Easy way to Buy Frax Share(FXS) Online with Wigwam crypto app

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How to buy and hold FXS with Wigwam

1. Choose a token number that you want to buy

2. Create a wallet, where to store your crypto

3. Pay with credit card

4. Check your crypto in the created wallet

Why Wigwam is the best crypto wallet for Frax Share (FXS) storage

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Frax Share (FXS) token review

Frax Share (FXS) is a governance and utility token paired with its parent protocol Frax, which is a decentralized finance (DeFi) platform that creates algorithmic stablecoins. FXS tokens are one of the key elements of the FRAX ecosystem, which allows their use for different purposes, such as staking and participating in governance, rewards, and collateral when issuing new FRAX tokens.

About Frax Share Network

The Frax protocol runs across the number of blockchains, such as Polygon, Avalanche, Binance Smart Chain, Fantom, Harmony, and Moon River. Ultimately, it is a platform that is specially designed to provide stablecoins that always remain the same value as the US dollar. These stablecoins are pegged to the dollar and can be only volatile unless the dollar itself's value goes volatile. The protocol uses two types of strategies to keep the value of these stablecoins stable the first one is using other cryptocurrencies as collateral, and the second one is using smart algorithms. In this case, stablecoins will be pegged to USD so that their price remains the same.

Frax Share token use cases

Governance: The decision-making power of the Frax Protocol is implemented through the DAO (decentralized autonomous organization), which is controlled by FXS token holders, who have the leverage to influence future projects.
Staking: They can keep a part of their tokens and stake them to earn interest and participate in the governance of the protocol.
Fractional Collateral: FXS tokens will be used as fractional collateral when it comes to creating new FRAX stablecoins, thus tracking the stablecoin’s value.
Fraxlend: FXS is implemented in Fraxlend, one of Frax's lending utilities, where it can be lent, borrowed, or used as collateral in exchange for ERC-20 tokens.

Economical Value

Token Distribution: FXS has a total supply of 100 million tokens. A portion of the coins (35% or 35,000,000 FXS) is allocated for the team and investors and the remainder (65% or 65,000,000 FXS) is dedicated to the community.
Main Holders: Early FXS token holders are the founding team, advisors, early members, and the community.
Impact on Token Price: The price of FXS is affected by the deflationary nature of the coin as more FRAX tokens are created using FXS as collateral, which brings more demand, and as a consequence leads to the growth of its value.

Challenges

Market Volatility: Like all cryptocurrencies, FXS is subject to market volatility. This can affect the value of FXS tokens, making it challenging for investors to maintain their investments.
Technological Complexity: The Frax protocol's use of multiple blockchains and its algorithmic mechanisms for maintaining stablecoin value can be complex. This complexity can make it difficult for new users to understand and participate in the ecosystem.
Dependence on Stablecoin Adoption: The value and utility of FXS are closely tied to the adoption of FRAX stablecoins. If FRAX does not gain widespread adoption, this could negatively impact the demand for FXS and the overall ecosystem.

Disclaimer

This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.

FAQ

FXS can be purchased in our NFT wallet or on the various crypto exchanges that are listing Frax Protocol tokens that are available on Matic (Polygon), Avalanche, BSC, Fantom, Harmony, and Moonriver networks.

Yes, holders of FXS tokens can stake them to earn rewards while also having the ability to govern the functions of the Frax Protocol.

You can see your activities on the blockchain by using blockchain explorers that support the networks where FXS operates as well as supporting Polygonscan for Matic (Polygon network) and Bscscan for BSC network and others.

To add FXS to your crypto wallet, you usually need to Input the FXS token contract address into your wallet. Specific instructions may change depending on the wallet you employ.

Open your crypto wallet, click on the option of “Add tokens”, and then enter the FXS token details as follows

Token Contract Address: 0x3432B6A60D23Ca0dFCa7761B7ab56459D9C964D0
Token Symbol: FXS
Decimal Precision: With 18 Decimals

After entering the token details click on “Save” to add the FXS token to your wallet.

Investing in FXS, the cryptocurrency may be risky, as the market is volatile and regulatory risks, and you will face competition in the DeFi space. You have to do thorough research and be ready for these risks when investing.