"FETH"

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f(x) is an ETH-based leverage protocol designed to address the cryptocurrency sector's demand for stable assets while reducing risks associated with centralization and capital efficiency. The protocol introduces a new concept known as "floating stablecoins" or fETH. Unlike traditional stablecoins, fETH is not pegged to a fixed value; instead, it tracks a small portion of the price fluctuations of native Ethereum (ETH). In addition, a supplementary asset called xETH is created to serve as a zero-cost leveraged long position in ETH. xETH absorbs the majority of ETH's price volatility, which helps stabilize the value of fETH.

The f(x) project contributes a structured product similar to financial tranches to Ethereum's DeFi ecosystem through the application of several simple mathematical equations.

Gate Research Daily Report: LABUBU token’s market cap exceeded $55 million, with a 24-hour surge of over 54%. Vietnam passed the Digital Technology Industry Law, recognizing crypto assets’ legal status from 2026. BTC stabilized at 105,800 USDT, while ETH spot ETFs recorded five consecutive weeks of $528 million net inflows. JTO, LM, and HOUSE tokens rose 17.17%, 24.56%, and 27.68%, respectively, driven by community enthusiasm. Geopolitical risks caused market volatility, with oil and gold spiking then retreating. Gate Launchpool introduced the CRT Project, offering 1.5 million CRT airdrops for staking, powered by AI-driven Web3 content creation.

This article analyzes the latest trends in the stablecoin market, exploring the evolution of fiat-collateralized stablecoins, over-collateralized stablecoins, and algorithmic stablecoins. It focuses on three emerging projects—Ethena, Usual, and f(x)Protocol V2—providing an in-depth analysis of their operational mechanisms, market performance, and potential risks.

Gate Research Daily Report: On June 3, BTC surged and then pulled back, suggesting short-term consolidation may continue. ETH ETF inflows remain strong, with the next key resistance around $2,700. Altcoins showed mixed performance, lacking a unified narrative. Pendle’s cumulative trading volume surpassed $50 billion, with TVL reaching $4.43 billion. Global public companies made a net purchase of $196 million in BTC last week, with MicroStrategy increasing holdings for the 8th consecutive week.

Crypto Pulse focuses on the latest developments in the cryptocurrency industry, delivering up-to-date market analysis and insights.

Crypto Pulse focuses on the latest developments in the cryptocurrency industry, delivering up-to-date market analysis and insights.

Crypto Pulse focuses on the latest developments in the cryptocurrency industry, delivering up-to-date market analysis and insights.

Crypto Pulse focuses on the latest developments in the cryptocurrency industry, delivering up-to-date market analysis and insights.

Crypto Pulse focuses on the latest developments in the cryptocurrency industry, delivering up-to-date market analysis and insights.

Gate Research Daily Report: On June 11, BTC edged down 0.02% to 109,603 USDT, slipping back into consolidation after yesterday’s strong rebound and briefly dropping below 109,000 USD. ETH rose 3.00%, currently priced at 2,778 USDT, with the ETH/BTC ratio rising to 0.025 and market dominance increasing to 9.87%. Sentiment in the altcoin market improved as most sectors rebounded, and the Fear & Greed Index climbed to 65. All three major US stock indices closed higher on Tuesday, hitting three-month highs as investors focused on progress in US-China negotiations. Spot gold was reported at 3,339.46 USD per ounce, down 0.5% over 24 hours. Other notable news: Sonic’s cumulative transactions surpassed 100 million; the SEC requested Solana ETF applicants update S-1 filings; and Gate Launchpool launched the new project Fly.trade.

Gate Research Daily Report: On May 16, BTC and ETH remain in a consolidation range, with short-term price action likely to stay range-bound; most altcoins are pulling back, while new token MapleStory NXPC surges over 13x on launch; BlackRock's BUIDL fund completes its first DeFi protocol integration; CoinMarketCap launches CMC Launch platform.

Gate Research Daily Report: On May 30, Rain expanded stablecoin Visa cards to Solana, Tron, Stellar; Vance called stablecoins a pillar of U.S. diplomacy; ZBCN, DEXE, WHITE surged.

The article provides a detailed analysis of the three major regulatory signals released in Atkins' speech, including the recognition of the code neutrality principle, the return of property rights and the legalization of Staking, as well as the implementation of the innovation sandbox mechanism. These signals provide legal support for the "permissionless innovation" of DeFi protocols, freeing developers from compliance shackles.

This article introduces Facet Swap, an on-chain inscription trading platform, and brings the inscriptions that have been minted so far as reference.