Frax is a cryptocurrency that is partially backed by collateral and partially stabilized algorithmically. It was introduced to create highly scalable decentralized money as an alternative to fixed supply digital assets like Bitcoin. Frax operates on a fractional stable coin and crypto native Consumer Price Index. The Frax dashboard shows the supply, market cap, and current stable price of the native token and secondary token, fxs. Users can mint and redeem tokens, swap tokens, stake for returns, and even cross trains with other chains. Frax is a highly transparent ecosystem with a large community and various integrations and bridges with other exchanges and farms.
Exploring Frax: The World’s First Fractional Stablecoin and Crypto Native Consumer Price Index
Yo Brothers, welcome back to the Crypto Gangster channel where we explore the best banger crypto projects. Today, we are taking a closer look at Frax cryptocurrency. Frax is the world’s first fractional stablecoin and crypto native Consumer Price Index. So, let’s dive in.
The Introduction of Frax
The Frax protocol was introduced with the vision to create a highly scalable, decentralized money in place of fixed supply digital assets like Bitcoin. It aimed to partially back a cryptocurrency with collateral and partially stabilize it algorithmically.
The Frax Dashboard
Upon launching the Frax app, we see the Frax dashboard which displays the native token Frax, and also a secondary token called FXS. The app displays the supply, market cap and current price, stable at one dollar mark. The FxS coin has a price of 9.75. The collateral ratio of Frax, decentralized ratio, and distribution are also displayed.
Frax Finance provides a means to mint tokens, where you can set an amount and get them minted if you already have USDC or FxS. Similarly, you can redeem your Frax amount with a redemption fee collateral and get some FXS. You can also buyback and re-catalyze tokens.
Frax Swap and Staking
Frax Swap allows you to swap tokens. Here you can see your balance of FxS, locked staking, and the ability to choose a lock. The longer you lock your FxS, the more VFX you will receive.
The Gauge Gauge assists with voting on governance issues, and Cross Chains helps you bridge your tokens over to Binance or a different chain.
The Main Staking Overhaul shows all the different chains, stages, reward tokens, and annual percentage rates (APR). The highest TVL pool is the curve frax pool, followed by the convex pool and Frax staking shares.
In the Governance section, you can vote on governance discussions and participate in governance forums. Frax Finance has many integrations with exchanges such as Binance, crypto.com, Gemini, Sushi swap, KuCoin, Uniswap, and Coin X.
Frax has a vibrant community where you can explore news, governance, and even airdrops. Frax has released the FPI stable coin that tracks the Consumer Price Index, and you can get airdrops if you are interested in airdrop farming. The app features social tweets, analytics, and a comprehensive balance sheet.
Frax Finance is a comprehensive ecosystem that provides fractional stablecoins, staking options, cross chains, and governance voting. It is transparent and provides a lot of information and details. Frax could be one of the biggest coins to explode over the next year, so make sure to check it out and join its active community. Remember, nothing in this video is financial advice, always do your research and only invest what you are willing to lose.