Frax Share (FXS) is one of the rising cryptocurrencies these days when the crypto money market is stagnant and lacking in volume.
FXS has gained about 10 percent in the last 24 hours, according to data from CoinGecko. With this rise, FXS took the first place in the list of the highest risers. So why is FXS soaring? What is the reason for the rise in FXS? Let’s take a look at this article.
Why Is FXS Rising?
Frax Finance, the project that came up with the first fractional-algorithmic stablecoin idea in 2019 and implemented by American software developer Sam Kazemian, runs on the Ethereum network. There are two of these tokens on the network. The USD pegged stablecoin is FRAX, the other is Frax Shares, a governance token that promises fees, excess collateral value.
When we look at the chart of FXS, we see that FXS has been on an upward trend for a while and with the momentum brought by this rise, it easily surpassed the $4.8 and $5.8 resistances.
We can say that the fact that Frax Finance will offer its liquid staking program within the next 2 weeks has a role in this continued rise of FXS.
