<div data-lark-html-role="root">
<div data-lark-html-role="root"> Established in 2013, Gate is one of the world's pioneering cryptocurrency exchanges, serving over 35 million users globally. It consistently ranks among the top 3 globally in both trading volume and liquidity. Gate is currently ranked second globally in 24-hour spot trading volume, supporting spot trading, futures trading, margin trading, and wealth management products for over 3,600 cryptocurrencies. The platform offers comprehensive and diversified digital asset trading and blockchain application services. It employs zero-knowledge technology to ensure the 100% verifiability of user assets. As of August 8, 2025, the total value of Gate's reserves stands at $12.02 billion, with an overall reserve ratio of 123.98%.</div>
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Frax

The Frax protocol was the first fractional algorithm stablecoin system. Frax is open source, permissionless, and entirely on-chain -- currently implemented on Ethereum (and potentially cross-chain in the future). The ultimate goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic currency to replace fixed-supply digital assets like BTC. The protocol contains the following concepts: 
 Fractional algorithm -- Frax is a unique stablecoin whose partial supply is supported by collateral and partial supply algorithms. The ratio of collateral to the algorithm depends on the market pricing of FRAX stablecoins. If FRAX trades above $1, the agreement will lower the collateral ratio. If FRAX trades below $1, the agreement increases the collateral ratio. 
 Decentralization and governance minimization -- Community governance and an algorithmic approach that emphasizes a high degree of autonomy, without active management. 
 Full on-chain predictor - Frax V1 uses Uniswap (ETH, USDT, USDC time weighted average price) and Chainlink (US dollar price) predictor. 
 Two tokens -- FRAX is a stablecoin that targets a narrow band around the $1 / coin. < a href = "https://coinmarketcap.com/currencies/frax-shares/" > Frax Shares < / a > (FXS) is to produce cost, mint tax revenues and excess collateral value management scrip. 
 Prior to Frax, staboins were divided into three categories: fiat collateral, cryptocurrency overcollateral, and unsecured algorithms. Frax, the first decentralized staboin to classify itself as a fractional algorithm, enters the fourth and most unique category. 
The supply of FRAX stablecoins is dynamic and constantly changes due to its fractional algorithm monetary policy to keep the price at $1. < a href = "https://coinmarketcap.com/currencies/frax-shares/" > Frax Shares < / a > (FXS) tokens of supply at the beginning of the creation is restricted to 100 million tokens, not inflation a timetable in the agreement. FXS tokens are governance tokens that accumulate all the value of newly minted FRAX, fees, and excess collateral. FXS is an investment and governance asset, while FRAX is a currency token. 
The Frax protocol is a community-driven and uniquely designed stablecoin. Over 60% of the SUPPLY of FXS is issued to liquidity providers and yield farmers over many years. It is a completely decentralized protocol, governed on the chain. It was also the first and only staboin to adopt a fractional algorithm hybrid design when it was launched in November 2020. 
 The Frax protocol is the brainchild of American software developer Sam Kazemian, who came up with the first idea for fractional algorithm stablecoins in 2019. 
 The founding team of Frax Engineers includes Travis Moore and Jason Huan. Sam Kazemian originally came up with the idea when he noticed that stablecoins were growing rapidly but without any mixture of algorithmatic monetary policy and collateral. Projects that use purely algorithmic monetary policy fail or close without any significant traction. Frax is designed to measure the market's confidence in a partially algorithmized and partially collateralized stabocoin.

Ethereum，Polygon，Fantom，Moonbeam，Avalanche，BSC，Arbi，Moonriver，Solana，Optimism，NEAR Protocol，Harmony

0x853d955acef822db058eb8505911ed77f175b99e

0x45c32fA6DF82ead1e2EF74d17b76547EDdFaFF89

0xdc301622e621166bd8e82f2ca0a26c13ad0be355

0x1a93b23281cc1cde4c4741353f3064709a16197d

0xd24c2ad096400b6fbcd2ad8b24e7acbc21a1da64

0x90C97F71E18723b0Cf0dfa30ee176Ab653E89F40

0x17fc002b466eec40dae837fc4be5c67993ddbd6f

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0x2e3d870790dc77a83dd1d18184acc7439a53f475

0xfa7191d292d5633f702b0bd7e3e3bccc0e633200

https://github.com/FraxFinance/frax-solidity

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Equilibria Integrates $sfrxUSD of Frax Finance with Massive 250% $vePENDLE Boost

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