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What is Frax Share coin (FXS) and how does it work?

by Financial Economy

The Frax Protocol is the first fractional algorithmic stablecoin system. Fxs coin is a cryptocurrency created by the Frax protocol to provide a highly scalable, decentralized, algorithmic coin rather than fixed-source coins like Bitcoin. Detailed information about what is Frax Share coin FXS, how does it work, how much it costs, how to buy, etc. is in the continuation of the content. You can browse here for information about Band Protocol coin (BAND).

What is Frax Share coin (FXS) and how does it work?

Fxs coin, created by the Frax Protocol on the Ethereum infrastructure, introduced the world to the first fractional-algorithmic fixed-price cryptocurrency, which is partially backed by collateral and partially algorithmically stabilized. Frax is open source, permissionless and completely based on BlockChain. It is implemented in Ethereum and other chains. Frax is a stable coin while the Fxs token is a volatile currency.

There are two cryptocurrencies in the Frax Protocol: FRAX is a stablecoin targeting a tight band around $1. Frax Shares (FXS) is a governance token that accrues fees, seigniorage income and excess collateral value.

The Frax Protocol is the brainchild of American software developer Sam Kazemian, who came up with the idea for the first fractional algorithmic stablecoin in 2019. The founding team of Frax engineers includes Travis Moore and Jason Huan.

How to buy Frax Share coin (FXS)? How much is the FXS coin price?

Frax Share coin (FXS) can be purchased on listed exchanges, for example Binance. However, before choosing the exchange to be traded, careful research should be done and a “reliable” cryptocurrency exchange should be preferred. As of September 7, 2021, the price of 1 FXS coin is around $5.79. The circulating supply of FXS is 16,209,405 and the total supply of FXS is 99,899,045.

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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