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What is the issuance and circulation of FXS coins?
As of June 2023, approximately 38.8% of the initial 100 million FXS tokens remained locked due to the vesting schedule.
Oct 14, 2024 at 10:29 pm
FXS Coin Issuance and Circulation
1. Initial Issuance
- FXS tokens were initially issued in September 2020 through the Frax Token Launch.
- A total of 100 million FXS tokens were created.
The initial distribution was:
- 40% to the Frax team and investors
- 25% to the community through airdrops and incentives
- 25% to liquidity providers
- 10% to the Frax Foundation
2. Token Release Schedule
The initial 40% allocation to the team and investors has a vesting schedule:
- 10% released at launch
- 90% released over 36 months with 2.5% monthly increments
3. Circulation
As of June 2023, there were approximately 61.2 million FXS tokens in circulation. The remaining tokens are being released according to the vesting schedule.
4. Token Utilities
FXS tokens are used for various purposes within the Frax ecosystem:
- Governance: Holders can vote on protocol upgrades and governance proposals.
- Staking: FXS can be staked to generate rewards and earn a share of the network fees.
- Collateral: FXS is a collateral asset for the Frax stablecoin FUSD.
5. Token Distribution
The largest FXS token holders as of June 2023 are:
- Binance: 7.2%
- Coinbase: 4.6%
- FTX: 3.5%
- Gemini: 2.9%
- OKEx: 2.7%
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