Algorithmic stablecoins are considered a safe and stable store of value. For investors, it looks like a safe zone from general crypto market pressure until Terra’s UST is removed in May 2022. Since the drama, Luna Classic has come under fire. Subsequently, Frax Protocol offered the Frax Share token. Still, that didn’t stop Frax Share from bowing to take the pressure.
Fortunately, Snowfall Protocol The new cross-chain technology has gained so much acceptance and its token is now seen as a viable store of value and investment asset. Although Frax Share and Luna Classic are showing signs of recovery, demand for Snowfall Protocol is increasing second in presale. Read on to learn more about new developments in algorithmic stablecoins and why the Snowfall protocol is all the rage.
Frax Share sees 29% surge
Frax Share is the governance token of Frax Protocol, an ecosystem that combines algorithmic technology and collateral. The platform was created to popularize a scalable and decentralized algorithmic currency that can replace cryptocurrencies like BTC.
The Frax Share is one of the tokens in the Frax Protocol ecosystem, 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. As Frax Share enjoyed the bullish ride, it fell 90% from the all-time high price of $41.09 in January 2022.
Subsequently, Frax Share reversed its ATH price in hopes of recovery and upside. The token has gained 29% in the past 24 hours. Its algorithmic stablecoin counterpart, Luna Classic, also rose in price. Currently, Frax’s price is $8.7, which is about 220% higher than an all-time low.
Luna Classic climbs back above the $1 billion cap with pending upgrades
7 months after the escalation of the drama that rocked Terra UST and Luna, attention has returned to Luna Classic after the token hit local highs in May 2022. Luna Classic’s market cap once again crosses the market from a billion dollars amid plans for upgrades.
Terra is a renowned protocol for algorithmic stablecoins, and its UST was one of the best performing stablecoins until it took a dive and crash. However, it is slowly recovering after peaking at a market cap of $400 million from $180 million on January 14. So far this year, Luna Classic has gained 25%. The protocol plans to upgrade its software to v1.0.5, and major exchanges have pledged their support. Meanwhile, 6% of Luna Classic’s supply has been burned to increase its value.
The Snowfall Protocol uses an acquisition strategy to protect user funds
Although it is uncertain whether the price spike of most algorithmic stablecoins can remain stable over time, Snowfall Protocol offers investors a golden opportunity for a lifetime profitable investment. The protocol is a multi-chain platform for linking cryptocurrencies and NFTs from one chain to another.
As an innovative step, Snowfall Protocol aims to build interoperable blockchain networks interconnected in a secure and efficient manner. The Snowfall protocol is a much needed development in the crypto space as it allows over 200 EVM and non-EVM compatible chains to interact with each other.
Snowfall Protocol has raised over $5 million and has several measures in place to protect investor funds. One of them is the acquisition strategy to lock the tokens allocated to the protocol team. The vesting period is five years, during which the team cannot sell its position. This will further strengthen investors’ belief and confidence in the mission of Snowfall Protocol.
As you can see, the Snowfall Protocol is a big project with great prospects for a better future. The Snowfall Protocol token is still pre-sold at an undervalued value of $0.191. The token is useful for gaining voting rights and taking advantage of passive DeFi opportunities within the Platform. Demand is increasing and the token is selling faster than expected. Therefore, now is the best time to fill your portfolio to enjoy a 1000x return.
You can also be part of this life-changing opportunity – sign up and buy $SNW at Snowfall Protocol presale website.
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