Price
$0.99
12/6/2022, 7:14:07 PM
diamondHands

Buy Frax with Coinbase Wallet

Frax can be traded using Coinbase Wallet, your key to the world of crypto.

Market

Market stats

Market cap

$1.0B

Volume (24h)

$3.3M

Circulating supply

1.0B FRAX

All time high

$2.19

Price change (1h)

+0.16%

Price change (24h)

-0.37%

Price change (7d)

+0.02%

Sign up now to get up to $400 in rewards

Coinbase users can earn up to $400 on average just by taking advantage of our rewards. Get started now.

congratulationsOnEarningCrypto

Frax is on the rise this week.

The price of Frax has risen by 0.02% in the past 7 days. The price declined by 0.37% in the last 24 hours. In just the past hour, the price grew by 0.16%. The current price is $0.99 per FRAX. Frax is 54.62% below the all time high of $2.19.

The current circulating supply is 1,018,027,133.259 FRAX.

About

What Is Frax (FRAX)?

Frax (FRAX) is a new standard of stablecoins. The name FRAX is derived from the "fractional-algorithmic" stability mechanism. The Frax protocol has introduced a cryptocurrency that is partially backed by collateral and stabilized algorithmically in the fractional algorithmic protocol. The Frax stablecoin is an open-source, permissionless, and completely on-chain. It is implemented on Ethereum and other blockchains. Here, on-chain transactions refer to the transactions that occur on the blockchains. Frax protocol aims to provide scalable and decentralized funds in place of a fixed supply of digital assets.  

According to the whitepaper, many stablecoin protocols embrace entirely one spectrum of design, either collateralized or algorithmic, with no backing. However, two problems are associated with the entirely collateralized stablecoins: drisk loss because of poor performance or on-chain over-collateralization. On the other hand, algorithmic design stablecoin protocols are difficult to bootstrap, slow to grow, and exhibit an extreme period of volatility. 

Frax protocol implements design principles of both the spectrums mentioned above to create a highly scalable, trustless, stable, and on-chain fund. The protocol is a two-token system encompassing Frax (FRAX), a stablecoin, and Frax Shares (FXS), which is a governance token. 

The liquidity pool (LP) token is the FRAX stablecoin, which users can redeem any time. Liquidity is the easy conversion of an asset into traditional currency without impacting the market price. The FRAX stablecoin is completely collateralized. Users can also mint the FRAX by placing collateral into the minting contract. Minting is a process of producing new tokens through the proof-of-stake (PoS) protocol. The protocol accepts all types of cryptocurrencies as collateral and mainly accepts on-chain stablecoins as collateral to smoothen out volatility in the collateral.

Coming to its tokenomics, FXS is the native utility token of the FRAX protocol. The token is volatile and takes a decentralized approach to design its digital money in the same ethos as Bitcoin. Initially, there was a supply of 100 million tokens at genesis. However, as the token gets minted at higher algorithmic ratios, the amount of token in circulation results in deflationary supply. The FRAX protocol now enables its token holders to lock up their owned tokens in veFXS and earn special rewards and AMO benefits. veFXS is a yield generating system by which users can lock up their tokens for up to four years to get four times the amount of locked-up tokens.

Related Assets

Trending assets

Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.

Popular cryptocurrencies

A selection of cryptocurrencies in the top 50 by market cap.

Recently added

A selection of the most recently added cryptocurrencies.

Comparable market cap

Of all the assets on Coinbase, these 8 are the closest to Frax in market cap.

Coinbase Bytes

Coinbase Bytes

The week’s biggest crypto news, sent right to your inbox

FAQ

What is the current price of Frax?

The price of 1 Frax currently costs $0.99.

What is the market cap of Frax?

The current market cap of Frax is $1.01B. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Frax?

The all-time high of Frax is $2.19. This all-time high is highest price paid for Frax since it was launched.

What is the 24 hour trading volume of Frax?

Over the last 24 hours, the trading volume of Frax is $3.32M.

What other assets are similar to Frax?

Assets that have a similar market cap to Frax include Wrapped BNB, Terra, MultiversX, and many others. To see a full list, see our comparable market cap assets.

How many Frax are there?

The current circulating supply of Frax is 1 billion.