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.
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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