Too Long; Didn't Read
Frax is a stablecoin that is dual collateral backed and has an algorithmic peg mechanism. Stablecoins are crypto assets that are attached to a traditional currency’s value. FRAX is pegged at the ratio 1:1 to the US dollar. The only way to buy into Frax is by purchasing it through another cryptocurrency on a decentralized exchange. It was the first algorithmic stablecoin listed on Binance on February 21st 2021. The total value locked within an hour of the launch was $43 million.