Frax Finance is considering providing a reward mechanism for token holders similar to Uniswap

2024-02-26 17:11:47

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ChainCatcher news, according to CoinDesk, Sam Kazemian, the CEO and founder of Frax, revealed that the core team behind the decentralized finance (DeFi) protocol Frax Finance may soon follow Uniswap's proposal to allocate a portion of the protocol fees to veFXS token holders.

Frax Finance stated on social media X on February 24: "Should veFXS holders vote again to decide on the distribution of Frax protocol revenue to veFXS participants? Frax Finance's annual revenue reaches eight figures and is still growing, with most of it currently held in the treasury. Is it time to restart?"

It is reported that FXS is the governance and utility token of the Frax ecosystem. Users who lock FXS will receive veFXS tokens, retaining their governance and utility rights. These veFXS tokens can be staked on the Ethereum mainnet and on Frax Finance's layer two network, Fraxtal. In 2022, the community voted to stop revenue sharing, and now Kazemian stated in an interview that they will explore the possibility of reopening the allocation of Frax protocol revenue to veFXS holders.

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