FRAXFrax Price

On May 12, Frax Finance announced that the pre-deposit activity for the Tangent project will begin one week later, designating frxUSD as the default stablecoin while also supporting USDC participation. The public pre-deposit activity will start on May 18, allowing users to participate by providing liquidity in USDC or frxUSD, earning rewards and TAN token allocations while locking their positions. This mechanism is built on the frxUSD PegKeeper liquidity pool on Curve Finance, aimed at further strengthening frxUSD's core position in on-chain liquidity and the DeFi stablecoin ecosystem. The project team stated that the launch of Tangent will focus on the design of stablecoin liquidity depth and yield mechanisms.

 according to on-chain data analyst Yu Jin's monitoring, the GMX hacker has already exchanged the assets stolen from the GMXV1 pool for ETH. The stolen assets include WBTC/WETH/UNI/FRAX/LINK/USDC/USDT. Currently, all assets except FRAX have been sold and exchanged for 11,700 ETH (equivalent to 32.33 million) and dispersed into 4 wallets for storage. The GMX hacker now holds 11,700 ETH and 10.495 million FRAX through 5 wallets. The total value is 42.8 million US dollars. This operation should also mean that the hacker has rejected the GMX project's proposal to return the assets and receive a 10% white hat bounty.

On January 23, the decentralized stablecoin protocol Frax Finance community launched a new proposal, proposing to authorize an initial investment of $5 million in the Trump family's cryptocurrency project World Liberty Financial (WLFI), positioning FRAX as part of the WLFI ecosystem, with a maximum subsequent investment of up to $10 million.