FXS
No. 179Price
Markets
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Frax is a stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. It is open-source, permissionless, and entirely on-chain – currently implemented on Ethereum. The end goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. The protocol incorporates the following concepts: (1) Fractional-Algorithmic – Frax is a unique stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The ratio of collateralized and algorithmic depends on the market's pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio. (2) Decentralized & Governance-minimized – Community governed and emphasizing a highly autonomous, algorithmic approach with no active management. (3) Fully on-chain oracles – Frax v1 uses Uniswap (ETH, USDT, USDC time-weighted average prices) and Chainlink (USD price) oracles. (4) Two Tokens – FRAX is the stablecoin targeting a tight band around $1/coin. Frax Shares (FXS) is the governance token which accrues fees, seigniorage revenue, and excess collateral value.
Co-Founder: Jason Huan Linkedin: https://www.linkedin.com/in/jason-huan/ CTO: Travis Moore Linkedin: https://www.linkedin.com/in/travis-moore-0a74a4135/
Crypto.com Capital, Ascensive Assets, Mechanism Capital, Dragonfly Capital, Parafi Capital, etc.
Max. supply: 100 million FXS supply is initially set to 100 million tokens at genesis, but the amount in circulation will likely be deflationary as FRAX is minted at higher algorithmic ratios. The design of the protocol is such that FXS would be largely deflationary in supply as long as FRAX demand grows. Token application: Accrues fees, seigniorage revenue, and excess collateral value Token distribution: Community (65% – 65,000,000 FXS): 60% – Liquidity Programs / Farming / Community – Via gauges & governance halving naturally every 12 months 5% – Project Treasury / Grants / Partnerships / Security-Bug-Bounties – via Team and Community discretion Team and Investors (35% – 35,000,000 FXS): 20% – Team / Founders / Early Project Members – 12 months, 6 month cliff 3% – Strategic Advisors / Outside Early Contributors – 36 months 12% – Accredited Private Investors – 2% unlocked at launch, 5% vested over the first 6 months, 5% vested over 1 year with a 6 month cliff
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