Guide: How to use ETH to mint and stake FrxEth for sFrxEth.
In this article, we will be explaining how to use ETH to mint and stake FrxEth for sFrxEth.
1- How to get ETH?
ETH is supported by many exchanges like https://www.binance.com/ https://www.kucoin.com/ https://www.okx.com/ https://www.huobi.com/ etc. You can visit any of the exchanges and purchase the desired amount of ETH you’ll like to use to mint FrxEth.
2- How to use ETH to mint FrxEth and stake for sFrxEth.
- Please head over to https://app.frax.finance/frxeth/mint
- you will arrive at this page:
- Click on “Connect Wallet”
- Connect your wallet.
- Click on “Metamask” to connect your wallet.
- You have successfully connected your wallet.
- Enter your desired amount of ETH you want to use to mint FrxEth (the ratio of ETH to FrxEth is 1:1).
- Click on “Mint & Stake” (Mint & Stake will automatically mint FrxEth and stake it for sFrxEth).
(Note: If you you want to mint FrxEth without staking it for sFrxEth, you will need to click “Mint Only”)
- A MetaMask window will pop-up, Click “Confirm”.
- Wait for the transaction to be confirmed.
- Now You Have Successfully used ETH to mint FrxEth and stake it for sFrxEth 🙂
- Click on “Stake/Unstake” to view your staked sFrxEth.
- If you already have FrxEth, you can stake it for sFrxEth by clicking “Stake/Unstake ‘’ then enter your desired amount of FrxEth.
- Click on “Stake” and follow Step 4 above.
YOU HAVE SUCCESSFULLY STAKED YOUR FRXETH FOR SFRXETH!
About Frax Finance
Frax is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The stablecoin (FRAX) is named after the “fractional-algorithmic” stability mechanism. The ratio of collateralized and algorithmic depends on the market’s pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio.
FRAX : is the stablecoin targeting a tight band around $1/coin.
Frax Shares (FXS) : is the governance token which accrues fees, seigniorage revenue, and excess collateral value.