Frax Share (FXS)
The Frax Price Index Share (FPIS) is the governance token for the Frax Price Index (FPI) stablecoin, launched by Frax Finance in April 2022.
Overview
FPIS is a governance token linked to the Frax Share (FXS) token and tracks the growth of FPI, representing the protocol's specific economy. The Frax Collateral Ratio (FCR) is essential in determining value distribution to FPIS and veFPIS token holders, as it indicates the ratio of FRAX stablecoins backing FPI tokens. FPIS allows holders to participate in governance and receive seigniorage from the protocol. In situations where the FPI treasury yield is insufficient to maintain the backing per FPI due to inflation, new FPIS tokens may be minted to support the treasury. Within the Frax ecosystem, FPIS also allocates a portion of its revenue to FXS holders.
Frax staking
The Frax Finance protocol enables FPIS holders to lock up their tokens to generate yield on Fraxswap.
Token distribution
No FPIS tokens can be minted beyond the initial 100 million supply, except to maintain the FPI peg to the CPI rate and keep the CR constant at 100%.
| Ticker | FXS |
| Category | Decentralized Exchange (DEX) |
| Website | https://frax.finance |
| @fraxfinance | |
| Telegram | fraxfinance |
| Contract Addresses | |
|---|---|
| ethereum | 0x34...d0 Copied! |
| polygon-zkevm | 0x6b...ceCopied! |
| fantom | 0x7d...5aCopied! |
| moonriver | 0x6f...98Copied! |
| binance-smart-chain | 0xe4...eeCopied! |
| arbitrum-one | 0x9d...a7Copied! |
| polygon-pos | 0x1a...62Copied! |
| evmos | 0xd8...9cCopied! |
| avalanche | 0x21...87Copied! |
| harmony-shard-0 | 0x07...4cCopied! |
| solana | 6L...ctCopied! |
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35% Frax Finance Treasury: 35,000,000
FXS voters have complete control over the distribution of these tokens through governance. -
30% FPI Protocol Treasury: 30,000,000
FPIS voters have total control over how to distribute these tokens. -
25% Core Developers & Contributors Treasury: 25,000,000
These tokens are back-vested over four years starting February 20, 2022, with a six-month cliff. Distribution occurs monthly, and this treasury will be staked in the veFPIS system in 4-week intervals. -
10% February 2022 Airdrop to FXS Holders: 10,000,000
The snapshot was taken on February 20, 2022, and tokens were claimable until August 20, 2022.
veFPIS
veFPIS is a modular vesting and yield system designed for FPIS governance. Users can lock their FPIS tokens for up to four years, receiving four times the amount of veFPIS. veFPIS is not transferable and functions as an account-based point system that decreases as tokens approach their lock expiry.
Double whitelist and modular functionality
veFPIS includes a "DeFi whitelist" for smart contracts that add modular functionality to the staking system. Governance approval is required for each new feature, ensuring a trustless staking system. This approach allows for enhancements such as "slashing conditions" and new yield opportunities, enabling veFPIS holders to participate in governance activities like voting on CPI gauge weights or controlling liquidity deployment.
Airdrop
On February 20, 2022, the FPIS airdrop snapshot was taken for eligible community members, including veFXS, cvxFXS, and tFXS stakers, as well as FRAX-FXS liquidity providers. A total of 10 million FPIS tokens were distributed based on participant weight, claimable until August 20, 2022. veFXS stakers also received a portion, and if holders had cvxFXS, the airdrop was directed to Convex for distribution to cvxFXS holders.