Frax Review 2023
Frax is a popular decentralized exchange created by Sam Kazemian, Travis Moore, and Jason Huan in 2020.
It runs on 11 different chains including Moonbeam, Moonriver, Polygon.
Frax offers features such as liquidity mining, lending, bridge, staking, spot trading and more.
We rated Frax 4.5/5, based on it's features, security, and future prospects.
Frax allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by Frax.
Supports decentralized lending. You add collateral and get crypto to play around with. Provided your collateral doesn't fall below a given price, you get to continue trading. Beware, you can lose your initial collateral if you're not careful. If you're a newbie, it's recommended that you stay away from this feature.
Has a cross-chain bridge. So you can move your crypto between different chains.
Has staking for it's native token; allows you to earn passive income.
This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.
All DEXs charge trading fees. Frax is no different.
Trading fees incentivise liquidity providers to provide liquidity to Frax. This enables people like you to freely trade between tokens without incurring too much slippage.
Frax does not charge withdrawal fees.
DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.
How to use Frax?
- Get a crypto wallet that supports web3 on one Frax's of supported chains.
- Deposit crypto into the wallet, ensuring you have tokens for gas
- Navigate to Frax's homepage
- Connect your wallet to the website
- Goto Swap/Trade
- Choose a token that you'd like to swap to
- Finally, swap!
Where can I buy FXS ?
You can by FXS direct from Frax. It is the native token of Frax, and they will therefore offer the most liquidity.
Is Frax safe?
Yes, Frax is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.
What chains do Frax support?
Frax supports Moonbeam, Moonriver, Polygon, BNB Chain, Arbitrum, Aurora, Fantom, Avalanche, Optimism, Boba, Harmony.