What is Frax?
Frax Protocol - is the first platform with a stable coin with fractional algorithm. The platform is open source and requires no permissions and is fully networked - currently the project is implemented on the Ethereum network (with possible crosschain implementations in the future). In the near future, the Frax protocol is to provide highly scalable, decentralized, algorithmic money instead of fixed-offer digital assets such as BTC. Fractional-Algorithmic - Frax is a unique stable coin with part of its stock in escrow and part in algorithmic supply. The ratio of guaranteed to algorithmic depends on the market price of the FRAX Stablecoin. If FRAX trades above $1, the protocol lowers the escrow index. If FRAX trades below $1, the protocol increases the collateral index. The platform is decentralized, community-managed and emphasizes a highly autonomous algorithmic approach without active management. Frax Protocol owns 2 tokens: FRAX is a stable coin targeting a range around $1 per coin. Frax Shares (FXS) is a management token that accumulates commissions and excess collateral value. Prior to Frax, stabelcoins fell into three different categories: fiat, cryptocurrency with excess collateral, and unsecured algorithmic. Frax is the first type of decentralized stablecoin that classifies itself as fractional-algorithmic, opening the 4th and most exclusive category.