Guide: How to use Fraxferry.
In this guide we will demonstrate how to use Fraxferry to bridge FRAX across chains.
1- How to get FRAX stablecoin?
- Connect your MetaMask extension to one of the links below to purchase FRAX:
2- How to use Fraxferry?
- Now you have FRAX in your ETH wallet.
- Head to Fraxferry page on Frax Finance website and connect your wallet here: https://app.frax.finance/fraxferry
- You will arrive at this page:
- Paste your destination wallet address in the Recipient Address, if you are sending to the same wallet Click “Use My Address”.
Note: (right now you can only go from ETH to an L2 and back not L2 to L2 yet).
- Choose the destination chain, in this guide we will choose Arbitrum.
- Select the token you are bridging, in this guide we will choose FRAX.
- Write the desired amount of FRAX you want to bridge.
- Click “Embark”.
- You will see the estimated ARRIVAL time.
- Also the DEPARTURE PORT (sending wallet) and ARRIVAL PORT (receiving wallet), check them carefully then click “Approve”.
- A MetaMask transaction will pop-up to approve your spending, click “Confirm”.
- Another MetaMask transaction will pop-up to bridge your FRAX stablecoins click “Confirm”.
- Now you have successfully embarked your FRAX stablecoins, the funds will arrive in about 24 to 48 hours.
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
Frax Price Index (FPI): is the second stablecoin of the Frax Finance ecosystem. FPI is the first stablecoin pegged to a basket of real-world consumer items as defined by the US CPI-U average.
Frax Price Index Share (FPIS): is the governance token of FPI, which is also entitled to seigniorage from the protocol.
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