Frax Share (FXS)
Unlock Schedule
Frax Share (FXS) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the Frax Share (FXS) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence FXS price performance.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
Supply, locking, and gauges
FXS launched with a 100 million hard cap and a distribution that emphasized liquidity incentives and community programs. Holders can lock the token into vote‑escrowed positions (veFXS) for up to four years to gain voting power and farm boosts across Frax gauges—a system inspired by Curve’s veCRV model. veFXS balances decay linearly as locks approach expiry and cannot be transferred. (docs.frax.finance)
After the 2025 North Star upgrade, FXS rebranded to FRAX within the ecosystem, with governance describing a “tail emission plan” that introduces declining annual emissions and migrates vote‑escrow to veFRAX. This aligns the brand around a single base token used for governance, value capture, and Fraxtal gas. (gov.frax.finance)
Value capture
In earlier versions, minting the dollar stablecoin burned FXS, linking token scarcity to stablecoin demand. In v3, value flows to locked holders through protocol fees, AMO revenue, and targeted buybacks or distributions set by governance. Fraxswap’s TWAMM is one venue used for steady buybacks using AMO profits. The token also gains direct utility on Fraxtal as the gas asset, creating a new sink for demand within the network. (docs.frax.com)
Governance reach
With ve‑locking, holders vote on collateral policy, gauge weights, fee parameters, and subprotocol settings (e.g., Fraxlend LTVs). As the system expanded, FXS/FRAX also became the unifying governance link across subprotocols like FPI, with plans to phase FPIS into FRAX over time according to previously approved roadmaps. (docs.frax.finance)
No tokenomics data available.
Description
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Frax Share (FXS) is a governance token that belongs to the Frax protocol, which is a fractional-algorithmic stablecoin system. FXS holders can benefit from fees, seigniorage revenue, and excess collateral value generated by the protocol.
| Sector: | RWA |
| Blockchain: | Ethereum |