This week, the FXS crypto asset will be listed on INDODAX. Open deposits will start on March 15, 2023, at 14:00 WIB, and available trading will start on March 16, 2023, at 14:00 WIB.
FXS works with the ERC20 network. The Frax protocol is fully decentralized with on-chain governance. Are you curious? Come on, read more here!
Data and Information
The Frax Protocol is the first fractional-algorithmic stablecoin system.
Frax is open-source, permissionless, and completely on-chain, currently implemented on Ethereum (with future cross-chain implementations possible).
The Frax protocol aims to provide highly scalable, decentralized, algorithmic money instead of fixed-supply digital assets like BTC.
The Frax Share Token (FXS) is a non-stable utility token within the protocol, intended to hold governance rights and all system utilities.
The FXS token has potential utility up and down the system, where changes in the value of the delta are permanently stabilized away from the FRAX token itself.
FXS supply is set to be 100 million tokens initially, but the number in circulation is likely to deflate as FRAX is minted at a higher algorithmic ratio.
Frax Protocol Founder
The Frax protocol is the brainchild of American software developer Sam Kazemian who came up with the first idea of a fractional-algorithmic stablecoin in 2019.
Frax’s founding team of engineers includes Travis Moore and Jason Huan.
Sam Kazemian conceived the idea when he saw that stablecoins were growing fast, but none had a mix of algorithmic and collateral monetary policy.
Frax was designed as an answer to measuring market confidence in stablecoins that are part algorithmic and partly guaranteed.
What Makes Frax Unique?
The Frax protocol is a community-based stablecoin and has a unique design. Over 60% of the FXS supply has been issued to liquidity providers and yield farmers over the years.
Frax is a fully decentralized protocol with on-chain governance. Frax was also the first and only stablecoin to incorporate a fractional-algorithmic hybrid design at its launch in November 2020.
FXS crypto assets
The current CoinMarketCap ranking is #70, with a live market cap of $668,790,909 USD. It has a circulating supply of 74,488,942 FXS coins and the max. supply is not available.
How to Buy FXS Crypto Assets on INDODAX
Those who want to buy FXS crypto assets can buy them on INDODAX starting March 16, 2023, at 14:00 WIB. Here’s how to buy it:
- You can register immediately for those of you who still need to become a member.
- After that, make a deposit.
- After your deposit and balance are entered, you can return to the INDODAX market.
- Look for FXS on the IDR market, then click on it.
- After entering, you must buy by filling in your balance and at what price you want to buy FXS. You can also buy it instantly or directly at the current price.
- After that, you need to wait for the price to increase for some time
- After the price increases, you can sell at a higher price with the instant method
- If you sell with the limit method, you can place an order after buying. Make sure you enter a higher number when selling.