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Frax Share (FXS)

Frax Share

Frax Finance is a multi-chain stablecoin protocol that issues fractional-algorithmic FRAX stablecoin.

The Frax protocol operates with two primary assets: the Frax stablecoin (FRAX) and the Frax Shares (FXS). FRAX is designed to maintain a 1:1 peg with the US dollar, providing stability in its value. Frax employs smart contracts to mint new tokens when the price increases and buys them back if the price falls, effectively balancing the circulating supply to maintain stability. On the other hand, FXS serves as a governance and utility token, enabling holders to participate in protocol governance decisions and accessing various platform functions.

Frax differs from many other stablecoins as it is partially collateralized with USDC (USD Coin). The minting and redeeming of Frax play a vital role in maintaining its stable peg to USDC. To mint FRAX, individuals must provide two tokens: USDC and FXS. The proportion of each token required is determined by the Frax collateral ratio (CR). For instance, if the collateral ratio is set at 50%, it means that 1 US dollar worth of FRAX can be minted by providing $0.50 worth of USDC and $0.50 worth of FXS. The redemption process works similarly, allowing FRAX holders to exchange their tokens for USDC and FXS at the specified collateral ratio.

Frax's fractional-algorithmic stablecoin model, coupled with its collateralization and algorithmic mechanisms, creates a unique system for achieving stability. The integration of FRAX and FXS tokens, along with the minting and redemption process, contributes to the maintenance of the stable peg to USDC and supports the platform's operations and governance
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