Function X (COIN: $FX) was designed as a scalable, decentralized ecosystem that enables the creation of user-centric financial solutions on the blockchain.
It utilizes a multi-chain layer-1 architecture to create an inclusive DeFi ecosystem. The Function X protocol merges a programmable internet service framework with a flexible cross-chain bridge to enable its functionality. It aims to be the ultimate bridge between the legacy financial system and DeFi.
Function X Solutions
The primary solution offered by Function X is to make DeFi investing as easy as possible. It has been designed to mirror services offered in the traditional financial world to achieve this goal. $FX offers features like high-yield bank accounts similar to mainstream accounts but with the promise of better ROIs.
Function X’s design is based around parachains, or subnets, which allow developers to customize their protocols to meet customer needs. The subnets let developers create specific types of transactions while enjoying the security and scalability of the Function X Hub.
Two important subnets on Function X enhance the use cases of the ecosystem. The first is Pundi X, which enables retail payments globally. There is also MarginX, which is designed for DEX and Perpetuals. As a security measure, if one chain becomes compromised, its impact remains isolated, and it does impact other subnets in the ecosystem. This highly adaptable and scalable multi-chain design is similar to existing ecosystems such as Avalanche and Polkadot.
EVM Compatibility
One of the most significant milestones of Function X was in July 2022, when it launched the EVM company chain (f(x)EVM). The upgrade allowed developers to move their existing Ethereum dApps to Function X and benefit from low fees and ecosystem security. Function X does not aim to compete with Ethereum. Instead, it aims to leverage its strengths and generate value for its users.
Function x Core
At the heart of the Function X ecosystem is f(x)Core, a chain that facilitates value transfer between different chains. Blockchains can connect to f(x)Core via Inter Blockchain Communication (IBC), leading to deeper integration and easy inter-chain transfers.
Function X Token
The Function X Token ($FX) is the native token of the ecosystem. It serves as the governance token and the gas token on f(x)Core and f(x)EVM. All subnets created on the Function X ecosystem can utilize it as their gas token. They can also be used as collateral for synthetic asset generation and securing the core network.
$FX Tokenomics
The maximum token supply is 1,893,022,622.31. 20% of the tokens were launched during a token generation event, while the remaining 80% will be released over 15 years. $FX tokens were launched on Ethereum as ERC-20 tokens in 2019 and later on Function X in 2021. The tokens are fully interoperable, and users can easily move them in and out of both blockchains.
The price of $FX tokens peaked in October 2021, when the price spike above $1. Since then, the token’s price has dropped substantially to around $0.1521, holding a market cap of just under $62 million.
[Click The $FX Chart Above To View On CoinMarketCap]
Interest in Function X Remains High
Interest in the $FX ecosystem has been steadily growing, and it now has a Total Value Locked of $2.46 million, according to DeFiLlama. The TVL has been growing steadily since September 2022, when it was just around $116K. In the next few weeks, Baklava Space, currently on Avalanche, will deploy a yield aggregator on Function X, projected to have a TVL of around $10 million.
With numerous DeFi projects seeking to launch on Function X, it is only a matter of time before there is a resurgence in interest in $FX tokens. $FX makes sense for long-term investors looking to invest in a token with far-reaching functionality.
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