Sam Kazemian, the founder and CEO of decentralized finance protocol Frax Finance, revealed in an interview with CoinDesk that the Frax core team may soon propose a plan similar to decentralized exchange Uniswap. This plan involves distributing a portion of protocol fees to the stakers of its native token.
The governance and utility token of the Frax ecosystem is FXS. Users who lock FXS will receive veFXS tokens, allowing them to retain their utility and governance rights. These veFXS tokens can also be staked on the Ethereum mainnet and Frax’s layer-two network, Fraxtal.
Kazemian stated during the interview that the proposal mentioned above will suggest sharing protocol revenues with veFXS token stakers, and its approval will depend on the community. The Frax community previously voted in 2022 to stop revenue sharing.
Last Saturday, Frax Finance announced on the X platform that according to TradingView data, after CoinDesk published this news, the price of FXS briefly surged over 15% but has since fallen to around $9.
Related reports: “Uniswap Foundation Proposes Distributing Protocol Fees to UNI Stakers, Resulting in Over 50% Surge in UNI Price.”
