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Frax Finance announces the "North Star" upgrade plan FXS will be renamed to FRAX
According to Gate.io News bot, Wu Shuo reported that Frax Finance officially announced the “North Star” upgrade plan, which will officially launch on April 29th at noon (Pacific Time). After the upgrade, the original Frax Share (FXS) will be renamed to Frax (FRAX) and will become the gas token of the Fraxtal network. FRAX will serve as the only commodity token used for security mechanisms within the ecosystem.
After the upgrade is implemented, FXS on the Fraxtal network will be automatically converted to FRAX at a 1:1 ratio. For FXS holders on the Ethereum network, token exchange can be done through the cross-chain bridge after April 29.