veFXS

veFXS is the staked version of Frax Share (FXS) the governance and utility token of the entire Frax universe. veFXS has various utility and votes in all governance decisions throughout the Frax ecosystem of protocols. Users stake their FXS tokens for a self-selected period of between 1 week to 208 weeks (4 years). A user’s veFXS balance is non-transferrable (it is not a separate token) and is linearly correlated with the amount of FXS they staked multiplied by their lock time. For every 1 FXS token staked for 4 years, a user’s veFXS balance goes up by 4. A user’s veFXS balance decays slowly as a user’s unlock time approaches.

Prior to Fraxtal genesis, veFXS could only be staked on Ethereum mainnet. Users can now stake veFXS natively on Fraxtal through an improved staking contract in addition to Ethereum mainnet.

A separate global veFXSCounter contract unifies a user’s balance between Ethereum mainnet and Fraxtal by reading the state of the veFXS contract on Ethereum mainnet and combining it with the user’s veFXS balance on Fraxtal. The combined balance displayed in this veFXSCounter contract is used for Fraxtal utility such as Flox boosts, governance votes, and various new features. Thus, staking veFXS on Ethereum mainnet or Fraxtal is identical in function for the new types of utility available on Fraxtal.