The stablecoin protocol Frax Finance has launched the domain name service FNS.

ChainCatcher news, the stablecoin protocol Frax Finance has announced the launch of the domain name service FNS, which is now open for user applications. FNS is a branch of the Ethereum Name Service (ENS) within the Frax ecosystem. It retains the core functionalities of ENS, but FNS burns FXS tokens.

Every year, 1,000 three-letter FNS domain names will burn 1 million FXS tokens.