Which country does fxs currency belong to_Which country does fxs currency belong to?-web3.0-php.cn

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Which country does fxs currency belong to?

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May 06, 2024 pm 03:36 PM

EthereumStablecoin

The FXS token, the native token of the Frax protocol, is a governance token, mortgage asset and incentive token used to manage the supply of FRAX stablecoins and incentivize protocol participants through voting, staking and management participation.

Which country does fxs currency belong to?

The Origin of FXS Coin

FXS Coin is the native token of the Frax protocol, and Frax is an Ethereum-based stablecoin protocol. Frax aims to maintain the value of its stablecoin FRAX through an algorithmic stabilization mechanism.

About Frax Protocol

Frax Protocol was founded in 2020 by Sam Kazemian and Travis Kling. The protocol uses an algorithmic stabilization mechanism to manage the supply of the FRAX stablecoin, keeping it pegged to $1. The value of the FRAX stablecoin is backed by a combination of collateral assets (such as Ethereum and USDC) and FXS coins.

The role of FXS coin

The FXS coin plays several key roles in the Frax protocol:

Governance Token : FXS currency holders can participate in the governance of the Frax protocol by voting, and vote on platform decisions, parameter adjustments and other matters.
Collateralized Assets: FXS coins can be pledged to the protocol to help maintain the value of the FRAX stablecoin. Staking FXS coins are used to earn interest and rewards.
Incentive Tokens: FXS coins are provided to protocol participants as reward tokens to incentivize them to provide liquidity, pledge and participate in management.

Issuance and Distribution

The total supply of FXS coins is 10 billion, initially distributed as follows:

30%: allocated to community airdrop
20%: allocated to team and advisors
15%: allocated to strategic reserve
10%: Allocated to liquidity incentives
10%:Allocated to protocol incentives
10% :Allocated to investors and private placement

Conclusion

FXS coin is the native token of the Frax protocol, which plays an important role in the protocol’s governance, mortgage and incentives plays a vital role in the mechanism. FXS token holders can participate in the governance of the protocol, earn interest and rewards, and benefit from the long-term growth of the protocol.

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