Frax’s Staked ETH Product Spurs FXS; 1inch Network Launches Hardware Wallet

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Daily Top Mover — Frax Finance (FXS)

Stronger-than-expected jobless claims and hawkish comments from Fed officials strained major U.S. equities indices on Thursday. Meanwhile, the broader cryptocurrency market lives in its own league, with major cryptocurrencies posting gains. The top mover for today, FXS, registered a 24-hour return of 18.04%, outperforming the broader market as its staked ETH offering gained traction.

The frxeth pool’s ETH balance

FXS is the native token for Frax Finance, which rose to fame from its popular partially backed stablecoin FRAX. Yet, Frax Finance has actively expanded its ecosystem with products including decentralized exchange, lending protocols, inflation-linked stablecoin, as well as newly released frxeth, an ETH liquid staking product. The recent outperformance is likely attributed to the surging capital flows into the frxeth pool on Curve. As of the time of writing, frxeth offers a yield of 8.29%, well ahead of stETH’s 5.2%, attracting mercenary capital to stake their ETH on Frax Finance. The reason behind the high yield offered by frxeth is due to Frax’s long-term strategy of indirectly controlling yield distribution on Curve with its high stake in Convex.

Check Out the Latest Prices, Charts, and Data for FXSUSDT!

Talk of the Town

Decentralized exchange aggregator, 1inch Network, introduces the 1inch Hardware Wallet in an effort to expand its ecosystem of products and projects. Similar to the existing 1inch Wallet, this hardware wallet would support the same set of coins; however, the team is looking to expand the set of supported coins in the near future. The 1inch Hardware Wallet also introduces a multi-seed functionality. With the device being able to support multiple seed phrases, it offers greater safety and security to its users as each wallet in the device will have its own unique seed phrase.