The decentralized financial stability agreement (FRAX Finance) group voted to completely pledge its local stability agreement (FRAX), which means that the algorithm of the agreement is over.

According to the snapshot update on February 23rd, the proposed FIP-188 crackdown, first published on February 15th-which would change the way FRAX is pledged-now has 98 per cent of the vote against it.

The proposal reads: "the time has come for the algorithm for FRAX to gradually withdraw the agreement."

It explained that the initial agreement included a "variable collateral ratio" that was adjusted according to stable bond market demand. The sales market directly determines how much collateral is needed for each FRAX to be equivalent to one dollar.

The result of the hybrid model is that 80% stability is applicable by login password property collateral, and is stable in part of the algorithm. This is achieved by forging and incineration treatment marked FXS, which has soared by 12% in the past 12 hours.

FRAX is the fifth most stable company in the industry, with a market capitalization of just over $1 billion.

After the introduction of this proposal, the agreement will no longer forge all FX to increase collateral ratio and dynamic password supply.

It must be clear that the proposal does not rely on the establishment of all FX to achieve 100% CR.

It plans to preserve the proceeds of the agreement and provide financial support for the increased collateral ratio, mainly including the suspension of FXS repurchases.

It will also be authorized to buy up to $3 million a month in FRAX Ether (FrxETH) to boost collateral ratios. FrxETH acted like stablecoin, but instead hooked up with ETH. It promotes the migration of the liquidity of Etay Fong in the FRAX ecosystem.

DeFiLlama recently reported that frxETH has improved over the past month.

The announcement of this measure coincided with the devastating bankruptcy of Hengyuan Real Estate / King Luna last year, although it had a large-scale impact on the smooth circle.

On February 22nd Australian securities administrators issued a long list of new measures requiring foreign investors to log in to password companies and stable currencies to maintain compliance in the country.

There are also stringent standards for the trading of stable currencies, as well as strict prohibitions on algorithmic or non-legally encouraged stable currencies.