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The Frax Protocol is the first stablecoin system based on a fractional algorithm. Frax is a permissionless, open-source, and completely on-chain cryptocurrency that is presently implemented on Ethereum (with possible cross chain implementations in the future). The Frax protocol's ultimate objective is to create a highly scalable, decentralized, algorithmic money to replace fixed-supply digital assets such as Bitcoin.The Frax Protocol is a community-driven stablecoin with a one-of-a-kind architecture. Over 60% of the FXS supply is distributed to liquidity providers and yield growers over several years. It's a completely decentralized system with onchain governance. At the time of its inception in November 2020, it was also the first and only stablecoin to use a fractional-algorithmic hybrid architecture.