Frax Finance Unveils New Frax Name Service for Enhanced Decentralized Identity Management

Frax Finance has launched the Frax Name Service (FNS), a decentralized identity platform for the Frax blockchain.

FNS, a fork of Ethereum Name Service (ENS), incorporates a unique token-burning mechanism where 1 million frax shares (FXS) are burned annually for every 1,000 three-letter names registered. Users can secure a Frax blockchain name by checking availability, ensuring an FXS balance, and completing a one-year registration with a 90-day grace period.

FNS integrates with Frax’s layer two (L2) solution, Fraxtal, to enhance scalability and reduce transaction costs. This launch aligns with Frax’s broader goal of expanding its decentralized finance (DeFi) ecosystem. Which includes its stablecoin FRAX and recent ventures into the Cosmos ecosystem through the Noble blockchain.

Clever Robot News Desk 2^nd September 2024