FRAX is a decentralized stablecoin pegged to the US dollar, utilizing a combination of collateralized and algorithmic mechanisms to maintain its stable value. It is part of the Frax Finance ecosystem, which offers a range of DeFi services including lending and liquidity provision. FRAX is highly scalable, trustless, and ideologically pure on-chain money.
The crypto Frax (FRAX) is a stablecoin that can be used in various ways within the cryptoeconomy. It can serve as a store of value or as a medium of exchange, offering a stable source of value amid volatile crypto markets. FRAX can be used in decentralized finance (DeFi) applications for earning opportunities such as lending and yield farming. Additionally, it can be minted directly through the Frax Finance platform by providing collateral, and it is available for purchase on various cryptocurrency exchanges and decentralized exchanges like Curve and Uniswap.
To store Frax (FRAX) tokens, you can use various wallet options. Here are a few:
Guarda Wallet: This wallet supports storing FRAX tokens and allows you to manage them quickly and securely.
Ledger Hardware Wallet: Ledger offers a secure way to store FRAX tokens using their hardware wallets, such as the Ledger Nano S Plus or Ledger Nano X. These wallets store private keys offline, making them resistant to malicious attacks. You can manage your FRAX tokens using the Ledger Live App.
MetaMask: As a hot wallet, MetaMask supports the ERC-20 standard and can be used to store FRAX tokens.
Trezor: Another hardware wallet option, Trezor also supports the ERC-20 standard and can be used to store FRAX tokens securely.
Mobile Wallets: You can also use your favorite mobile wallet that supports the ERC-20 standard to store FRAX tokens.
These wallets provide a secure and convenient way to manage your FRAX tokens.
To buy Frax (FRAX) tokens, follow these steps:
Buy Ethereum (ETH) on Bit2Me:
- Open an account with Bit2Me.
- Verify your account.
- Add Euros to your Bit2Me wallet.
- Buy Ethereum and keep it in your Bit2Me wallet.
Create a MetaMask Wallet:
- Download the MetaMask browser extension or mobile app.
- Set up your account by creating a wallet, accepting terms, and creating a password.
- Store your seed phrase securely.
Transfer ETH to MetaMask:
- Send ETH from your Bit2Me wallet to your MetaMask wallet by entering the ETH wallet address in MetaMask.
- Use a Decentralized Exchange (DEX):
- Connect your MetaMask wallet to a DEX that lists FRAX, such as PancakeSwap.
- Select ETH as the payment and FRAX as the cryptocurrency to buy.
- Make the swap.
If FRAX is not available on the DEX, you can use a blockchain scanning tool like Etherscan to find the smart contract address and manually perform the swap.
