its stable USD peg. Any user who supplies FXS tokens can mint FRAX, receiving a number of tokens according to whatever the Frax collateral ratio is at that time. So, if the ratio is at 50%, they can mint 1 FRAX by supplying $0.50 worth of FXS tokens. The mechanism applies the same in reverse if a user wants to redeem their FRAX for USDC or the FXS they initially supplied. What’s key is that when new FRAX are minted, the FXS tokens are burned proportionally to the uncollateralized amount. So, by minting FRAX, the circulating supply of FXS is reduced. However, there is a constant flow of FXS being minted by numerous liquidity providers in the Frax ecosystem, so the supply is actually growing continuously to exert downward price pressure. This explains why the Frax collateral ratio is constantly adjusted. Though the theory is that as adoption increases, more FRAX tokens will be minted, meaning that more FXS will be burned and removed from circulation. So if the circulating supply of FRAX increases as expected, the balanced supply and demand should create a more resilient tokenomics model that ensures price stability for FRAX.
125 days agocoindesk
Frax Stablecoin Backing to Feature Layer 1 Tokens, Real-World Loans
Using real-world assets will allow Frax’s products to operate as intended even in a bear market.
128 days agocryptosrus
Keep An Eye On These Three Altcoins From The Top 100
Let’s take a look at the past week’s top performers and see which three altcoins are showing the greatest strength. Covered: Zilliqa (ZIL) Frax Share (FXS) STEPN (GMT) RECOMMENDED: THIS IS WHERE JP MORGAN THINKS THE METAVERSE IS GOING Zilliqa (ZIL) The first token making it on this week’s list of the top three altcoins […] The post Keep An Eye On These Three Altcoins From The Top 100 appeared first on CryptosRus.
128 days agocoindesk
Frax Finance’s FXS Jumps as Terra Introduces Stablecoin Pool ‘4pool’
Liquidity from four major protocols would be used to make Curve’s 4pool attractive for users.
173 days agocryptosrus
What Is Frax, And Why Is It Airdropping A Stablecoin?
With the news of the upcoming Frax Finance airdrop of a CPI-linked stablecoin, let’s take a look at what exactly Frax Finance and its stablecoin are all about.  Covered: Frax Airdrop What Is Frax? How Frax Works FXS Governance Token Future Of Frax Protocol Frax Airdrop Frax Finance announced that it is airdropping their CPI-linked […] The post What Is Frax, And Why Is It Airdropping A Stablecoin? appeared first on CryptosRus.
215 days agocointelegraph
Crypto regulation concerns make decentralized stablecoins attractive to DeFi investors
The threat of stablecoin regulation and USDT and USDC centralization are making decentralized stablecoins like MIM, FRAX and UST attractive to DeFi investors.
223 days agocointelegraph
Frax Share, Swipe and Gnosis lead the altcoin market as Bitcoin recovers to $47.5k
Data from Cointelegraph Markets Pro shows FXS, SXP and GNO posting double-digit gains as BTC bulls look to recover support at $47,500.
244 days agocointelegraph
Inflation benchmark Frax Price Index to launch on Partisia blockchain
By using crowdsourced price oracles, the developers behind Frax and Partisia hope to accomplish a more complete picture of the current inflation environment.
245 days agocointelegraph
Frax co-founder Sam Kazemian believes stablecoin regulations are currently too harsh
He clarified that it's mostly fiat money stablecoins that bear the brunt of this regulatory scrutiny.
275 days agonulltx
Frax Share Price Up 22%, Over 84% Of the Circulating Supply Gets Locked Up
Frax Share price is up 22.1% today, making it the biggest gainer on With a market cap of over $353M and rising, let’s take a closer look at Frax and see why the FXS price is up over 59% this week. What Is Frax Share? Frax is a protocol for the first fractional-algorithmic stablecoin. […] The post Frax Share Price Up 22%, Over 84% Of the Circulating Supply Gets Locked Up appeared first on NullTX.

About Frax

The live price of Frax (FRAX) today is 0.997806 USD, and with the current circulating supply of Frax at 1,421,695,664.42 FRAX, its market capitalization stands at 1,418,576,993 USD. In the last 24 hours FRAX price has moved -0.001584 USD or -0.00% while 170,783 USD worth of FRAX has been traded on various exchanges. The current valuation of FRAX puts it at #51 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 Price0.997806 USD
Market Rank#51
Market Cap1,418,576,993 USD
24h Volume193,387 USD
Circulating Supply1,421,695,664.42 FRAX
Max Supply131,992,706 FRAX
Yesterday's Market Cap1,418,639,200 USD
Yesterday's Open / Close0.999434 USD / 0.99785 USD
Yesterday's High / Low0.999629 USD / 0.994958 USD
Yesterday's Change
0.00% ( 0.001584 USD )
Yesterday's Volume170,782.73 USD
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