Frax Share (FXS)
| Market Cap | $454,767,680 |
|---|---|
| Trading Volume | $13,891,088 |
| Volume / Market Cap | 0.0305 |
| Total Supply | 99,822,984 FXS |
| Max Supply | – |
Frax Share is currently trading at $6.2329, after a price change of 11.65% in the last 24 hours.
Ranked as cryptocurrency #73 by capitalization today, FXS market cap is valued at $454,767,680. FXS trading volume reached $13,891,088 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on FXS coin price prediction page.
What is Frax Share?
Frax Share is a non-stable digital utility asset on the Frax protocol. Frax network is a fractional-algorithmic stablecoin system. The protocol is a dual token platform featuring a stablecoin FRAX and the Frax Shares. FRAX is a stablecoin that is partly supported by collateral and partly supported algorithmically. FXS is designed as a deflationary token, whose supply reduces as the demand for FRAX rises.
There are 16,209,404.70 FXS shares in circulation from a total supply of 99,899,045 and no available information on the hard cap. FXS functions as a governance token at the Frax protocol. The currency is also used in paying transaction fees, as collateral, and in seigniorage revenue. At the fractional phase, minting FRAX requires a collateral ratio where the ratio of FXS is destroyed. FXS holders can fix FXS tokens and mint veFXS, a token with special privileges and special governance rights.
Sam Kazemian conceptualized the concept of fractional-algorithmic stablecoin in 2019. The other co-founders of Frax include Travis Moore and Jason Huan.