Introduction to FXS (Frax Share) Token
FXS, short for Frax Share, is the governance token of Frax Finance, a decentralized finance (DeFi) protocol. The Frax Finance protocol is known for its hybrid algorithmic stablecoin, FRAX, which is partially backed by collateral and partially maintained through algorithmic mechanisms to peg its value to the US dollar. FXS token holders have the right to vote on key protocol decisions, including parameter adjustments, proposals for new features, and the overall strategic direction.
The tokenomics of FXS are uniquely designed, with its supply directly linked to the minting and redemption process of the FRAX stablecoin. When users mint FRAX stablecoins, the protocol burns a certain amount of FXS; conversely, when users redeem FRAX, the protocol mints FXS. This mechanism aims to incentivize and stabilize the value of FRAX by regulating the supply of FXS.
FXS Token Total and Maximum Supply
According to public information, the maximum supply of FXS tokens is approximately 99,681,495. At the inception of the project, the hard cap for FXS was set at 100 million, and the protocol itself was not designed with an inflation mechanism. This means that the total supply of FXS is finite, and changes in its supply are primarily influenced by the burning and minting mechanisms during FRAX stablecoin minting and redemption activities.
As of September 8, 2026, the total supply of FXS is approximately 99.68 million. This figure reflects the total amount of FXS tokens currently minted but not yet burned.
FXS Token Circulating Supply
The circulating supply refers to the number of FXS tokens currently available for trading and use in the market. Due to the dynamic nature of FXS's supply mechanism, its circulating supply is updated in real-time.
As of September 6, 2026, the circulating supply of FXS is approximately 93.63 million. This data fluctuates over time, influenced by FRAX stablecoin minting and redemption activities within the protocol, as well as market supply and demand. Users can view real-time circulating supply and market capitalization information for FXS on market data platforms such as Svmuu.
Project Background and Vision
The Frax Finance protocol was co-founded by Sam Kazemian, Travis Moore, and Jason Huan. The core goal of the protocol is to build a highly scalable, decentralized algorithmic currency and aims to become the "digital US dollar" in the digital economy. By combining collateral backing and algorithmic adjustments, the Frax protocol aims to provide a stable and efficient store of value and medium of exchange.
How to Acquire FXS Tokens
FXS, as the governance token of the Frax Finance protocol, can be traded on exchanges that still support the coin. Since FXS is a token based on EVM-compatible chains like Ethereum, users can typically connect to decentralized exchanges (DEXs) using Web3 wallets (such as MetaMask) that support these networks to exchange it. Before any transaction, please verify the listing status and liquidity of the trading platform yourself and fully understand the associated risks.
