Zennies(ZENI)

ZEN Token (ZEN) is a native asset of Zenit World, a platform designed to democratize crypto trading by making advanced strategies and technologies accessible to everyone. Whether you’re a seasoned digital asset trader or just beginning your journey, learn everything you need to know about ZEN tokens, their purpose, and their potential to revolutionize the […]

Cryptocurrency wallets are essential tools for storing, sending, and receiving digital assets. Without a wallet, you cannot access your digital assets or use it to make transactions. In this article, we share the different kinds of crypto wallets, how to set one up the right way, and best practices to never get locked out of […]

In the ever-expanding cryptocurrency landscape, navigating the multitude of tokens and trading platforms can be overwhelming. From its modest origins 15 years ago, the crypto economy has blossomed into a multi-trillion-dollar industry, accompanied by a surge in tokens and platforms. Amidst this rapid growth, differentiating reputable platforms from potential scams has become a crucial task. […]

Despite the regulatory headwinds against Binance, the exchange’s CEO Changpeng Zhao claims that camaraderie amongst employees is at its zenith as he shares the “secret” for building resilient teams.

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.

Cryptocurrency trading has soared in popularity throughout the past couple of years as the industry itself is venturing into the mainstream. The field saw an influx of both retail and institutional entities, which prompted a considerable increase in the total market capitalization. And while the past few months have been significantly slower in terms of […]