Frax Finance Expands Ecosystem With Launch of Frax Name Service

Frax Finance has introduced the Frax Name Service (FNS), a decentralized identity service designed specifically for the Frax ecosystem.

Frax Finance has introduced the Frax Name Service (FNS), a decentralized identity service designed specifically for the Frax ecosystem. FNS is a fork of the Ethereum Name Service (ENS) but is tailored for Frax, maintaining the core features of ENS while incorporating a distinct token-burning mechanism.

According to Frax, 1 million frax shares (FXS) tokens are burned annually for every 1,000 three-letter FNS names registered, aligning with the protocol’s goal of enhancing the value and utility of its native tokens. The process of registering a name on FNS involves checking name availability, ensuring sufficient FXS balance, and completing the transaction with a one-year minimum purchase and an additional 90-day grace period.

Frax states that this service provides users with the ability to secure a name on the Frax blockchain, which is part of their broader effort to build a comprehensive decentralized finance (defi) stack. FNS is integrated with Fraxtal, Frax’s layer two (L2) solution, which aims to improve scalability and reduce transaction costs within the defi ecosystem.

Frax Finance, launched in December 2020, runs a defi environment that’s recognized for its unique stablecoin, FRAX, which combines algorithmic and collateral-backed methods. Currently, FRAX stands as the eighth-largest stablecoin by market cap, with its value hovering near $647 million this weekend. Frax’s liquid staking protocol has secured 187,627 ether, as reported by defillama.com. Additionally, Frax broadened its reach into the Cosmos ecosystem through the Noble blockchain last April.

What do you think about the Frax Name Service? Share your thoughts and opinions about this subject in the comments section below.

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