What is Frax Protocol (FXS)?
Frax Protocol is a DeFi protocol on Ethereum that introduces the first partially collateralized and partially algorithmic stablecoin. Its goal is to create a new type of cryptocurrency that is decentralized, scalable, and managed by algorithms to replace digital assets with fixed supply. The team behind Frax believes that such cryptos have better efficiency and is proud that their stablecoin is the only algorithmic stablecoin to have never lost peg.
The FRAX stablecoin of Frax Protocol currently exists on 7 chains, namely Ethereum, Polygon, Avalanche, BNB Chain, Fantom, Harmony, and Moonriver.
Frax Protocol was founded in 2019 by Sam Kazemian, Jason Huan, and Travis Moore.
How Frax Protocol (FXS) Works
Frax operates with two tokens: the fractionally-algorithmic stablecoin FRAX and the governance token FXS (FRAX Shares). The collateral ratio, price, and supply of FRAX, as well as the price and supply of FXS intricately influence one another, and they all are adjusted dynamically using algorithms. The time-weighted average of Uniswap pair price and the ETHUSD Chainlink Oracle are also variables that play a part in determining the price and collateral of FRAX. These sophisticated mechanisms allow FRAX to stay on peg and they can be modified through governance.
How Many Frax Protocol (FXS) Tokens Are in Circulation?
The hard cap on supply of FXS is 100 million, and the circulating supply is 16.2 million.
How to Buy Frax Protocol (FXS)
Consider investing in Frax Protocol (FXS)? It only takes 2 minutes to create an account on Bitget and start trading FXS.
Check out the available FXS trading pairs on Bitget!
Spot market
Frax Protocol (FXS) Resources
Simple 3-step guide to buying FXS today in Ethiopia
Create your free Bitget account
Select a funding method
Complete your Frax Protocol purchase
Step 1: Create a free account on the Bitget website or the app
Step 2: Place an order for Frax Protocol using a payment method of your choice:
Buy Frax Protocol with a debit/credit card
For Visa or Mastercard, select Credit/Debit card, then click Add New Card under the "Buy" tab
Credit/Debit in the Buy Crypto tab of the Bitget app
Credit/Debit in the Buy Crypto tab of the Bitget websiteSelect your preferred fiat currency, enter the amount you wish to spend, link your credit card, and then complete your payment with zero fees.
Add a new card to complete your payment on the Bitget app
Enter your bank card details to complete your payment on the Bitget websiteFor Diners Club/Discover card, click Buy Crypto > [Third Party] in the top navigation bar to place your Frax Protocol order.
How to buy crypto with credit/debit cardBuy Frax Protocol with Google Pay or Apple Pay
Converting your Google Pay and Apple Pay balance into Frax Protocol is easy and secure on Bitget. Simply click Buy Crypto > [Third Party] in the top navigation bar to place your Frax Protocol order.How to buy crypto via third-party gatewayBuy with bank transfer
We accept various payment methods, including iDeal and SEPA for EUR, PIX for BRL, PayID for AUD, UPI for INR, QRIS, DANA, and OVO for IDR, SPEI for MXN, and GCash for PHP. These services are facilitated by Alchemy Pay, Banxa, Mercuryo, and Simplex payment gateways. Simply select Buy Crypto > [Third Party] in the top navigation bar and select a fiat currency to place your Frax Protocol order.Buy Frax Protocol with the fiat balance in your Bitget account
You can Deposit fiat funds using Advcash, SEPA, Faster Payments, or PIX payment gateways to top up your Bitget fiat balance. Then, click Buy Crypto > [Cash conversion] in the top navigation bar to place your Frax Protocol order.P2P trading
With Bitget P2P, you can buy crypto using over 100 payment methods, including bank transfers, cash, and e-wallets like Payeer, Zelle, Perfect Money, Advcash, and Wise. Simply place an order, pay the seller, and receive your crypto. Enjoy secure transactions with escrow protection.How to buy crypto on Bitget P2P
Step 3: Monitor Frax Protocol in your Bitget spot wallet
Bitget—where the world trades Frax Protocol
How to buy Frax Protocol for free
- Learn how to earn Frax Protocol for free through the Learn2Earn promotion
- Earn free Frax Protocol by inviting friends to join Bitget's Assist2Earn promotion
- Receive free Frax Protocol airdrops by joining On-going challenges and promotions
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FAQ
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Ethiopia is located on the horn of Africa, a rugged country that encompasses the Great Rift Valley. It's a place of old culture, with archaeological artifacts dating back more than 3 million years. Ethiopia has a population of 121,396,689, and the official languages of Ethiopia are Amharic, Oromo, Somali, Tigrigna, and Afar. The official currency is the Ethiopian birr (ETB). In less than 10 mins, you can buy Frax Protocol(FXS) and other cryptocurrencies from Ethiopia using the Bitget platform with P2P trading, crypto deposit, and third-party merchants like Apple pay and Google pay.
Ethiopia has a diverse climate and landscape, spanning from the equatorial rainforest with significant humidity in the south and southwest to Afromontane regions on the summits of the Semien and Bale Mountains to desert regions in the northeast, east, and southeast Ethiopia. Ethiopia's geographical structure and landscape consist of high plateaus, mountains, and dry lowland plains. Ethiopia has some of the world's most rugged and beautiful environments. The country is surrounded by beautiful cities like Addis Ababa, Gondar, Bahir Dar, Dodola, and Lalibela, anywhere you are located in Ethiopia, Bitget will be there to give you a seamless trading experience.
Interestingly Ethiopia is the oldest country in Africa, and it has stunning side attractions like Arba Minch, Awash National Park, Axum, Bahir Dar, Bale Mountains National Park, Gheralta, Gonder, Danakil, and many more. Ethiopia is a wonderful place to be.