Recently, FRAX has launched a cross-chain forex pool leveraging Polygon, effectively expanding frxUSD’s use cases, activating market risk appetite, and driving a strong price rebound from the low of $0.3946. Currently, the $0.42 level has established itself as a short-term support; if the $0.4566 resistance is breached, it is expected to move up to the $0.48–$0.50 range. It is recommended to pay attention to the breakouts of key resistance levels in stages and consider establishing long positions upon pullbacks. In the medium to long term, the cross-chain liquidity mechanism will continue to improve the protocol’s capital efficiency and stability, building a solid moat for the FRAX ecosystem.

On April 9, Polygon Labs, together with Frax, Curve Finance, and DFB Network, launched an on-chain forex liquidity pool on the Polygon network, leveraging frxUSD to build a multi-currency stablecoin swap channel. This innovation, which covers the daily $6.6 trillion forex market, improves cross-border payment efficiency and reduces costs. After the announcement, FRAX price swiftly recovered from the monthly low of $0.3946 on April 8, accompanied by increased volume and significantly strengthened short-term bullish forces, indicating positive market expectations for this partnership.

From the daily chart since March 19, FRAX experienced a broad correction from $0.61 down to $0.39, stabilizing on April 8. The $0.42 area has now formed a short-term support, with repeated pullbacks attracting buying interest; above, $0.4566 is the previous high resistance. If breached, the price could target the $0.48–$0.50 range. Trading volume showed a pattern of initial increase followed by stabilization during the rebound, indicating that bearish momentum is gradually weakening and bulls are gathering strength.

This forex pool provides more practical use cases for frxUSD, enhancing the protocol's on-chain trading depth and capital efficiency. With the accumulation of trading volume, the utilization and fee income of frxUSD are expected to keep growing, offering more robust value support for the Frax ecosystem. In the long run, the gradual deployment of cross-chain liquidity solutions will reinforce frxUSD’s competitive moat versus other stablecoins, creating preconditions for gaining market share.

Frax (prev. FXS)

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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FRAX price today is 0.45, with a live price change of 3.16 in the last 24 hours. Convert, buy, sell and trade FRAX on Bybit-eu.

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