The FXT Token tapped into Binance Smart Chain hoping to replicate the success of the ERC20 token variant as we are reading more in our latest altcoin news today.
Crypto trading platform FXT announced the launch of the BEP-20 token after its ERC20 token witnessed a huge 1500% growth since its launch back in January. The new token is built on the Binance Smart Chain and is designed to reduce transaction costs and settlement times compared to the ETH-based predecessor. In addition, o boosting the overall performance in utility and efficiency, FXT intends to list the token across a few crypto exchanges to make it available globally.
Given FXT’s lower price threshold and a history of massive returns on the investment and the token foresees a massive influx of global investors and opined that the BEP20 token will replicate the success of the ERC20 token variant. While no more details have been shared publicly, FXT will use the initial coin offering funding to scale the offerings and prepare for replicating a similar token launch in the future.
The FXT token tapped into Binance Smart Chain and since the inception of the Ethereum blockchain, ERC20 tokens earned the top positions in market capitalization performance. Messari CEO Ryan Selkis outlined that ERC20 tokens amount to 49% of the total asset in the ethereum blockchain. Complementing the ongoing BEC20 adoption drive, the latest partnership of Immunefi and Binance Smart Chain will reward whitehat hackers that will find vulnerabilities in the BSC-hosted projects. In this drive to improve infrastructure security, Immunefi will pay bug bounties exceeding $3 million. BSC projects continue to deal with their fair share of exploits because as we saw, BurgerSwap was the subject of a $7.2 million exploit involving a loss of the BURGER tokens, Tether and Wrapped BNB.
As previously reported, The DeFi market is slowing down as the entire market slumps and the DeFi bloodbath hit Binance Smart Chain harder than it did Ethereum. However, Polygon did well in Q2. Binance is having a tough few weeks as it lost many partnerships with payment processors and had to limit operations in certain countries as it got blocked by banks. If that wasn’t enough, it’s Binance Smart Chain so the race to overtake Etheruem as the main Defi blockchain with the group of experimental products providing loans interest and asset swaps without the need of banks and other intermediaries.
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