The Reason Frax Shares (FXS) Skyrocketed 35% in a Week

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The Frax Share (FXS) token is up a whopping 35% in the past seven days, making it one of the best performers within the otherwise stagnating cryptocurrency market.

During the past 24 hours alone, the cryptocurrency is up by more than 16%, trading at just shy of $7 at the time of this writing.

  • FXS has been this week’s success story in terms of overall price performance, second only to Huobi Token (HT), registering an increase of around 35%.
  • Frax Share’s price is also up over 50% spread across two weeks.
Source: Binance via TradingView

 

  • One of the possible reasons for this could be the fact that Frax Finance – the network behind FXS – will be launching a liquid staking protocol for its users.

frxETH will soon be released by Frax Finance. Ethereum staking yield is such a large and sustainable source of yield, we are about to witness an explosion of staked ETH tokens. – Commented a user.

  • In a recent tweet, Frax Finance also revealed that the Frax Protocol is already creating mainnet blocks.

In case you missed it, Frax Protocol is already creating mainner blocks! Get ready for the most interesting ETH liquid staking derivative released by a major stablecoin issuer.

 

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