Stablecoin Issuer Will Build Its Own Network

Algorithmic stablecoin issuer Frax Finance is preparing to launch its own network called Fraxchain.
An algorithmic stablecoin like Terra USD
Frax has a market capitalization of close to $1 billion. The team behind Frax, the tenth largest stablecoin by market value, continues its project development work.
Frax Finance plans to launch a blockchain named Fraxchain on the Ethereum layer-2 protocol.
Stablecoin Issuer Focused on Building Its Own Network
The team behind Frax, the $1 billion market cap stablecoin, focused on the layer-2 project Fraxchain.
Frax Finance is known for its frequent emphasis on the strength of decentralization. The team issuing algorithmic stablecoins was heavily criticized during the Terra crisis. The fact that Terra USD was also in an algorithmic structure and had a major collapse had reduced the trend towards stablecoins with a similar structure.
However, Frax Finance has signaled that it will continue to develop projects. In this context, the team will focus on creating a decentralized contracts platform.
Sharing his views on the matter, Frax founder Sam Kazemian said, “Fraxchain essentially represents the pinnacle of the entire Frax ecosystem and all the traction and usage we have gained.” said.
The network, called Fraxchain, is scheduled to launch by the end of the year. In the network governance, there will be Frax Shares (FXS) token holders. FXS is spending the day up 10 percent. The news effect was a factor that made FXS one of the top rising coins.
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