Function X has been bullish despite an overtly bearish cryptocurrency market. The cryptocurrency had been riding the bullish wave as the bull run of 2021 continued. FX token reached to a new all-time high of $1.78 during October but fell subsequently. The cryptocurrency has been highly volatile after the ATH was established indicating impulse moves. The highs and lows led to the token falling below the $1 mark; however, it may reach over $1 soon as the price pulls upwards. At the time of writing, the cryptocurrency stands at a price level of $0.95. The price has moved upwards by nearly 7% with a similar growth during the past week. Function X stands at a market rank of #155 with the capitalization growing steadily.
What is Function X?
Function X is the native token of its platform which is an ecosystem inside Pundi X. The platform claims to offer the next generation of assets and trading. One of the goals of the network is to serve as a bridge between the traditional finance and the new way of finance through the blockchain technology. It is offering traditional-style financial products but with the power of DeFi. Moreover, it is working towards combining the synergies of the various projects in the cryptocurrency market. The lack of interoperability has been one of the rampant issues of the crypto market which is hindering its growth and further innovation. However, Function X – and the wider Pundi X ecosystem – is integrating the value provided by Ethereum and other leading platforms.
Recent updates
The Function X ecosystem is growing at a phenomenal pace. Currently, the platform supports cross-chain transfers to Ethereum, Polygon, Binance Smart Chain, Pundi X Chain and Tron – with support for Polygon and Tron added during December. However, this is not it. The team has been highly active in the development of the network and support for other chains are expected to roll out soon. The network describes itself as the cross-chainverse – a testament to the recent popularity of metaverse technology.
Recently, the development team increased the commission rate of the top five validators on the network to 5% because of high demand in the community. The increment is expected to increase the outflow from validators with high commission rate to those with lower commission rate. Moreover, it will also incentivize public validators apart from giving existing validators a chance to increase their commission.
