Buy Frax FRAX
What is Frax (FRAX)?
Frax is a decentralised stablecoin protocol designed to maintain its peg to the US dollar through a combination of asset-backed and algorithmic mechanisms. Its primary aim is to create a scalable, trustless, and stable on-chain currency, addressing the limitations of traditional collateralised and purely algorithmic stablecoins. Frax operates with a fractional-algorithmic model, leveraging a dynamic collateral ratio and a dual-token system consisting of the FRAX stablecoin and the FXS governance token.
How does Frax (FRAX) work?
Frax is built on the Ethereum blockchain and utilises smart contracts to manage minting, redemption, and stabilisation processes. The protocol relies on Ethereum's consensus mechanism and employs Algorithmic Market Operations (AMO) to dynamically adjust the supply of its stablecoins and maintain price stability. Smart contracts are integral to Frax’s functionality, ensuring transparent management of collateral ratios, minting processes, and governance.
What are the potential use cases for Frax (FRAX)?
Frax’s stablecoin system has various applications, including:
- Decentralised Finance (DeFi): Supporting lending, borrowing, and yield farming activities.
- Cross-chain Transfers: Enabling seamless liquidity provision and asset movement across blockchain ecosystems.
- Cryptocurrency Transactions: Serving as a stable medium of exchange.
Industries benefiting from Frax include DeFi, cryptocurrency trading, and cross-chain interoperability.
What is the history of Frax (FRAX)?
Frax was founded by Sam Kazemian, Jason Huan, and Travis Moore, and launched on the Ethereum mainnet on December 21, 2020. Its inception marked a shift in stablecoin innovation with the combination of collateralised and algorithmic systems. Significant milestones include the introduction of additional stablecoins like FPI and frxETH and the transition to a fully collateralised model in February 2023. Over time, Frax has evolved into a comprehensive DeFi protocol, expanding its ecosystem and enhancing its technological and market presence.
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Frequently Asked Questions (FAQs)
What is the current price of Frax (FXS)?
The Frax price is $4.8544 AUD, representing a +1.8% from the day prior.
Where is the best place to buy Frax (FXS) in Australia?
The best place to buy Frax (FXS) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Frax (FXS) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Frax (FXS)?
The trading volume of Frax (FXS) is $19.3M AUD in the last 24hrs, representing a +1.8% from the day prior.
How can I buy Frax (FXS)?
Frax (FXS) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Frax (FXS)?
The current market cap of Frax (FXS) is $996.3M AUD.
Can I convert Frax (FXS) to cash?
Yes - With Coinstash you can convert your Frax (FXS) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Frax (FXS) are there?
The current circulating supply of Frax (FXS) is 649.4M.
Is Coinstash a safe place to buy Frax (FXS) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Frax (FXS) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices here.