Frax Share (FXS) is the first tiered algorithmic stablecoin protocol. It is open-source, entirely on-chain, and implemented on Ethereum. The aim of the Frax protocol is to provide a scalable, decentralized, and algorithmic currency as an alternative to fixed-supply digital assets like Bitcoin.
What is Frax Share (FXS)?
Frax Share Coin represents a new paradigm in stablecoin design. It uniquely combines established concepts within its protocol:
- Tiered Algorithm: FXS Coin is the first and only stablecoin whose supply is supported by a collateral and supply algorithm. The collateral and algorithmic rate allows the market to price Frax Share. If the FXS Coin trades above one dollar, the protocol lowers the collateral rate, while if it trades below one dollar, the protocol increases the collateral rate.
- Decentralized or Minimized Control Mechanism: Frax Share (FXS) is managed by the community. The control mechanism is minimized, emphasizing an algorithmic structure.
- On-chain Oracles: Frax v1 utilizes Uniswap and Chainlink oracles.
- Swap-Based Monetary Policy: FXS employs principles of automated market makers like Uniswap to create real-time stabilization through swap-based price discovery and arbitrage.
Frax Share is an algorithmically steered global currency. FXS has a mechanism that eliminates the need for a central bank. Users can buy and sell Frax worldwide without fear of privacy breaches, regulatory interventions, and price manipulations.
Where to Buy FXS Coin?
FXS Coin can be securely purchased and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. FXS Coin is traded on the Binance interface in FXS/BTC and FXS/BUSD pairs.
To purchase Frax Share Coin, one must first register on the Binance exchange and send fiat or cryptocurrency to the account wallet. Then, Bitcoin or BUSD must be purchased with the deposited cryptocurrency or fiat currency. Following this transaction, an order can be placed in the order book by selecting one of the FXS/BTC or FXS/BUSD trading pairs and specifying the amount. As of this writing, FXS is trading at approximately $5.46.
