Algorithmic stablecoins are considered a safe and stable store of value. For investors, it sounds like a safe zone from the general crypto market pressure until Terra’s UST depegged in May 2022. Since the drama, Luna Classic has faced criticism. Subsequently, Frax Protocol came up with the Frax Share token. Still, that did not stop Frax Share from bowing down to bear pressure.
Fortunately, Snowfall Protocol’s new cross-chain technology has seen so much acceptance, and its token is now considered a viable store of value and investment asset. Although Frax Share and Luna Classic show signs of recovery, Snowfall Protocol’s demand is growing by the second at presale. Read on to learn more about new development in algorithmic stablecoins and why Snowfall Protocol is trending.
Frax Share Sees a Push Up By 29%
Frax Share is the governance token of Frax Protocol, an ecosystem that blends algorithmic technology with collateral. The platform was created to popularize a scalable and decentralized algorithmic currency that can replace cryptocurrencies like BTC.
Frax share is one of Frax Protocol’s ecosystem tokens, and it is a fractional algorithmic stablecoin with a collateral side and an algorithm-controlled side. The token can adjust its collateral ratio to the value of Frax Share. While Frax Share benefitted from the bullish joyride, it fell by 90% from the all-time high price of $41.09 in January 2022.
Subsequently, Frax Share has flipped its ATH price with the hope of recovery and going higher. The token has gained 29% in the past 24 hours. Its algorithmic stablecoin peer, Luna Classic, has also increased in price. Currently, Frax’s price is $8.7, about 220% up from an all-time low price.
Luna Classic Go Back Above $1 Billion Cap With Upgrades Pending
7 months after the deepening drama that rocked Terra UST and Luna, attention is back on Luna classic after the token hit local highs in May 2022. Luna Classic’s market capitalization crosses the $1 billion market again amidst plans for upgrades.
Terra is a renowned protocol for algorithmic stablecoins, and its UST was one of the best-performing stablecoins until it dipped and collapsed. However, it is recovering slowly after peaking at a $400 million market cap from $180 million on January 14. So far this year, Luna Classic has gained 25%. The protocol is planning to upgrade its software to v1.0.5, and major exchanges have pledged their support. Meanwhile, 6% of Luna Classic’s supply was burnt to raise its value.
Snowfall Protocol Employ Vesting Strategy to Protect User Funds
While it is unsure whether or not the price surge of most algorithmic stablecoins can remain stable over time, Snowfall Protocol is giving investors’ a golden opportunity at a profitable lifetime investment. The protocol is a multichain platform for bridging cryptocurrencies and NFTs from one chain to another.
As an innovative stride, Snowfall Protocol aims to build securely and efficiently interconnected, interoperable blockchain networks. Snowfall Protocol is a much-needed development in the crypto space as it allows more than 200 EVM-compatible and non-EVM chains to interact with each other.
Snowfall Protocol has raised more than $5 million and has put several measures in place to protect investors’ funds. One of these is the vesting strategy to lock tokens allocated for the protocol’s team. The vesting period is five years, during which the team won’t be able to sell their position. This will further improve investors’ belief and trust in Snowfall Protocol’s mission.
As you can see, the Snowfall Protocol is a great project with great prospects for a brighter future. Snowfall Protocol token is still in presale at an underpriced value of $0.191. The token is useful to gain voting rights and enjoy passive DeFi opportunities within the platform. Demand is getting higher, and the token is selling faster than speculated. Therefore, now is the best time to fill up your portfolio to enjoy a 1000x return.
You can also be a part of this life-changing opportunity – sign up and buy $SNW at Snowfall Protocol’s presale website.
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