FRAX Stabilizes Near US $0.95, as Per Chainlink Data

03/11/2023 04:56 • AI & Tech Insights • 65 views

It is reported that FRAX, the algorithmic stable currency, was anchored to around US $0.95. The transaction ratio of FRAX and USDT on Curve is about 0.947. Chainlink data shows that the price of FRAX is about 0.952 dollars.

The algorithmic stable currency FRAX was anchored to around US $0.95

Analysis based on this information:

FRAX, one of the popular algorithmic stable currencies, has reportedly been anchored near the USD 0.95 mark. Reports suggest that the transaction ratio of FRAX and USDT on Curve, one of the most popular decentralized exchanges or DEX, is roughly around 0.947. Chainlink data points out that the price of FRAX is currently at USD 0.952.

FRAX, an algorithmic stable currency launched in December 2020, is based on a fractional reserve system. It is designed to operate through a combination of crypto-assets and fiat in reserve. The currency is programmed to maintain a stable valuation of US $1. Its value can fluctuate mildly, but it typically remains close to the peg.

The concept of FRAX is to offer an inflation-resistant asset that could replace fiat-backed stablecoins. Inflation-resistant assets are created by maintaining low volatility and preserving a stable value, thereby making them an attractive investment to hold in volatile times. FRAX is designed to tackle the drawbacks of the traditional stablecoin model in terms of liquidity, decentralization, and transparency.

Chainlink, a leading decentralized oracles network that securely connects smart contracts to off-chain data, has become one of the most sought-after tools in the DeFi world. The real-time data provided by Chainlink eliminates the risk of price manipulation, ensuring greater transparency and trust in the DeFi ecosystem. Chainlink’s price feeds have become crucial in determining the value and pricing of several cryptocurrencies, including FRAX.

As per Chainlink data, the current price of FRAX is close to the USD 0.95 mark, which suggests that it is holding firm after taking a beating in recent times. The price movement of FRAX indicates that it is all set to regain its lost ground and continue to offer high value to investors. The stable currency is gaining traction in the DeFi world, and with the current level of technological advancements, FRAX is expected to become more prominent in the future.

In conclusion, the reports suggesting that the FRAX algorithmic stable currency has anchored near the USD 0.95 mark, combined with its high transaction ratio and the pricing data from Chainlink, bode well for the growth and future prospects of the currency.

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FRAX Stabilizes Near US $0.95, as Per Chainlink Data

The algorithmic stable currency FRAX was anchored to around US $0.95

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