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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, decentralised, 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.
Frax (FRAX) is the 51st largest cryptocurrency in the world by market cap, valued at $2,643,155,909. The current price of Frax is $1, which is -0.082% lower than yesterday. Prices have ranged between $1.01 and $0.985157 over the past 24 hours. All prices are listed in US dollars and accurate as of January 26, 2022 03:01 UTC.
| Coin symbol | FRAX |
|---|---|
| Coin Marketcap | US$2,643,155,909 |
| Total FRAX supply | 2,627,305,403 |
| Circulating FRAX | 2,627,305,403 |
| Current price | US$1 |
| All time high | US$1.14 |
Historical prices compared with the price of US$1.
| 1 hour | -0.64% |
|---|---|
| 24 hours | -0.08% |
| 7 days | 0.03% |
| 14 days | 0.26% |
| 30 days | -0.21% |
|---|---|
| 60 days | 0.98% |
| 200 days | 0.20% |
| 1 year | 0.55% |
Disclaimer: Cryptocurrencies, including Frax, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of FRAX is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Frax or any other cryptocurrency discussed.