Frax Share, named after the fractional-algorithmic stability mechanism, is the value accrual and governance token of the Frax protocol, which is the world’s first fractional-algorithmic stablecoin system. Frax Share is a non-stable, utility token that is built to be volatile, holding rights to governance and utility of the system. Frax Share also accrues fees, seigniorage revenue and excess collateral value.