tldr; Harmony's Horizon bridge was exploited last week for $100 million in various tokens including FRAX, FXS, wETH, wBTC, AAVE, SUSHI, USDT, and BUSD. The attacker is sending 100 ETH to Tornado Cash every six minutes. The hacker has already mixed more than $12 million through the privacy-enabling protocol. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Some smol facts to help you: * FXS is required to mint FRAX * FXS is used for governance * FRAX is a mix of algorithmic and collateralized stables * Governance is limited, taking a hint from Bitcoin This is my surface level understanding. Algostables spook me (Titan and Terra), but I don't fully understand seigniorage yet. It feels like this is the next evolution of decentralized stables and the peoples I've seen talking about it are ones I consider intelligent.
luna truly gave a big lesson tho. stablecoins MUST be collateralized. let's take out the centralized ones DAI is fully collateralized by ETH, almost as twice. this is great! FRAX is like 80% collateralized with USDC then it's still collateralized with FXS which isn't like LUNA because it's actually backed, not the 1:1 bs. Then, my favourite one, CELO. CELO is collateralized 3.5 times the value of their stablecoins. To do so they use a "basket of assets", which is a reseve. Instead of LFG, they have a site dedicated with all the different addresses listed and you can check on your own. The basket is 50% CELO, 30% BTC 15% ETH 5% DAI
i mean, it makes sense. i also follow three other algorithmic stablecoins but they are all collateralized. dai is obviously the most known one, collateralized with ETH. frax is much more interesting but after luna idk anymore. anyway, again, fully collaterallized with USDC and FXS. solid project. then there is my favorite project. CELO. again, fully collateralized. [here](https://twitter.com/marek_/status/1524109003403366400?s=20&t=UPHWWw-0j6A59iz09GUatg) an opinion by the co-ceo. if you wanna give it a try. thanks!
The failure of Terra hurts the entire cryptocurrency space It's extremely sad that Terra might fail, likely due to a targeted attack, and so many people in the crypto space are happy seeing its demise. The goal of Terra is to build a "price-stable cryptocurrency that combines the best of both fiat and Bitcoin", which is probably **the best use case for a cryptocurrency**. The future is better if people have a stable, decentralized medium of exchange that can be transacted with freely and at a fraction of the fees charged by other payment methods. The project being labeled as a "Ponzi scheme" is unwarranted. Terra currently has flaws (obviously), but it's a work-in-progress that had the potential to help revolutionize money and finance. From an investment perspective, LUNA/UST were known to be high-risk relative to other coins due to the possibility of a death spiral. It didn't make sense as an investment for everyone. From a big picture perspective, I don't think people appreciate what Terra aimed to accomplish or understand the effects of its failure. Many people have lost trust in algorithmic stablecoins (FRAX/FXS plummeting as well) and some people will lose trust in cryptocurrencies entirely as a result of this event.
>Algorithmic stablecoins such as UST, FRAX or USDN are collateralized by a secondary token often called seigniorage coins (LUNA, FXS, WAVES correspondingly). So it happens by a rug pull, exploit, or hack of the secondary token. >A tweet started to circulate in social media accusing the Waves team of using Vires to inflate its numbers by lending USDN, borrowing USDC, transferring to an exchange to buy WAVES and increase its price, and exchange WAVES for USDN when needed. This would keep the price of WAVES increasing and would inflate the supply of USDN via their native redemption mechanism. The news flew fast and many holders of USDN started to swap it for other assets: this flood of USDN supply in the market caused its price to fall until $0.73:
Thoughts on FRAX and FXS? Assuming Ethereum continues to dominate, won't people want a decentralized semi-algorithmic stable that's native to Ethereum (as opposed to UST)? Or is everyone content with USDT/USDC, and algostables are sooo last year?
We’re thrilled to announce that Kraken now supports Convex Finance (CVX), Frax Share (FXS), Multichain (MULTI), Powerledger (POWR), PlayDapp (PLA), Quant (QNT), Rubic (RBC), SuperRare (RARE) and Tokemak (TOKE)! ​ https://status.kraken.com/incidents/4mybnp6ljkwd
Use FRAX. It’s fractionally backed and has a long track record of holding its peg. It adjusts what % backed it is based on what the market and has FXS as a seigniorage token. Deep liquidity means it will continue to keep its peg. Also it’s decentralized and actively moving away from USDC. There’s ~2.5 billion in circulation so it’s not just an up and coming stable.
tldr; Crypto strategist Josh Rager has revealed his altcoin portfolio on Twitter. Rager says that he's holding Ethereum competitors Avalanche (AVAX) and Near as well as elastic blockchain network Skale (SKL), privacy-focused blockchain Dusk (Dusk) and decentralized parallel blockchain network Cosmos (ATOM). He also holds Frax Share (FXS), the governance token of fractional-algorithmic stablecoin system Frax Protocol. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
My unrealised profit a few months ago was almost 30%. I am hodling and now it is at 14%. It has been heading down since BTC made ATH. Most news outlets such FXS, Coin Telegraph etc are still posting reasons to be bullish. However, I am increasingly convinced we are slipping into a bear market and the only real indicator is where we are in the BTC halving cycle. I do hope I am wrong and I know nobody knows shit about fuck. However, this is my current concern. Any hopium responses very welcome.
tldr; FRAX is a fractional-algorithmic stablecoin with an elastic supply that algorithmically adjusts based on market demand. FXS is a volatile governance token that accrues the value generated by the protocol and partially collateralizes FRAX. It has an unlimited aggregate supply and is primarily used for protocol administration (All chains). The project's end vision is to build the first crypto native version of the CPI. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
FXS and ONT. ONT is a Blockchain for self-sovereign ID and data solutions. In other words, it's the technology behind how we will potentially vote in the future. That's only one use case. Research true self-sovereign ID verification solutions. The potential is genuinely unfathomable. Could solve all of the data issues we have had over past couple decades. FXS is the utility token for the first partially algorithmic partially collateral backed stablecoin. Would not buy either right now but would wait for pullbacks but DYOR not financial advice.
#FXS/BTC TA Update :- #FXS currently trading at 1285 Satoshi And also trading above strong support level. So I am buying here some #FXS Entry:- 1250-1290 Satoshi Targets:- 1761/2635/3263/ Moon Sat Stop loss:- if any 6/8 hours candle close below 1200 Satoshi then Strictly close your position. Support:- 1250 satoshi Resistance:- 1761/2635/3263 Satoshi
[Making Crypto Easy](https://makingcryptoeasy.com/) I found this quite useful. I always try to weigh up my decisions by studying as many sources of info as possible. I read Coindesk, Coin Telegraph and FXS Cryptos daily and have also created a custom feed on Reddit of all the various Crypto subs I follow. I never trust any single source of information. It’s worthwhile studying Tech Analysis material too, to get an understanding patterns and signals.
Frax Share (FXS)! Has a circulating supply of 5m and is newly listed on binance. The price has finally settled, finish support at around $13. I wouldn’t miss this opportunity. Frax Protocol is the first fractional-algorithmic stablecoin system. Frax is open-source, permissionless, and entirely on-chain – currently implemented on Ethereum (with possible cross chain implementations in the future). The end goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. Be aware it’s made up of two tokens – (FRAX) which is the stablecoin targeting a tight band around $1/coin. Frax Shares (FXS) is the governance token which accrues fees, seigniorage revenue, and excess collateral value. Buy FXS! 🚀🚀🚀
I think FXS is the reward/governance token, and FRAX is the stablecoin, but that doesn’t appear to be listed yet. This from the white paper: The Frax protocol is a two token system encompassing a stablecoin, Frax (FRAX), and a governance token, Frax Shares (FXS).
There are alot of great youtubers JRNY crypto is really good to watch. Also watch the news and download a few Crypto news apps. Like FXS Crypto or DeCrypt. You can also start using twitter, and follow all the crypto twitter pages, like when Elon Musk calls btc shit, and you have to sell it now, make your self ready for a big dip so you can buy lots of BTC ;). Good luck!