Frax Finance introduces Frax Name Service for blockchain identity

Frax Finance has introduced the Frax Name Service (FNS), a new decentralised identity platform on the Frax (CRYPTO:FRAX) blockchain.

The service allows users to register unique names, similar to the Ethereum Name Service (ENS), but with added features tailored to the Frax ecosystem.

FNS retains the core functionalities of ENS while incorporating a distinctive token-burning mechanism.

Under this system, for every 1,000 three-letter FNS names registered, 1 million frax shares (FXS) tokens are burned annually.

This approach aligns with Frax's strategy to increase the value and utility of its native tokens.

To register a name on FNS, users must check the name's availability, have sufficient FXS tokens, and complete a transaction that includes a minimum one-year purchase and a 90-day grace period.

The launch of FNS is part of Frax Finance's broader initiative to build a comprehensive decentralised finance (DeFi) ecosystem.

The service is integrated with Fraxtal, Frax's layer two (L2) solution, which aims to improve scalability and reduce transaction costs within the DeFi ecosystem.

This integration enhances the overall user experience by providing more efficient and cost-effective transactions on the Frax blockchain.

Frax Finance, established in December 2020, is recognised for its innovative stablecoin, FRAX, which uniquely combines algorithmic and collateral-backed methods.

Additionally, Frax's liquid staking protocol has locked up 187,627 ether, according to DefiLlama data.

Frax has also expanded its presence in the Cosmos ecosystem through the Noble blockchain, further diversifying its DeFi offerings.

With the introduction of the Frax Name Service, Frax Finance aims to enhance its ecosystem by providing more utility and value to its users.

At the time of writing, the Frax price was $0.9944.