Frax Finance has recently launched a new service called the Frax Name Service (FNS), designed specifically for its ecosystem. FNS is a decentralized identity service similar to the Ethereum Name Service (ENS) but specifically tailored for the Frax ecosystem. The main feature of FNS is its use of Frax’s FXS tokens in a unique way, setting it apart from ENS.
The FNS enables users to sponsor and register names underneath the Frax ecosystem. Despite bearing a resemblance to ENS, it incorporates a special token burning mechanism. For instance, each thousand three-letter FNS names will consume one million $FXS tokens per year. This is one of the mechanisms through which the Frax token can be incorporated into other services and applications.
Getting into FNS is easy and the team outlined below shows how it can be achieved. Users have to find out whether their chosen name is available by typing it into the system. They must then confirm that they own sufficient FXS tokens within their account. Currently, to register a name, the clients are required to pay a fee of one year but with a grace period of 90 days. Generally, once the payment has been made, the name becomes officially registered.
Frax Stablecoin Reaches $647M Market Cap
Frax Finance was established in December 2020 and has gained repute for its stablecoin, FRAX. This stablecoin combines both algorithmic and collateralized models and, at the moment stands as the 8th largest stablecoin with a market capitalization of roughly $647 million. Liquid staking protocol Frax currently holds 187,627 ethers in total, as per data from defillama.com. Furthermore, Frax entered the Cosmos ecosystem in April this year through the Noble blockchain.
The introduction of FNS is a part of Frax roadmap to create an all-encompassing DeFi ecosystem. In the future, as the Frax Fraxtal platform progresses, FNS will assist users in creating and defining themselves in the Frax world.
