The algorithmic stable currency FRAX was anchored to around US $0.95
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.
Interpretation of this information:
The message reports on FRAX, an algorithmic stable currency that is currently anchored to around 0.95 USD. The transaction ratio for FRAX and USDT on Curve is around 0.947, which means that the two currencies are almost one-to-one interchangeable. Chainlink data further supports this trading ratio, showing that the current price of FRAX is around 0.952 USD.
Stablecoins are cryptocurrencies that are pegged to a fixed asset or asset basket to mitigate the price volatility that is typically associated with cryptocurrencies. FRAX is an algorithmic stablecoin, which means that its price is determined based on its algorithmic market supply and demand. Unlike other stablecoins, FRAX doesn’t rely on a physical asset or fiat currency to peg its value.
The fact that FRAX is anchored around 0.95 USD indicates that the supply and demand of the asset is in equilibrium, which results in a stable price. The transaction ratio of FRAX and USDT on Curve is also close to 1:1, which means that FRAX is easily interchangeable with USDT at almost the same value. This is a positive feature for users who are looking to diversify their stablecoin holdings or hedge against market volatility.
Chainlink data also supports the trading ratio by showing that the current price of FRAX is around 0.952 USD. This data is based on the Chainlink oracle, which connects smart contracts on the blockchain with real-world data sources. The accuracy of the data provided by Chainlink oracles is crucial for the reliability of decentralized finance (DeFi) protocols that heavily rely on them.
In summary, FRAX is currently anchored around 0.95 USD, with a transaction ratio to USDT of 0.947 on Curve. Chainlink data shows that the current price of FRAX is around 0.952 USD. These three keywords – anchored, transaction ratio, and Chainlink data – highlight the stability and reliability of FRAX as an algorithmic stablecoin in the DeFi space.
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