From March 1st, we officially list Frax Share Token (FXS) on the ONUS application. Soon after FXS is added, users can perform the following features:
- Off-chain transactions: Send and receive FXS with other users in the ONUS network.
- Exchange: Swap from VNDC or USDT to FXS and vice versa.
About Frax Share
Frax is the world’s first fractional-algorithmic stablecoin protocol. The end goal of the Frax protocol is to provide highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. The Frax protocol uses a 2-token model, including the stablecoin FRAX and the Frax Share Token (FXS). Frax is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. This means FRAX is the first stablecoin to have part of its supply floating/unbacked. The stablecoin (FRAX) is named after the “fractional-algorithmic” stability mechanism. The ratio of collateralized and algorithmic depends on the market’s pricing of the FRAX stablecoin.
What is FXS Token?
FXS is a native token of the Frax Share ecosystem, operating on Ethereum according to ERC20 standard. Users stake FXS on the platform to participate in governance and vote on decisions in the protocol, including:
- Changes or adjustments to collateral.
- Adjustment of FRAX minting/redeeming fees.
- Name: Frax Share Token
- Symbol: FXS
- Platform: Ethereum
- Standard: ERC20
- Type: Governance
- Smart Contract Address: 0x3432b6a60d23ca0dfca7761b7ab56459d9c964d0