Frax: a fractional-algorithmic stablecoin

Quick Take FRAX is a stablecoin that is partially collateralized and partially algorithmic with the use of Frax Shares (FXS) as the seigniorage token. Protocol-owned collateral is deployed into various DeFi protocols, and a portion of the profit flows to FXS stakers. Frax copied Curve's playbook in implementing a vote locking mechanism that aligns the protocol's interest with its loyal community members by incentivizing long-term FXS staking.

Timeline of Frax