Frax Finance, established in 2020, offers FRAX, a unique stablecoin in the crypto space, along with its governance token, Frax Shares (FXS), which accrues various revenues and collateral value. Despite reaching a peak of $42.67 in April 2022, FXS has demonstrated volatility and sensitivity to market conditions. BlockTower Capital appears to be dumping $FXS! In the past 2 days, the VC sold 150,304 $FXS for 1.51M $USDC at ~$10.5, allegedly causing the price to drop ~11%. They last sold $FXS just 7hrs ago and may sell the last 91,693 $FXS ($843K) soon. Est. total profit: $961K (+69%).… https://t.co/EheQsTKN61 pic.twitter.com/deJR2w38go —
The post Frax Finance Introduces Fraxchain Amidst FXS Token Sales appeared first on The Merkle News.
The cryptocurrency economy is doing well during the third week of the new year, compared to the end of 2022. It is currently valued at $993.17 billion, as many digital assets have seen double-digit gains during the last two weeks. While some of the top ten cryptocurrencies, like bitcoin and ethereum, are performing well, a […]