Frax Finance Unveils Frax Name Service (FNS), a Decentralized Identity Service Tailored for Its Ecosystem

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.

DeFi protocol Frax Finance has unveiled a new service within its ecosystem, called the Frax Name Service (FNS). The service is designed to function similarly to the widely used Ethereum Name Service (ENS), but it is specifically tailored to the Frax ecosystem.

One of the key aspects that sets FNS apart from ENS is its unique utilization of Frax’s FXS tokens. The service enables users to sponsor and register names within the Frax ecosystem. However, a unique token burning mechanism is incorporated into this process.

For example, every 1,000 three-letter FNS names will lead to the consumption of 1 million $FXS tokens per year. This serves as one of the avenues through which the Frax token is being integrated into other services and applications.

Getting started with FNS is straightforward, and the team has outlined the steps involved:

1. Users can begin by checking whether their desired name is available by typing it into the system.

2. They should thenを確認 that they have sufficient FXS tokens in their account.

3. Currently, to register a name, users are required to pay a fee for one year, with a 90-day grace period.

4. In general, once the payment is processed, the name is officially registered.

Frax Stablecoin Reaches $647M Market Cap

Frax Finance was founded in December 2020 and has become renowned for its stablecoin, FRAX. This stablecoin uniquely combines both algorithmic and collateralized models.

Currently, FRAX ranks as the 8th largest stablecoin by market capitalization, boasting an impressive value of roughly $647 million. According to data from defillama.com, Frax, a liquid staking protocol, now holds a total of 187,627 ethers.

Moreover, Frax notably entered the Cosmos ecosystem in April of this year through the Noble blockchain.

The introduction of FNS aligns with Frax’s roadmap to establish a comprehensive DeFi ecosystem. As the Frax Fraxtal platform continues to evolve, FNS will play a crucial role in enabling users to create and define their identities within the Frax world.

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