FXS is the native governance token of the Frax Stablecoin ecosystem. Frax is a decentralized algorithmic stablecoin that operates on the Ethereum blockchain. Unlike traditional stablecoins, which are pegged to fiat currencies, Frax aims to maintain its stability through a combination of collateralized and algorithmic mechanisms. FXS tokens play a crucial role in the governance of the Frax ecosystem. Token holders can vote on important decisions, such as adjusting the protocol's parameters or introducing new features. Additionally, FXS holders have the opportunity to earn protocol fees by staking their tokens. The Frax project offers a unique approach to stablecoins, aiming to provide stability and decentralization while minimizing reliance on centralized collateral assets.