Key Takeaways:
- OKX announces the listing of Frax Share (FXS) token on its spot trading markets, with deposits opening at 02:00 am UTC on July 6, 2023.
- FXS/USDT spot trading is set to commence at 10:00 am UTC on July 6, with withdrawals opening the following day.
- Frax Share is a volatile utility token integral to the Frax protocol, possessing governance rights and additional functionalities within the system.
Major cryptocurrency exchange OKX has officially embraced the decentralized stablecoin protocol, Frax, by listing its native utility token, Frax Share (FXS), on the exchange’s spot trading markets. This strategic addition reflects OKX’s ongoing commitment to diversifying its portfolio and providing users with access to innovative blockchain projects.
Frax Share (FXS) is a pivotal component within the Frax protocol. As a non-stable utility token, FXS is inherently volatile. Holders are endowed with governance rights and other utilities within the Frax system.
With decentralized finance (DeFi) gaining immense traction, tokens like FXS play an instrumental role in maintaining the efficacy and decentralization of stablecoin protocols. Beginning at 02:00 am UTC on July 6, 2023, OKX users will be able to deposit FXS into their accounts.
The FXS/USDT spot trading pair will be launched at 10:00 am UTC on the same day, permitting users to engage in trading FXS against Tether (USDT). For those eager to move their FXS holdings, withdrawals will be enabled at 10:00 am UTC on July 7, 2023.
With a total supply of 99,681,752 FXS tokens and a circulating supply of 72,749,737 as of July 6, 2023, Frax Share represents a substantial offering in the DeFi space. OKX, as the second-largest crypto exchange by trading volume, is well-positioned to further the reach and liquidity of FXS.
For the burgeoning DeFi community, the listing of Frax Share on a renowned platform such as OKX is a notable development. It reflects the ongoing integration of decentralized protocols within mainstream crypto trading platforms and the broader adoption of DeFi projects.
Frax’s innovative fractional-algorithmic approach to stablecoins may be indicative of future trends in the stablecoin space. With the backing of a major exchange like OKX, Frax Share stands to gain increased visibility and accessibility. This could potentially bolster its role within the Frax ecosystem and the DeFi sector at large.
Source
https://www.okx.com/help-center/okx-to-list-frax-share-fxs-for-spot-trading
