Gate Research Institute: Wyoming, USA launches FRNT stablecoin | Solana leads public chains in transaction fee stability

Crypto Market Panorama

• BTC ( -2.37% | Current Price 113,003 USDT): BTC is overall in a震荡下行趋势, with moving averages showing a空头排列, indicating a weak short-term trend. In terms of the MACD indicator, the fast and slow lines continue to decline, with the trend still偏空. The trading volume shows no significant increase, and the rebound momentum is limited. Overall, BTC remains in a weak structure in the短期内, and attention should be paid to whether it can stabilize above 112,500. If it rebounds, the first resistance level will be around 114,000.
• ETH ( -4.26% | Current Price 4,111 USDT): ETH also shows weakness, with the price operating below the short-term moving averages, indicating that the downward trend has not yet ended. The MACD also shows that bearish momentum is still being released; although the fast and slow lines are close, they have not yet formed a crossover. After the red bars turned into green bars, there has been no obvious recovery. In terms of trading volume, it has recently remained at a moderately low level, reflecting low buyer participation.
• Altcoins: The overall market is adjusting, with most major coins declining. The fear and greed index has dropped to 44, indicating a shift towards caution. In the short term, the weak fluctuation pattern may be maintained, and the wait-and-see atmosphere is intensifying.
• Macro: On August 19, the S&P 500 index fell by 0.59%, closing at 6,411.37 points; the Dow Jones index rose by 0.023%, closing at 44,922.27 points; the Nasdaq index fell by 1.46%, closing at 21,314.95 points. As of August 20, 10:15 AM ( UTC+8), the spot price of gold is currently reported at 3,315 USD per ounce, with a 24H increase of 0.01%.

Trending Tokens on Juejin

MNT Mantle* (+6.21%, circulating market cap 4.539 billion USD)*

According to Gate market data, the MNT token is currently priced at $1.3555, up about 6.21% in the last 24 hours. Mantle is a modular blockchain ecosystem supported by L2 networks, dedicated to connecting DeFi and CeFi liquidity. Its native token MNT is used for various purposes such as network governance, gas payments, staking, and ecological incentives, and continuously optimizes token circulation and usage efficiency through the Mantle economic system.

The recent rise of MNT is driven by multiple ecological benefits, including the upcoming launch of perpetual contracts, improved collateral efficiency applicable to various lending scenarios, and the community engagement driven by the puzzle mission activity with a total prize pool of $250,000, demonstrating relative strength during the market correction.

LDO Lido DAO Token* (+0.79%, circulating market cap 1.159 billion USD)*

According to Gate market data, the current price of the LDO token is $1.2925, with an increase of about 0.79% in the last 24 hours. Lido is the largest liquid staking protocol in the Ethereum ecosystem, allowing users to stake ETH to participate in PoS validation and earn rewards, while also minting stETH to represent staking rights, achieving both asset liquidity and yield. Its native token LDO is used for governance mechanisms, proposal voting, and incentive distribution, and is a core governance component of the Lido protocol.

Lido has been continuously benefiting recently, with the stETH cross-chain liquidity pool TVL exceeding 1 billion USD, showing a sustained growth in demand for liquid staking; at the same time, the official release of an institutional-grade staking framework and the ongoing promotion of DVT module and node governance updates consolidate its leading position in the Ethereum staking ecosystem, becoming an important support for the rise of LDO.

MORPHO Morpho Labs* (+2.50%, circulating market cap 667 million USD)*

According to Gate's market data, the current price of the MORPHO token is $2.0359, with a 2.50% increase in the last 24 hours. Morpho is a DeFi protocol focused on improving on-chain lending efficiency, utilizing a unique Peer-to-Pool and Peer-to-Peer hybrid model, aimed at providing users with better rates, liquidity, and risk-adjusted returns. Its native token MORPHO is used for governance, ecological incentives, and participation in protocol development.

Morpho has recently risen, possibly driven by several ecological advancements, including the integration of Ledger Live offering up to 7.5% on-chain yields, the launch of a multi-currency yield vault in partnership with Bitpanda, and the collaboration with Gauntlet to provide institutional-grade risk-adjusted yield services, while continuously optimizing user experience to enhance market attention and user stickiness.

Alpha Interpretation

Wyoming, USA launches FRNT stablecoin, the first state-level digital currency attempt.

Wyoming, USA has officially launched a stablecoin named Frontier Stable Token (FRNT), becoming the first state-level government unit in the United States to issue its own stablecoin. This token is backed by US dollars and short-term US Treasury bonds, focusing on high transparency and fiat currency pegged stability. It has currently been deployed on seven major blockchains: Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base, showcasing a strong ambition for cross-chain deployment and multi-ecosystem compatibility. However, due to unclear regulatory guidelines at the federal level, FRNT is not yet open to the public and is limited to specific scenarios and institutional use.

The launch of FRNT represents a new attempt by the state government in exploring crypto finance and reflects the gradual pursuit of autonomy by local governments in the United States in formulating policies on digital assets. Wyoming has always been one of the most crypto-friendly regions in the United States, and this move is expected to become a key example in promoting the "public sector issuing stablecoins" model. If the federal regulatory attitude becomes clearer in the future, FRNT may play a substantial role in applications such as payments, settlements, and corporate accounts, and even become a template for other states to follow.

Solana's fee stability is globally leading, with FSR far exceeding other mainstream public chains.

According to the latest Fee Stability Ratio (FSR) rankings released by DeFi Development Corp., Solana ranks first with a high score of 160.74, making it the most stable and cheapest blockchain network in terms of transaction fees. The FSR metric is calculated using "1 ÷ (median transaction fee × transaction fee volatility)"; a higher value indicates lower and more stable transaction fees, which is more user-friendly for both users and dApp developers. The median transaction fee on Solana is only about $0.0012, and the volatility remains low, effectively ensuring the sustainability of high-frequency interactive applications. In contrast, although Ethereum is a mainstream L1, its FSR is only 0.15, ranking it at the bottom among all chains due to high and unstable transaction fees.

From a broader perspective, Polygon (FSR 102.09), OP Mainnet (46.55), and others have also performed well, especially with strong advantages in low fees; while Avalanche and Arbitrum have relatively cheap fees, their higher volatility results in a lower FSR score. Although Tron has fees as high as $4.77, its volatility is extremely low, earning only 0.68 points. This ranking highlights that stable and predictable low fees are key conditions for the future scaling of on-chain applications, and Solana's outstanding performance not only reflects its efficient capabilities but also provides an ideal infrastructure for high-frequency scenarios such as DePIN, blockchain games, and payments.

1inch launches native cross-chain exchange between Solana and EVM chains, revolutionizing user experience and security protection.

The decentralized exchange aggregator 1inch has launched a new feature that supports native cross-chain asset exchanges between Solana and multiple EVM chains (such as Ethereum, Polygon, etc.) without relying on traditional cross-chain bridges. Users can complete asset exchanges directly between the two chains without additional bridging operations, effectively reducing the complexity and operational threshold of fund transfers. This feature is now integrated into 1inch's dApp, wallet, and Fusion+ API, and it includes a built-in MEV (Maximum Extractable Value) protection mechanism to reduce the risk of value loss due to malicious frontrunning.

Traditional cross-chain bridges have frequently been attacked due to technical vulnerabilities, leading to substantial losses on multiple occasions. However, 1inch has bypassed this risk point through its "native exchange" mechanism, not only enhancing the security of user assets but also improving the liquidity fragmentation issue between the Solana and Ethereum ecosystems. Developers can integrate this feature into new projects, while ordinary users can easily operate it via mobile devices or web interfaces. In the future, 1inch plans to support more blockchains to achieve higher levels of cross-chain interoperability and asset efficiency.
Reference materials:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• X, https://x.com/EleanorTerrett/status/1957763504435524055
• X, https://x.com/defidevcorp/status/1957791134748668384
• The Block, https://www.theblock.co/post/367406/1inch-launches-native-swaps-between-solana-and-evm-chains

Disclaimer Investment in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate shall not be liable for any loss or damage arising from such investment decisions.