FRAX (Frax) rose 17.58% in the last 24 hours.

Gate News Bot News, July 18, according to CoinMarketCap data, as of the time of writing, FRAX (Frax) is currently priced at $3.27, having risen 17.58% in the last 24 hours, with a high of $3.45 and a low of $2.15. The 24-hour volume reached $8.19 million. The current market capitalization is approximately $290 million, an increase of $43.33 million compared to yesterday.

Frax is a project dedicated to building the next generation of financial infrastructure, primarily consisting of three core pillars: the frxUSD stablecoin, the Fraxtal blockchain, and the Frax network. The frxUSD is a secure, stable, and scalable digital dollar fully backed by institutional-grade tokenized US Treasury assets, supported by industry leaders such as BlackRock and Superstate. Fraxtal is a high-performance EVM-compatible Layer 1 blockchain designed to achieve extreme scalability, minimal fees, and Ethereum-level security. The Frax network is a non-custodial platform for minting, redeeming, and earning a 4.1% annual yield on frxUSD.

Important news about FRAX recently:

1️⃣ GMX Hacking Incident Progress Recently, the GMX protocol was attacked by hackers, involving an amount as high as $42 million. Currently, the hackers have chosen to return part of the stolen assets, including $10.49 million in FRAX tokens. This action indicates that the hackers may be taking remedial measures, which helps alleviate market concerns about the security of FRAX, thus providing support for the FRAX price.

2️⃣ FRAX liquidity rise The GMX attacker has refunded 5.49 million FRAX tokens to the project deployers. This move means that a large number of FRAX tokens are re-entering circulation, which may impact short-term market supply. At the same time, this also reflects the important position of FRAX in the DeFi ecosystem, potentially enhancing investor confidence in FRAX.

3️⃣ Rise in market risk appetite Hackers exchanged another $32 million in assets for ETH and made approximately $3 million in floating profits. This operation reflects the market's optimistic sentiment towards ETH, while also indirectly boosting the overall risk appetite of the cryptocurrency market, potentially driving the prices of tokens like FRAX to rise.

From a technical perspective, the price of FRAX has seen a significant pump in the past 24 hours, breaking through several key resistance levels. This strong upward momentum may attract more investors' attention, further driving the price up. However, investors should also be cautious of the potential pullback risks.

This message is not an investment advice; investors should be aware of the market volatility risks.