What is FXS coin? What can FXS coins do? How to store FXS coins?

FXS Coin, the governance token of Frax Share, empowers holders to shape the protocol's direction, earn staking rewards, and participate in DAOs.

Oct 05, 2024 at 08:00 am

What is FXS Coin?

1. FXS Coin is the native token of Frax Share, a decentralized, scalable, and fractional-algorithmic stablecoin platform.
2. Frax Share aims to create a stablecoin that is resistant to manipulation and fluctuations by combining an algorithmic and fractional-reserve system.

What Can FXS Coins Do?

1. Governance: FXS holders can participate in the governance of the Frax Share platform by voting on proposals that impact the protocol's development.
2. Staking: FXS can be staked to earn rewards, governance capabilities, and the opportunity to participate in DAOs (Decentralized Autonomous Organizations).
3. Collateral: FXS can be used as collateral for minting FRAX stablecoins, providing stability to the FRAX ecosystem.
4. Liquidity Mining: FXS can be used to provide liquidity to liquidity pools on decentralized exchanges, earning additional rewards.

How to Store FXS Coins?

1. Hardware Wallet: For the most secure storage, store FXS in a hardware wallet like Ledger or Trezor.
2. Software Wallet: Non-custodial software wallets like MetaMask and Exodus allow you to store and manage your FXS tokens.
3. Centralized Exchange: FXS can be stored on centralized exchanges like Binance and Coinbase, but it is not as secure as hardware or software wallets.
4. Frax Share Wallet: You can also store FXS in the official Frax Share wallet, which provides access to additional features and staking rewards.