As per the latest reports, FXT has made a promising announcement for its users. FXT, a prominent cryptocurrency trading platform has announced that it is going to go ahead with the launch of a new token. The firm has revealed that the name of the new token is BEP-20.
According to analysts and market observers, FXT has decided to launch the new token following the success of its ERC-20 token. The data shows that the ERC-20 token was launched by the cryptocurrency trading platform back in January of 2021.
Since the launch of the ERC-20, the token has observed a great rally in terms of its price and capitalization. Since January of 2021, the platform has observed a 1,500% rally in terms of its price. Therefore, looking at the success and growth of the ERC-20 token, FXT has decided to proceed with the launch of another token, which is BEP-20.
FXT has revealed that just like the ERC-20 token, the BEP-20 token is also based on the Binance Smart Chain (BSC). Developing and launching the new token through the BSC means that the transactions for the BEP-20 tokens would have reduced settlement times as well as transaction costs.
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This is something that the Ethereum blockchain (network) has been facing since the third quarter of 2020. This happened because back in the third quarter of 2020, the transaction flow on the Ethereum blockchain suffered a great influx.
As the cryptocurrency industry came in high demand, the Ethereum blockchain turned out to be one of the most prominent and highest demanded ones. This is the reason why the Ethereum blockchain was rushed with a tremendous number of users. Thus, the Ethereum blockchain ended up being one of the slowest blockchains in the entire crypto-verse.
This resulted in high transaction fees and slow transfer rates for the Ethereum blockchain. The delayed transactions also affected the scalability of the Ethereum network at a very high level.
Although Ethereum has attempted to come up with a solution around this, yet Binance Smart Chain has managed to pull many users from the Ethereum network to its own platform. This is the reason why any token getting enlisted through the BSC is destined to observe a high rally and price increase in a matter of hours.
According to FXT, it wants to make the BEP-20 token one of the top-performing and highly efficient tokens on the BSC network. Furthermore, FXT is aiming to get the token enlisted on several cryptocurrency exchanges around the world.
FXT wants its token to be recognized globally and for that, it definitely needs the support of other cryptocurrency exchanges. The firm is also aiming to launch its Initial Coin Offering (ICO) at the earliest in order to generate more funds for the project. The proceeds from the ICO would go towards the development of new tokens that would offer similar benefits as ERC-20 and BEP-20 tokens.