Frax is the first fractional algorithmic stablecoin protocol. Frax is open source, license-free, and fully on-chain – currently implemented on Ether and other chains. The ultimate goal of the Frax protocol is to provide a highly scalable, decentralized algorithmic currency to replace a fixed supply of digital assets such as BTC. The Frax protocol is a two-token system that includes a stablecoin, Frax (FRAX), and a governance token, Frax Shares (FXS). Users can mint FRAX by providing USDC stablecoins as pledges, as well as a number of FXS tokens at a set Frax pledge ratio (CR).

Frax will airdrop their upcoming FPI stable coins to various FXS pledgers and LPs. Users who hold veFXS, tFXS, cvxFXS and provide liquidity to the FRAX/FXS pool by February 20, 2022 will be eligible for the airdrop. Pledge FXS on Frax for veFXS, Tokemak for tFXS, and Convex for cvxFXS.

Step-by-step guide.