For this reason, the Frax Finance (FXS)-token has shot up today

For this reason, the Frax Finance (FXS)-token has shot up today

  • Frax Finance would like to reflect the proposal of uniswap, to assign protocol fees to the stakers
  • The FXS price rose to a high of $ 9.64 and could break through over $ 10 if the bulls hold on to the profits.

After the Uniswap Foundation published a proposal for the distribution of network fees to university-stakers, the Frax Finance team presented a similar proposal. Sam Kazemian, founder of Frax Finance, explained this in an interview with Coindesk.

The Frax Finance team already indicated this on February 23 in a post on X.

The FXS token increases sharply due to the university-like proposal

Last week the Uniswap (uni)-token jumped up due to the news of the proposal of the protocol for share of sales. Frax Finance's governance token FXS also increases after the recent step of the project. While the community rejected a proposal for the distribution of the income in 2022, the current outlook from Uniswap could find approval.

If this is the case, FXS owners can block their tokens for VEFXs, which would bring in part of the protocol revenue. Users can use VEFXS in the Ethereum-Minnet and Frax Valley, the Layer 2 protocol from Frax Finance.

FXS was traded on high-$ 11 on February 5th. Today's increase of 8 % increased the price of $ 9.64 $ 9.64, which corresponds to the level of February 20th

Since the wider defi ecosystem experienced a price increase last week due to the increase in university token, further growth for FXS could press the price over $ 10 again.

Above that could target FXS $ 12, the level of resistance in March 2023. Bulls could then keep an eye on the all-time high of $ 42.80 in January 2022. On the other hand, the price of Frax Finance has primary support at $ 8 and possibly $ 7.


Source: Coinlist.me

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