What is FXS coin? Introduction to the issue price, total volume and white paper of FXS coins

FXS coin, launched at $0.05 with a fixed supply of 100 million, serves as the governance token for Frax, empowering holders in decision-making and incentivizing liquidity provision through liquidity mining.

Oct 03, 2024 at 04:54 pm

Understanding FXS Coin

1. FXS Coin Overview

FXS coin is a utility token issued by the decentralized synthetic asset issuance platform, Frax Shares. It serves as the governance token that empowers holders to participate in decision-making processes regarding the Frax protocol.

2. Issue Price and Total Supply

FXS coin was initially launched in November 2020 at a price of $0.05. There is a finite total supply of 100,000,000 FXS, which is allocated as follows:

60% for the community
20% for the team
15% for advisors and investors
5% for the protocol reserve

3. White Paper

The FXS coin white paper outlines the project's technical design, economic incentives, and governance structure. Key details from the white paper include:

Fractional-Algorithmic Stablecoins: FXS is used to maintain the stability of the FRAX stablecoin, which is a combination of collateralized and algorithmic stablecoins.
Liquidity Mining: FXS holders are incentivized to provide liquidity for FRAX through various liquidity pools and receive FXS rewards.
Governance: FXS holders have voting rights on protocol changes, such as fee structures, oracle parameters, and future development plans.

4. Use Cases

FXS coin has several use cases within the Frax ecosystem:

Governance: Holders can participate in voting on protocol decisions.
Liquidity Mining: Staking FXS provides rewards in the form of additional FXS.
Collateral: FXS can be used as collateral to mint synthetic assets called FraxShares.
Fees: Some fees within the Frax protocol are paid in FXS.

Conclusion

FXS coin is a key element of the Frax ecosystem, enabling governance, liquidity mining, collateralization, and platform fees. With its limited supply and diverse use cases, FXS has the potential to become an important player in the decentralized finance (DeFi) landscape.

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