Sonic Labs launched its native USD stablecoin USSD on March 9, based on Frax infrastructure, supporting cross-chain minting. Its reserve assets are backed 1:1 by USD assets. Users can mint without fees through non-custodial smart contracts, with the proceeds used to support ecosystem incentives.

On January 19th, the crypto market generally declined, with the GameFi sector leading the drop at 8.58%. BTC fell below $93,000, and ETH dropped below $3,200. Some individual stocks like FRAX and RIVER, however, rose against the trend.

Gate News Bot message, January 04, according to CoinMarketCap data, as of press time, CVX (Convex Finance) is trading at $2.43, up 40.79% in the past 24 hours, with a high of $2.62 and a low of $1.55. The 24-hour trading volume reached $97.7 million. The current market capitalization is approximately $240 million, an increase of $6.96 million from yesterday. Convex is a liquidity staking and yield optimization platform that provides enhanced returns for liquidity providers of protocols such as Curve, Frax, and f(x) Protocol. Users can deposit LP tokens into Convex to receive automated rewards with group bonuses. The platform's total locked value currently stands at $1.11 billion. CVX token holders can lock tokens to participate in governance and support the platform.

BlockBeats news, on October 24, the stablecoin Layer 1 project Stable announced that the first phase of the pre-deposit activity is now open, with a deposit cap of 825 million USD. Early partners include Pendle, Concrete, Morpho, LayerZero, Frax Finance, and USDT0.

Gate News Bot news, September 19, according to CoinMarketCap data, as of the time of writing, CVX (Convex Finance) is currently priced at $4.16, with a rise of 17.25% in the last 24 hours, reaching a high of $4.16 and a low of $3.31. The 24-hour volume is $39.5 million. The current market capitalization is approximately $402 million, an increase of $59.1 million compared to yesterday. Convex is a decentralized liquidity provision protocol that offers enhanced staking rewards for Curve, Frax, and f(x) protocols. Users can deposit LP tokens from these platforms into Convex to automatically receive boosted rewards. Convex participates in governance by locking CVX tokens, controlling a significant amount of veCRV, veFXS, and veFXN on the relevant platforms.

Gate News bot message, Hyperliquid plans to launch a new stablecoin USDH, triggering multiple institutions to compete for bids. Companies such as Paxos, Frax Finance, and Agora have submitted bidding proposals. Paxos promises to provide compliance solutions, support HyperEVM and HyperCore deployments, and use 95% of interest income for HYPE token buybacks. Frax proposed a "community-first" plan, intending to peg USDH to frxUSD at a 1:1 ratio. Agora has formed a joint bidding team, promising to allocate all net income to Hyperliquid. Hyperliquid requires companies to submit proposals by September 10, and voting will take place on September 14. Hyperliqui

Odaily News Frax founder Sam Kazemian posted on X, stating that for stablecoin issuers and infrastructure companies, the key point in the competition to submit the Hyperliquid stablecoin USDH issuance proposal is not about revenue sharing; the real value lies in achieving interoperability and Depth 1:1 with Hyperliquid's massive distribution scenario.

Gate News Bot news, September 4th, according to CoinMarketCap data, as of the time of writing, FRAX (Frax) is currently priced at $2.85, with a rise of 9.93% in the last 24 hours, reaching a high of $2.86 and a low of $2.47. The 24-hour volume has reached $18.7 million. The current market capitalization is approximately $256 million, an increase of $23.1 million compared to yesterday. Frax is a project dedicated to building the most scalable stablecoin infrastructure in the world, serving the next generation of financial systems. Its core includes three pillars: the frxUSD stablecoin, the Fraxtal blockchain, and the Frax network. frxUSD is a secure, stable, and scalable digital dollar fully backed by institutional-grade tokenized U.S. Treasuries, supported by industry leaders such as BlackRock and Superstate.

BlockBeats news, on August 29, Sam Kazemian, the founder of Frax Finance, announced that he has joined the new blockchain project Stable, which is built around Tether's USDT, as Chief Technology Officer, while continuing to serve as CEO of Frax.