GHO and FDUSD Stablecoins: Massive Supply and Explosive Growth
The cryptocurrency world is buzzing with excitement as two stablecoins linked to the US dollar, Aave's GHO (GHO) and First Digital's FDUSD, have stormed onto the scene with incredible growth. These dollar-pegged tokens have surged in popularity, setting new records since their recent launch.
New Dollar-Anchored Tokens GHO and FDUSD Emerge as Market Titans
The decentralized finance (defi) lending protocol, Aave, launched the GHO stablecoin in mid-July. Since then, the new stablecoin has registered an unprecedented surge of 348% in supply, peaking from 2,510,269 tokens to more than 11.25 million in 16 days. Uniswap v3 and Balancer v2 are the main trading platforms for GHO, with about 357 holders and 3,479 transactions.
The 24-hour trading volume for GHO hovers around USD 1.52 million, and Balancer's Vault accounts for an impressive 59.2255% of the total GHO supply. As of August 2023, GHO ranks 31st among stablecoins, having surpassed the USD 1 mark with a value of USD 1.01 per unit, or more than 3% higher, 18 days ago. However, it also experienced an all-time low of USD 0.971 per unit on July 24, 2023.
Meanwhile, FDUSD has witnessed an even more remarkable ascent since its introduction, according to the etherscan data released on July 23, 2023. Within a week of its launch, its supply skyrocketed from approximately 1,114,126 to over 232 million tokens, marking an astonishing 20,000% increase. Currently, FDUSD has only 14 holders and a modest 98 transfers have been recorded since its inception.
Binance Wallets 14 and 15 Hold More Than 97% of FDUSD’s Supply
An overwhelming 96.0563% of FDUSD's supply is held in a wallet named "Binance 14," with an additional 1.4325% in "Binance 15." Notably, Binance appears to control the third-largest wallet, holding 1.3670% of the FDUSD supply. The fourth-largest wallet holds marginally more than 2 million FDUSD, estimated at 0.8604 percent of the total supply. With tether (USDT) as its leading market, FDUSD witnessed a trading volume of USD 65,964,418 globally on Binance in the past 24 hours as of August 2, 2023, according to Coinmarketcap.com (CMC) data.
FDUSD's transactions reached USD 2,773,961 against the stablecoin BUSD, and the BNB trading volume was USD 2,773,961, respectively. Pancakeswap saw a relatively small 24-hour trade volume of USD 46.65 on August 2. The stablecoin achieved an all-time high of USD 1.06 per unit on July 29, 2023, and an all-time low on July 31, plummeting to USD 0.912 per coin, according to CMC data.
What is your take on GHO’s and FDUSD’s supply growth? Please share your thoughts and opinions in the comments section below.
0 Comments