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FXS recently surged by 60%, and the underlying logic is actually very clear.
The role of this token has undergone a fundamental shift—from a simple governance token to a gas consumable for the Fraxtal public chain. What does this upgrade mean? Previously, FXS's value was derived from dividend rights; now it has become a necessity. The two are on completely different levels of imagination.
The supply side is also aligning with this logic. The veFXS locking mechanism has already frozen most of the circulating tokens. Plus, Binance and OKX are about to launch mainnet swaps, leaving little to no chips floating in the secondary market. Under this highly locked state, even a small influx of funds can easily push prices higher.
Actions at the ecosystem level are even more critical. Both Binance and OKX have officially announced 1:1 swap support, which is not just a name change but marks the official launch of the entire Fraxtal public chain ecosystem. Endorsement from leading exchanges indicates that infrastructure is taking shape, and subsequent applications and liquidity are expected to follow.
Frax is moving from a DeFi protocol to a foundational public chain, and this narrative has opened up new possibilities.