Frax Share (FXS)
Unlock Schedule
Frax Share (FXS) Token Unlock & Vesting Schedule
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
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
Distribution and supply
At launch, Frax set out an FXS distribution plan based on 100 million tokens. The plan assigned 65% to community-related uses, including liquidity incentives, grants, and partnerships. The other 35% was allocated to the team and early contributors, advisers, and accredited private investors. These figures describe the original FXS allocation, before the token’s later upgrade. (docs.frax.finance)
The upgraded FRAX follows a different supply model. Frax’s documentation describes an initial annual issuance rate of 8%, scheduled to fall by one percentage point each year until it reaches a 3% floor. Issuance is intended to support uses such as ecosystem development and the Frax DAO treasury. Fraxtal also has a burn mechanism that permanently removes a portion of tokens sent to it, including tokens associated with the network’s base transaction fee. (docs.frax.com)
These features give the asset several forms of utility. It pays for Fraxtal activity, can be wrapped for compatible applications, and can be locked to gain voting power through veFRAX. Governance decisions can influence Frax services, including how some protocol resources and incentives are used. The token’s usefulness therefore spans both the blockchain network and the applications built around it. (docs.frax.com)
Assumptions
Frax initially created 100 million FXS and allocated them to community incentives, a discretionary treasury, the team, advisors and private investors. The team, advisor and investor vesting periods have ended; community rewards followed a halving policy, but their early payments, later projected amounts and eventual sunset are not fully verified. Treasury spending, conditional FPIS conversions and historical redemption-related minting also lack complete dated amounts. The chart can show the initial creation and supported vesting, with clearly labeled estimates for parts of the incentive schedule; it cannot reconcile gross issuance and burns from the available sources.
- Liquidity programs, farming and community incentives (60% of initial supply): The sources give the amount but no release dates.
- Liquidity programs, farming and community incentives (60% of initial supply): Releases depend on future governance or treasury decisions.
- Project treasury, grants, partnerships, audits and bug bounties (5% of initial supply): Releases depend on future governance or treasury decisions.
- Accredited private investors (12% of initial supply): Timing not yet established.
- Accredited private investors (12% of initial supply): The sources give the amount but no release dates.
- FXS community-treasury reserve identified for FPIS conversion: Releases depend on recipients claiming tokens or on grants being awarded.
- Historical FXS minting on legacy stablecoin redemption: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- 1. https://docs.frax.finance/fxs-and-vefxs/frax-share-fxs-distribution
- 2. https://docs.frax.finance/fxs-and-vefxs/seigniorage
- 3. https://docs.frax.finance/frax-v1-original/original-design
- 4. https://docs.frax.finance/fxs-and-vefxs/fxs
- 5. https://gov.frax.finance/t/fip-16-vefxs-gauges/84
- 6. https://gov.frax.finance/t/fip-341-frax-singularity-roadmap-part-1/2987
- 7. https://gov.frax.finance/t/fip-441-frax-1-token-1-mission-1-vision/3826
- 8. https://docs.frax.com/protocol/frax/overview
- 9. https://etherscan.io/token/0x3432b6a60d23ca0dfca7761b7ab56459d9c964d0
Allocations
Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.
Description
#746
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 |