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.
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