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Frax (FRAX) is the 73rd largest cryptocurrency in the world by market cap, valued at $1,022,676,758. The current price of Frax is $0.9993, which is 0.060% higher than yesterday. Prices have ranged between $1.004 and $0.993334 over the past 24 hours. All prices are listed in US dollars and accurate as of January 30, 2023 01:01 UTC.
The Frax protocol is the world’s first fractional algorithmic stablecoin system. It is currently implemented entirely on-chain on Ethereum, it is permission-less and open source in nature.
The aim of the protocol is to enable a highly scalable, decentralized, algorithmic currency that could replace cryptocurrencies with a fixed supply like Bitcoin (BTC). The protocol has a 2-token system. The stablecoin, FRAX, and the governance token of the protocol, Frax Shares (FXS). It also runs a pool contract that holds USD Coin (USDC) as collateral. These pools can be added or removed through governance mechanisms. While FXS is a governance and utility token, FRAX is solely a currency token that is soft pegged to the US Dollar (USD). The protocol is based on an idea by American software developer Sam Kazemian, who founded Frax in 2019. The protocol basically uses 3 mechanisms for the stablecoin ecosystem: dual token, algorithmic mechanism and reserve-based mechanism.
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