WETH(WETH)

According to customer emails, the changes will go into effect starting Nov. 30.

Tashi and Swing will integrate Wormhole bridged tokens for USDC, USDT, wETH, and others, potentially making Cosmos DeFi easier to use.

The breach is yet another hack impacting the crypto space and highlights the constant risk faced by the ecosystem.

Delphi Digital co-founder Kevin Kelly believes a recent change in a key U.S. manufacturing business index could be one of the bellwethers for a crypto bull run.

Steadefi has become the latest DeFi entity to be hit with an exploit, with the company stating in a tweet on X that all the funds it currently holds are at risk of becoming irrecoverable. Recent hacks have taken a toll on the space and have put considerable strain on public trust in DeFi apps. Details Of The Hack News of the attack first became public on the 7th of August, when it emerged that the decentralized finance app was hit by an exploit of at least $334,000. While the attack was ongoing, the protocol’s development team put out a message on X, stating that the attack had put all funds held on the platform at risk and they could become irrecoverable. As a result, the app’s total value locked (TVL) fell off a cliff, according to data from DefiLlama. The team posted a message stating, “NOTICE: Steadefi has been exploited, and all funds are currently at risk.” The team, while confirming the attack, posted a follow-up message on X and explained how the attack occurred. According to the message, the hacker managed to gain access to the private key of the team’s deployer wallet and perform OwnerOnly functions. After gaining access to OwnerOnly functions, the hacker executed several OwnerOnly actions, such as allowing any wallet to borrow funds from lending vaults. The team further stated that the attacker managed to drain all loanable funds. However, it assured users that all collateral held in vaults and not lent out was secure. This is because the app does not contain OwnerOnly functions to remove deposits. This means those users who deposited funds to the app’s “strategy” vaults could withdraw some of their funds. Farming Contracts Stopped Meanwhile, the hacker also stopped farming contracts through an OwnerOnly function. This means all users who deposited svTokens or ibTokens to farms are currently unable to withdraw their funds. The post states that the funds are essentially stuck in the app’s contracts, with token holders who deposited into the farms left in the lurch. According to details currently available, the tokens transferred to the address in question include 130,429 USD Coin, 3.39 BTC, 6184 Avalanche (AVAX), and 15 Wrapped Ether (WETH). Apart from the Wrapped Ether, all other tokens were immediately swapped for WETH. The attacker then bridged 184 WETH to another network via the Synapse Bridge. Steadefi Attempts To Negotiate With Hackers The development team also confirmed that it is attempting to negotiate with the hackers and has sent an on-chain message to the hacker’s address, 0x9cf71F2ff126B9743319B60d2D873F0E508810dc, on Ethereum. Blockchain data has revealed that the address saw a large number of inflows on the Avalanche Chain. The development team seems to have taken a leaf out of Curve Finance, Metronome, and Alchemix’s playbook, offering 10% of the stolen funds as a bounty in return for the remaining 90%. The team also told the hacker that should they return the funds, there would be no involvement of law enforcement agencies or legal actions. “Steadefi would like to discuss a bounty with any parties who were involved in the recent Steadefi exploit. We are offering a 10% bounty of any funds stolen, which are yours to keep if you return the remaining 90%.” However, like Curve, in a stark warning, the team added that should the hackers refuse the offer, Steadefi would offer the 10% as a bounty to anyone in the public who could identify or supply information that leads to a conviction. Clearly, Steadefi hopes to see the funds return without any further complications. However, the platform is more than willing to fight for the funds should it need to. The offer expires on the 10th of August at 0800 UTC. “You will have no risk of us pursuing this further, no risk of law enforcement issues, etc. If you choose not to partake in the voluntary return and complete the process by the 10th of August at 0800 UTC, we will expand the bounty to the public and offer the full 10% to the person who is able to identify you in a way that leads to your conviction in the courts. We will pursue you from all angles with the full extent of the law.” DeFi’s Hacker Headache Crypto and DeFi remain highly vulnerable to bad actors, even as the space looks for wider acceptance. Last month, Coinspaid fell victim to an attack orchestrated by the dreaded Lazarus Group, a North Korean-backed hacker group. An analysis showed how the breach occurred and found multiple vulnerabilities in Coinspaid’s security. At the beginning of August, decentralized exchange LeetSwap suspended trading thanks to fears of a potential exploit. Bankrupt crypto platform Voyager also suffered a breach in the middle of its court-supervised recovery process. Another August heist saw a scammer steal around $20 million worth of USDT through a zero transfer phishing attack. However, Tether was quick to respond, freezing the attacker’s address and blacklisting them. 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.

Steadefi has become the latest DeFi entity to be hit with an exploit, with the company stating in a tweet on X that all the funds it currently holds are at risk of becoming irrecoverable. Recent hacks have taken a toll on the space and have put considerable strain on public trust in DeFi apps. Details Of The Hack News of the attack first became public on the 7th of August, when it emerged that the decentralized finance app was hit by an exploit of at least $334,000. While the attack was ongoing, the protocol’s development team put out a message on X, stating that the attack had put all funds held on the platform at risk and they could become irrecoverable. As a result, the app’s total value locked (TVL) fell off a cliff, according to data from DefiLlama. The team posted a message stating, “NOTICE: Steadefi has been exploited, and all funds are currently at risk.” The team, while confirming the attack, posted a follow-up message on X and explained how the attack occurred. According to the message, the hacker managed to gain access to the private key of the team’s deployer wallet and perform OwnerOnly functions. After gaining access to OwnerOnly functions, the hacker executed several OwnerOnly actions, such as allowing any wallet to borrow funds from lending vaults. The team further stated that the attacker managed to drain all loanable funds. However, it assured users that all collateral held in vaults and not lent out was secure. This is because the app does not contain OwnerOnly functions to remove deposits. This means those users who deposited funds to the app’s “strategy” vaults could withdraw some of their funds. Farming Contracts Stopped Meanwhile, the hacker also stopped farming contracts through an OwnerOnly function. This means all users who deposited svTokens or ibTokens to farms are currently unable to withdraw their funds. The post states that the funds are essentially stuck in the app’s contracts, with token holders who deposited into the farms left in the lurch. According to details currently available, the tokens transferred to the address in question include 130,429 USD Coin, 3.39 BTC, 6184 Avalanche (AVAX), and 15 Wrapped Ether (WETH). Apart from the Wrapped Ether, all other tokens were immediately swapped for WETH. The attacker then bridged 184 WETH to another network via the Synapse Bridge. Steadefi Attempts To Negotiate With Hackers The development team also confirmed that it is attempting to negotiate with the hackers and has sent an on-chain message to the hacker’s address, 0x9cf71F2ff126B9743319B60d2D873F0E508810dc, on Ethereum. Blockchain data has revealed that the address saw a large number of inflows on the Avalanche Chain. The development team seems to have taken a leaf out of Curve Finance, Metronome, and Alchemix’s playbook, offering 10% of the stolen funds as a bounty in return for the remaining 90%. The team also told the hacker that should they return the funds, there would be no involvement of law enforcement agencies or legal actions. “Steadefi would like to discuss a bounty with any parties who were involved in the recent Steadefi exploit. We are offering a 10% bounty of any funds stolen, which are yours to keep if you return the remaining 90%.” However, like Curve, in a stark warning, the team added that should the hackers refuse the offer, Steadefi would offer the 10% as a bounty to anyone in the public who could identify or supply information that leads to a conviction. Clearly, Steadefi hopes to see the funds return without any further complications. However, the platform is more than willing to fight for the funds should it need to. The offer expires on the 10th of August at 0800 UTC. “You will have no risk of us pursuing this further, no risk of law enforcement issues, etc. If you choose not to partake in the voluntary return and complete the process by the 10th of August at 0800 UTC, we will expand the bounty to the public and offer the full 10% to the person who is able to identify you in a way that leads to your conviction in the courts. We will pursue you from all angles with the full extent of the law.” DeFi’s Hacker Headache Crypto and DeFi remain highly vulnerable to bad actors, even as the space looks for wider acceptance. Last month, Coinspaid fell victim to an attack orchestrated by the dreaded Lazarus Group, a North Korean-backed hacker group. An analysis showed how the breach occurred and found multiple vulnerabilities in Coinspaid’s security. At the beginning of August, decentralized exchange LeetSwap suspended trading thanks to fears of a potential exploit. Bankrupt crypto platform Voyager also suffered a breach in the middle of its court-supervised recovery process. Another August heist saw a scammer steal around $20 million worth of USDT through a zero transfer phishing attack. However, Tether was quick to respond, freezing the attacker’s address and blacklisting them. 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.

A number of pools using Vyper have been exploited due to a malfunctioning reentrancy lock that potentially exposes all pools with wrapped Ether (WETH).

The new feature allows collectors to trade NFTs directly with each other as well as add WETH to “sweeten the deal.”

Rodeo Finance, an Arbitrum-based decentralized finance (DeFi) protocol, suffered a significant blow, losing $1.53 million in Ethereum due to a code vulnerability exploitation in its Oracle. This is the second exploit that the DeFi platform has endured in a span of a week, underscoring the escalating security issues facing such protocols. The attacker manipulated a key function to siphon funds from Rodeo's interest-bearing USDC pool, taking advantage of a vulnerability that enabled them to force a swap. Initially, 290 Wrapped Ethereum (WETH) was taken, before being bridged to the Ethereum network. The infiltrator used oracle manipulation to inflate their ETH value by swapping it for unshETH, a DeFi project aimed at promoting validator decentralization. Underlying Vulnerabilities Exploited The oracle manipulation permitted the conversion of WETH to unshETH at a rate not reflecting fair market value. The exploiter then seized the opportunity to return to the Ethereum network, further draining 230 WETH from the Rodeo vault. Before returning to the Ethereum network, they sent 150 ETH into Tornado Cash, effectively masking their tracks. The remaining balance of 371 ETH was left in the wallet. Although 520 WETH was extracted from the Rodeo vault, only 472 WETH is counted as losses, due to the attacker initially funding the wallet with 50 ETH to facilitate the exploit. Repeating Exploits This episode of Rodeo Finance’s exploitation comes shortly after the protocol suffered another security breach just last week, where a vulnerability in their mintProtocolReserves function led to a loss of approximately $89,000. Rodeo Finance isn't alone in facing these security issues. The Arbitrum network in 2023 alone has witnessed a total of 21 recorded incidents of some form of exploit, leading to a collective loss of over $20 million. The recent Rodeo Finance exploit, causing a $1.53 million loss, is the fifth-largest recorded on Aribitrum this year. After the exploit, the total value locked (TVL) in the DeFi protocol, initially at $20 million, fell below $500. Notably, the price of the native token of the DeFi protocol plummeted by over 53% in the last 24 hours. 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.

Another day, another DeFi hack. Arcadia Finance has reportedly been the victim of an exploit which allowed hackers to drain roughly $455,000. Decentralised finance (DeFi) platform Arcadia Finance has reportedly become the latest victim of a hack. Blockchain investigating firm PeckShields reported the exploit and said it was due to “the lack of untrusted input validation.” #PeckShieldAlert Our community contributor has detected that @ArcadiaFi has been exploited on both #Ethereum and #Optimism for ~$455KThe exploiter on #Ethereum was frontrun by 0x5C75e94dD0Ab9c10BFd1B8073DafEF031D3c050dhttps://t.co/blGx5IEAkkThe exploiter on #optimism… pic.twitter.com/WDzF0XVcmL — PeckShieldAlert (@PeckShieldAlert) July 10, 2023 PeckShields alerted about a code vulnerability that allowed a hacker to drain funds worth about $455,000 from Ethereum (darcWETH) and Optimism (darcUSDC) vaults. According to the firm, the code vulnerability lacked a validation mechanism to cross-check unverified inputs. It added, “There is a lack of reentrancy protection, which allows for the instant liquidation to bypass the internal vault health check.” PeckShields also reported the exploiter transferred roughly 179 ETH by bridging 148 ETH and swapping 59,000 USDC to crypto mixer Tornado Cash. Arcadia TVL Drops 76% Following the hack, DeFiLlama reported that Arcadia’s Total Value Locked (TVL) dropped by a staggering 76%, from $605,000 to $145,000. The exploit on Arcadia Finance comes only days after a $130 million hack on Multichain’s MPC bridge platform. Observers noted $102 million worth of crypto was withdrawn from the Multichain Fantom bridge on the Ethereum side. $666,000 worth of Dogecoin (DOGE) and $5 million from Moonriver were also removed. An additional 7214 Wrapped Ether tokens, 1024 Wrapped Bitcoin, and $58 million worth of USDC tokens were drained from the Fantom bridge’s Ethereum smart contract. Arcadia Acknowledges Exploit Arcadia Finance acknowledged the exploit on their protocol but has yet to provide further information. The platform informed its users this morning that it had contacted the hacker. We have initiated contact with the attacker. https://t.co/dh74gG90n6 https://t.co/O39Slsc1z5We will continue to work with our security partners, law enforcement, and the broader community to resolve this as best we can. Our number one priority is recovering funds for Arcadia… — Arcadia Finance (@ArcadiaFi) July 10, 2023 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.

A loophole in the code allowed the hacker to drain funds worth roughly $455,000 from Arcadia's Ethereum (darcWETH) and Optimism (darcUSDC) vaults collectively.

The Multichain MPC bridge platform has seen abnormally large outflows, fueling concerns that the platform could be a target for a multi-million dollar exploit. According to the available information, over $130 million worth of crypto has been moved out from the bridge platform. Huge Outflows From Multichain The outflows first came to light on the 6th of July, when observers noticed that $102 million worth of crypto was withdrawn from the Multichain Fantom bridge on the Ethereum side. Additionally, $666,000 worth of Dogecoin and $5 million from Moonriver were also withdrawn. Additionally, 7214 Wrapped Ether (WETH) tokens worth $13.6 million, 1024 Wrapped Bitcoin (WBTC) worth $31 million, and $58 million worth of the USDC stablecoin were withdrawn from the Fantom bridge’s Ethereum smart contract. The total value of the cryptocurrency removed by the end of the day stood at over $100 million. Additionally, the Dogecoin bridge’s Ethereum contract saw a withdrawal of around $666,000, which accounts for over 86% of its total deposits. As a result, the bridge currently has only around $100,000 worth of assets remaining. Over $5.8 million worth of USDT and USDC were also withdrawn from the Multichain Moonriver contracts on Ethereum, with the Moonriver bridge contracts now having only around $700,000 remaining on them. Possible Exploit? Several on-chain investigators took to Twitter to warn the community that the event could be a possible exploit. Curve Finance was among the first to warn users that Multichain was, in all probability, hacked and that they should revoke all approvals. “Multichain likely hacked. Exit all multichain assets. Good idea to revoke approvals to multichain bridge if you had any.” Blockchain security firm PeckShield tagged Multichain in a Twitter post, highlighting the Phantom chain transactions and urging the team to take a closer look. Another commentator remarked that the entire fiasco looked like another massive hack, while On-chain investigator Spreek posted the Dogecoin transactions, urging the team to look at the transactions. However, Multichain did not respond to the tweets in question. Meanwhile, Fantom Foundation CEO Michael Kong stated that the Fantom team was looking into the issue. Multichain Finally Responds Multichain finally responded to users in a later tweet, stating that the movement of funds was indeed abnormal, and the team was “unsure of what was happening and is currently investigating the issue.” Multichain stated on Twitter, “The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure what happened and is currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain.” Multichain’s Growing Issues Multichain is a multi-party computation (MPC) bridging network, enabling users to bridge assets between chains. When a user wishes to bridge an asset, Multichain first confirms if the assets have been locked on the first chain. Once confirmed, the network mints the derivative assets on the second chain. When a user wishes to make a withdrawal, the process repeats itself, but in reverse. It will first confirm if the derivative assets have been destroyed on the second chain before releasing the locked assets back on the first chain. Multichain’s team claims that the cryptographic keys controlling the entire process are split into shards and then distributed throughout the network. This should, theoretically, prevent any entity from making unauthorized withdrawals. However, Multichain has been in the news for all the wrong reasons after suffering unspecified technical problems over the past few weeks. The team announced on the 31st of May that the CEO had gone missing, with the network suffering a multitude of problems due to unforeseeable circumstances, leading to significant transaction delays. Binance also announced that it was halting the withdrawal of some Multichain derivative tokens due to network issues on Multichain. 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.

What is an Fang Gang? Fang Gang are a non-fungible tokens collection built on the Ethereum network launched in 28 August, 2021. 8,886 items of the Fang Gang collection can now be viewed at OpenSea. How many owners does the Fang Gang collection have? The total number of owners has reached 4141 within 673 days since its release. NFT Collection Fang Gang Price and Sales The market capitalization of Fang Gang NFT collection is 202.56 ETH. Since created the Fang Gang, 23,226 collections sales were made at an average price of 0.27 ETH (~$524.42 at the time of writing). This created a total volume in 6,212.415 ETH. The floor price of Fang Gang is 0.0211 and the 30-day trading volume is kept at 2.50 ETH. The payment tokens of the Fang Gang collection are ETH, DAI, WETH, USDC, APE. Why are some NFTs expensive and others not? NFTs are very new to the blockchain ecosystem and are still in their infancy. It is an emerging market meaning there is no historical data or precedence that can assist in determining the value of an NFT. NFT projects that started at the beginning of the market boom have garnered legitimacy purely because they had a first-mover advantage. These “established” NFT projects have also had the opportunity to improve and learn from the issues that have plagued the NFT market and have, in such a way, made themselves more valuable. When the NFT boom took flight, many people realized profits beyond their wildest dreams, creating a space for opportunists to take advantage of the market growth. While some NFTs can be considered digital art, created by an artist who recognizes the value NFTs can add to the creative space, others have been made purely out of greed and a need to exploit the immense market growth. NFT projects that stem from greed and exploitation often have no value and are ultimately garbage. Is the Fang Gang Collection Over or Underpriced? It is difficult to determine whether NFTs from the Fang Gang collection is overpriced or underpriced. Making such an assessment will become clearer when the market for NFTs and metaverses develops more actively. The price is also influenced by how the Fang Gang collection is developed and promoted by its creators and community. Fang Gang NFT Collection Examples Fangster 0 Fangster 1 Fangster 2 Fangster 3 Fang Gang fees Buyer fee to dev: 0 basis points Seller fee to dev: 500 basis points Buyer fee to opensea.io: 0 basis points Seller fee to opensea.io: 250 basis points Buyer fee: 0 basis points Seller fee: 750 basis points Fang Gang editors list The approved editor's accounts of Fang Gang collection are 0x5e697c6f5cbebd6ca17bde80d684c226a1e223be. 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.

Chibi Finance, an Arbitrum-based yield farming optimizer, reportedly conducted a major exit scam earlier today. CertiK, a blockchain security firm, confirmed that the developers behind Chibi Finance had stolen approximately $1 million worth of various tokens, according to their analysis of blockchain data shared to the CryptoDaily Editorial team. This factor led to the price of the CHIBI token to plummet by 98%. The Scam and its Execution Chibi Finance's exit scam unfolded as the developers, having gained control of the platform's smart contracts, proceeded to steal a significant amount of users' funds. The scam was orchestrated using a malicious contract set up by the deployer of Chibi Finance. By establishing this malicious contract as the _gov address, the developers gained the ability to invoke the panic function. This function enabled them to trigger an emergencyWithdraw of funds to the exit scammer's address. Approximately 256,012.95 USDC, 94.67 WETH, 4.25520843 WBTC, 115,049 USDT, and 89,563.95 ARB were siphoned off from the project's contracts. The stolen assets were subsequently swapped for 555 ETH, which were then bridged from the Arbitrum network to the Ethereum network. These funds were ultimately laundered through Tornado Cash, a privacy-focused Ethereum mixing service frequently used to obscure transactional activity. Aftermath and Indications of Fraud In the immediate aftermath of the scam, the price of the CHIBI token plummeted, registering a staggering 98% drop. Adding to the distressing developments, Chibi Finance also deactivated its Twitter account and took down its official website, thereby leaving no room for doubt about the fraudulent nature of the operation. The exit scam came as a shock to the users of Chibi Finance, which had launched around April 2023 and had promoted itself as a yield-optimizing service on the Arbitrum chain. In addition to auto-compounded yields, Chibi Finance had touted several other features typically associated with yield farming. The platform had undergone its first audit on May 31 and had recently reported $500k in Total Value Locked (TVL), with ambitions to reach $1 million. As recent as June 26, Chibi Finance announced that it had been listed on CoinGecko. Scams on the Arbitrum Network: A Growing Concern This exit scam is unfortunately not an isolated incident. CertiK reports that over $14 million has been lost to scams on the Arbitrum network across 12 different instances in 2023 alone. The growing number of such fraudulent activities underlines the need for greater vigilance and more stringent security measures in the decentralized finance (DeFi) space. These scams, commonly referred to as "rug pulls," typically involve developers gaining legitimacy on social media, hyping up their projects, and raising substantial amounts of money. Once the project's tokens are offered to the public, the developers abruptly withdraw the liquidity, leaving the token holders high and dry. This incident serves as a cautionary tale, underscoring the importance of thorough due diligence and careful assessment of risk when investing in DeFi projects, especially those operating on relatively new platforms such as Arbitrum. The security and integrity of smart contracts remain crucial factors to consider, and potential investors are advised to be wary of any red flags that may indicate possible fraudulent intentions. 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.

Creditors of bankrupt crypto lender Celsius have amended their lawsuit to include Wintermute, alleging that the firm assisted executives of the lending firm by facilitating wash trading and fraudulently manipulating trading volumes. Wintermute Caught In Legal Quagmire According to the new court filing, Wintermute Trading Ltd has been added as a new defendant in the ongoing class action lawsuit against Celsius Network. Celsius creditors recently amended the lawsuit filed in the United States District Court for the District of New Jersey, alleging that executives from the bankrupt crypto lender had engaged Wintermute to facilitate wash trading and inflate the trading volume on the platform. According to the filing, this was done between March 2021 and June 2022, when the firm froze withdrawals. Wash trading is a type of market manipulation where a company creates the illusion that an asset is trading at a higher volume than it actually is. “Defendant Wintermute and the Executive Defendants engaged in a scheme that artificially inflated the trading volume of the CEL tokens sold and marketed by Celsius.” The filing also stated that the alleged scheme was discovered through publicly available internal conversations between executives from Celsius. Furthermore, it was also reported that Celsius did not have any measures to prevent improper or malicious wash trading. “The supposed controls were virtually non-existent, and those that did exist did not monitor for or protect against “wash trading” or self-dealing.” Before it filed for bankruptcy, Celsius allegedly transferred $160 million of wrapped bitcoin to third-party wallets. It is alleged that Wintermute controlled several of these wallets. According to blockchain intelligence firm Arkham, Celsius also ended up moving around $20 million worth of wrapped Ethereum (WETH) into a Wintermute-controlled wallet. Wintermute itself was caught up in a hacking fiasco in September 2022, when the protocol suffered a breach and ended up losing around $160 million across 90 assets held in the company’s portfolio. Following the hack, the Wintermute CEO had to reassure users, lenders, and partners that the company remained solvent. Fahrenheit Acquires Celsius Assets The developments come after it was reported that Celsius assets had been acquired through an auction. According to reports published on the 25th of May, crypto consortium Fahrenheit had acquired the Celsius assets after a successful bid. The assets were previously valued at $2 billion. As a result of the successful bid, the Fahrenheit consortium acquired Celsius Network’s staked cryptocurrencies, institutional loan portfolio, mining units, and several other alternative investments made by the lender. The acquisition comes nearly a year after Celsius filed for Chapter 11 bankruptcy in July 2022. 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.

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.

[PRESS RELEASE – New York, New York, USA, May 29th, 2023] Memevengers coin ($MMVG) has been gaining attention following a Uniswap listing on May 25th. $MMVG reached a market cap of over $20 Million and a $1 Million trading volume. The Memevengers coin $MMVG can be traded on Uniswap, where it is paired against WETH. […]