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Frax is the first fractional-algorithmic stablecoin protocol. Frax has parts of its supply backed by collateral and parts of the supply algorithmic. The stablecoin (FRAX) is named after the "fractional-algorithmic" stability mechanism. The ratio of collateralized and algorithmic depends on the market's pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio.
FRAX stablecoins can be minted and redeemed at any time. FXS holders can take part in governance and enjoy seigniorage, revenue from fees, and excess collateral.