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Tokens

There are many tokens in the FOX ecosystem; ETH, FOX, FOXS, veFOXS, and SIN.

ETH (WETH)​

ETH is the native coin of Ethereum. Or, it means the native coin at some EVM-based/compatible blockchain such as Filecoin (FIL). ETH is internally converted into WETH (wrapped ETH) as ERC20 for easy use in smart contracts. The conversion ratio between WETH and ETH is 1:1.

In the near future, staked assets will be used to earn staking rewards simultaneously.

FOX​

FOX is the over-collateralized stablecoin backed by ETH. Through Fox Farm, users can mint FOX by giving SIN and FOXS.

SIN​

Stable INtermidiate-coin (SIN) is the debt in a ETH-backed Collateralized Debt Position (CDP), similar to DAI. Although SIN is an independent ERC20 token, most users do not need to use SIN directly, except for the case of Coupon.

FOXS​

FOX Share (FOXS) is the utility token in FOX Finance. You can use FOXS in various ways:

  • Deposit ETH and Burn FOXS. In other words, burn FOXS with SIN to mint FOX.
  • Earn FOXS (and ETH) by redeeming FOX.
  • Earn FOXS with a bonus by recollateralizing.
  • Use FOXS to repay SIN. Or make a Coupon to repay debt in the future.
  • You can stake FOXS to earn rewards and more FOXS per each future block.
  • Or you can lock FOXS in some periods to get veFOXS for governance.

veFOXS​

FOX Finance is a decentralized service. So, anyone can be a fox farmer who uses and owns FOX. Plus, a decentralized governance system among farmers is needed.

veFOXS is used for governance. If you lock FOXS in more periods, you can get more veFOXS, that is, more suffrage.