Announcements Gate Supports Frax Share (FXS) Migration to Frax (FRAX)

Gate Supports Frax Share (FXS) Migration to Frax (FRAX)

2025-06-03 11:12:03 UTC 126924 Read

FRAX/USDT -4.40%

[//]:content-type-MARKDOWN-DONOT-DELETE
According to the latest official announcement from the Frax Share (FXS) team, the current FXS tokens will be migrated to Frax (FRAX) token at a 1:1 ratio. Gate will support this token migration and provide a seamless swap service for users. User's FXS tokens on <a href="https://www.gate.com" target="_blank">Gate</a> will be automatically swapped, no further action is required on your part.

**Gate will proceed with the following steps:**
1. By 08:00 on June 4, 2025 UTC, Gate will disable new leveraged lending and collateral lending for Frax Share (FXS).
2. By 07:30 on June 5, 2025 UTC, the FXS/USDT spot trading will be set to “reduce-only” mode. If you have active positions, please adjust your strategy in advance.
3. At 08:00 on June 5, 2025 UTC, All FXS/USDT positions will be automatically settled based on the average index price from the last 30 minutes before suspension. All unfilled orders will be canceled. Please close your positions before this time to avoid forced settlement.
4. At 07:00 on June 6, 2025 UTC, Gate will suspend FXS deposit, withdrawal, and spot trading services, including the FXS/USDT spot pair, quantitative grid trading, Simple Earn, and margin trading.
5. For users with active quantitative trading strategies involving FXS, please adjust strategies in advance. All active strategies will be forcibly terminated before 07:00 on June 6, 2025 UTC.
6. For users holding FXS in Simple Earn, please manually redeem your assets in advance, or they will be automatically redeemed before 07:00 on June 6, 2025 UTC.
7. For users with outstanding FXS margin loans, please repay your loans in advance. Otherwise, the loans will be automatically settled by 07:00 on June 6, 2025 UTC.
8. The Type of new Frax (FRAX): Mainnet

Please note that once the migration is complete, the new token will enter an inflation phase. Starting from the first year after migration, the annual inflation rate will be 8%, decreasing by 1% annually for five years, and stabilizing at 3%. The total inflation is estimated to be around 40%. Gate will no longer support the old FXS tokens after the migration. The listing time for Frax (FRAX) will be announced separately after Gate completes the listing review.

For more details on this token migration, please refer to the official announcement:
https://x.com/fraxfinance/status/1917204290906820682

We understand this change may cause some inconvenience and sincerely apologize for any disruption caused. We are committed to ensuring a smooth swap process and will provide timely updates as needed.

Thank you for your support and trust in <a href="https://www.gate.com" target="_blank">Gate</a>. If you have any questions or need assistance, please feel free to contact our customer service team.

<sp>
Gate Team
Jun 3, 2025
<sp>
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Gate Supports Frax Share (FXS) Migration to Frax (FRAX)

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