# FXS(Frax Share)

* Issue Time

  2020-12-21
* Total Supply

  99,822,984 FXS
* Circulation

  73,513,637 FXS
* White paper

  <https://docs.frax.finance/overview>
* Website

  <https://frax.finance/>
* Twitter

  <https://twitter.com/fraxfinance>
* Telegram

  <https://t.me/fraxfinance>
* Discord

  <https://discord.gg/MTZu6Hf57d>
* Block Explorer

  <https://cn.etherscan.com/token/0x3432b6a60d23ca0dfca7761b7ab56459d9c964d0> <https://bscscan.com/token/0xe48A3d7d0Bc88d552f730B62c006bC925eadB9eE> <https://ftmscan.com/token/0x7d016eec9c25232b01f23ef992d98ca97fc2af5a> <https://arbiscan.io/token/0x9d2f299715d94d8a7e6f5eaa8e654e8c74a988a7> <https://polygonscan.com/token/0x1a3acf6d19267e2d3e7f898f42803e90c9219062> <https://snowtrace.io/token/0x214db107654ff987ad859f34125307783fc8e387> <https://moonriver.moonscan.io/token/0x6f1d1ee50846fcbc3de91723e61cb68cfa6d0e98>

Frax protocol was the first fractional algorithm stablecoin system. Frax is open source, permissionless, and entirely on-chain -- currently implemented on Ethereum (and potentially cross-chain in the future). The ultimate goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic currency to replace fixed-supply digital assets like BTC. The protocol contains the following concepts:

Fractional algorithm -- Frax is a unique stablecoin whose partial supply is supported by collateral and partial supply algorithms. The ratio of collateral to the algorithm depends on the market pricing of FRAX stablecoins. If FRAX trades above $1, the agreement will lower the collateral ratio. If FRAX trades below $1, the agreement increases the collateral ratio.

Decentralization and governance minimization -- Community governance and an algorithmic approach that emphasizes a high degree of autonomy, without active management.

Full on-chain predictor - Frax V1 uses Uniswap (ETH, USDT, USDC time weighted average price) and Chainlink (US dollar price) predictor.

Two tokens -- FRAX is a stablecoin that targets a narrow band around the $1 / coin. Frax Shares (FXS) are governance tokens that generate fees, seigniorage income, and excess collateral values.

Prior to Frax, staboins were divided into three categories: fiat collateral, cryptocurrency overcollateral, and unsecured algorithms. Frax, the first decentralized staboin to classify itself as a fractional algorithm, enters the fourth and most unique category.

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