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The FXT token, which is based on BEP-20, aims to “replicate the success of its variant — ERC-20 Token.”
Crypto trading platform FXT announced the launch of a BEP-20 token after its ERC-20 token witnessed an impressive 1,500% growth since its launch back in January.
The new token, based on Binance Smart Chain, is intended to reduce transaction costs and settlement times when compared to its Ethereum-based predecessor. In addition to improving the altcoin’s overall efficiency and utility, FXT intends to list its token on multiple cryptocurrency exchanges to make it available globally.
Given FXT’s lower price threshold and a track record of massive returns on investment, FXT anticipates a massive influx of global investors and believes the BEP-20 token will “replicate the success of its variant — ERC-20 Token.”
While more information has yet to be released publicly, FXT will most likely use the proceeds from the initial coin offering to scale its offerings and prepare for future token launches.
ERC-20 tokens have dominated market capitalisation performance since the inception of the Ethereum blockchain. Messari CEO Ryan Selkis recently stated that ERC-20 tokens now account for nearly 49 percent ($25.6 billion) of total assets on the Ethereum blockchain.
Immunefi’s latest collaboration with Binance Smart Chain will reward whitehat hackers who discover vulnerabilities in BSC-hosted projects, complementing the ongoing BEC-20 adoption drive. Immunefi is said to be paying bug bounties in excess of $3 million in this effort to improve infrastructure security.
BSC projects, on the other hand, continue to face their fair share of exploits. According to Cointelegraph, BurgerSwap was the victim of a $7.2 million hack that resulted in the loss of BURGER tokens, Wrapped BNB (WBNB), and Tether (USDT).