How to buy FXS?
FXS is available on LetsExchange, allowing you to purchase it directly through our platform alongside thousands of other cryptocurrencies. You can purchase any quantity of FXS you desire, as the upper limits are significantly high. LetsExchange does not require the collection of personal or financial information from its users, and account registration is optional. Nonetheless, we suggest creating an account to enjoy additional benefits, such as advanced tools for managing your crypto portfolio and access to affiliate programs.
What is FXS?
FXS is the governance token of Frax Finance, which is a decentralized finance (DeFi) platform known for pioneering the concept of a fractional-algorithmic stablecoin. The Frax protocol introduces a stablecoin called FRAX, which is partially backed by collateral and partially stabilized algorithmically. The ratio of collateralization is dynamically adjusted based on the market's behavior and the token's price stability.
How to buy FXS on LetsExchange: a step-by-step guide
On LetsExchange, you can swap any of the supported 4,500 coins and tokens to FXS. You do not have to register an account, however, we recommend doing so to access an extended set of tools and functions for portfolio management and affiliate tools.
To proceed with the swap, perform the following steps.
In the exchange widget, pick the coin to exchange for FXS in the You Send field. In our example, we will be swapping Bitcoin which is a default coin. But you can sell any other coin that you have.
Provide the amount of the coins you want to swap. In our example, we pick a default sum of 0.1 BTC.
Choose the exchange rate type: fixed or market.
If you pick a fixed rate, you will receive the exact amount specified on the Check the details screen. With a fixed rate, you can use a promo code.
If you pick a market rate, the sum to receive may be different from the sum that is initially displayed in the widget. LetsExchange will select the best rate among multiple liquidity providers, and the swap will be completed at that rate.
We pick a fixed rate because, with it, you get an opportunity to receive cashback by entering a promo code.
In the You Get window, pick FXS.
Now, the picked coin will be displayed in the You Get field. The sum that you will get will be calculated automatically.
If you have a promo code, type it in. You will get cashback. If you don’t have a promo code but want to get one, follow us on social media for updates - from time to time, we organize some events for our users where they can be rewarded with promo codes and other valuable rewards.
Click on the Swap option.
Now, the widget will display a window where you will be asked to enter your receiving wallet address. The swapped coins will be sent there.
You can also fill in the refund address. If the swap doesn’t go as expected, your coins will be refunded there.
Check all the data once more and hit the Proceed button.
You will be displayed a deposit wallet address, to which you need to send your coins. After you do so, the coins will be swapped, and your FXSs will be sent to the receiving wallet address you’ve provided.
After the transaction is completed, you can download the receipt with all the transaction details. Also, you can track your transaction at any stage by copy-pasting its number on the Transaction status page.
Conclusion
FXS is the governance token of Frax Finance, which is a decentralized finance (DeFi) platform known for pioneering the concept of a fractional-algorithmic stablecoin. The Frax protocol introduces a stablecoin called FRAX, which is partially backed by collateral and partially stabilized algorithmically. The ratio of collateralization is dynamically adjusted based on the market's behavior and the token's price stability. FXS holders can stake their tokens to earn additional FXS as rewards. This mechanism incentivizes users to hold and support the ecosystem. A portion of the FXS tokens used in the protocol's processes is burned, which means they are permanently removed from circulation. This deflationary mechanism can potentially increase the value of remaining FXS tokens. This is why FXS may be a very good option to consider for long-term investment.