Frax is the first fractional-algorithmic stablecoin protocol. Frax is open-source, permissionless, and entirely on-chain – currently implemented on Ethereum and other chains. The end goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. The Frax protocol is a two token system encompassing a stablecoin, Frax (FRAX), and a governance token, Frax Shares (FXS). A user can mint FRAX by supplying the USDC stablecoin as collateral, along with FXS token in amounts set by the Frax collateral ratio (CR).

Frax is airdropping free FPIS to various FXS stakers & LPs. Users who held veFXS, tFXS, cvxFXS and provided liquidity to FRAX/FXS pool by February 20th, 2022 are be eligible for the airdrop.

Step-by-Step Guide:
  1. Visit the Frax airdrop claim page.
  2. Connect your ETH wallet.
  3. If you’re eligible, then you will be able to claim free FPIS.
  4. cvxFXS holders can claim the airdrop from Convex.
  5. Users who held veFXS, tFXS or cvxFXS and/or provide liquidity to the FRAX/FXS pool by the snapshot date are eligible for the airdrop.
  6. The snapshot was taken on February 20th, 2022.
  7. For more details regarding the airdrop and eligible addresses list, see this page.
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