In a dynamic week in the cryptocurrency space, important developments have emerged from different corners of the industry. Frax Finance, a decentralized finance (DeFi) protocol, is preparing to launch its layer-2 blockchain in February, aiming to solve congestion and transaction speed issues. Meanwhile, innovative trading platform Woo has closed a significant $9 million funding round to increase liquidity on the WOO X exchange. Additionally, the data highlighted notable performances in the Solana, Fancoin and VR ecological sectors, showing impressive gains for MYRO, SANTOS and HIGH. Let’s dive into the details of these important events shaping the altcoin landscape.
Frax is on the move for February
Frax Finance CEO Sam Kazemian announced plans to release the protocol’s layer-2 blockchain in the first week of February. Using aggregation technology called Fraxtal, this startup aims to overcome congestion and speed issues in the current Blockchain. Kazemian expects a groundbreaking launch with immediate support from Etherscan and Fraxscan. The launch of frxETH, a liquid staking token, is set to alleviate gas fees on the Fraxtal platform. Kazemian predicts significant asset lock-ups, predicting a valuation in excess of nine figures in the first month and more than $1 billion in the first quarter. FRAX gained about 5 percent in value as a result of the statements.
Major investment in the team behind Altcoin WOO
Crypto trading platform Woo has successfully completed a $9 million funding round from various market makers. Co-founder Jack Tan expressed his excitement about the growing relationship with market makers, emphasizing their confidence in the platform. The funds will be allocated for global expansion, product development and regulatory compliance. Woo’s focus continues to prioritize liquidity provider interests over capital raising, with plans to significantly increase liquidity in the coming months.
The platform aims to expand beyond the BTC and ETH perpetual futures markets to altcoin perpetual futures and all spot markets. Following these announcements, Woo’s native token WOO experienced the first rise, reaching $0.444. However, the gains were temporary as WOO fell to levels around $0.42.
The rise in Solana-based coins
On the other hand, market data; Solana is showing significant gains in various sectors, led by fan coins and the VR ecosystem sector. In 24 hours, MYRO recorded an impressive increase of 21.72%, followed by SANTOS with an increase of 14.49% and HIGH with an increase of 5.76%. At the time of writing, the top three currencies on the real-time increase list are PKEY, UPC and PROPS. As the cryptocurrency landscape continues to evolve, these developments speak to the industry’s innovation.
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