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How To Add Frax To Coinbase wallet 2024

Arcana Network

Mar 13, 2024 • 4 min read

Adding FRAX, a stablecoin that is part of the wider ecosystem of decentralized finance (DeFi) and Web3 technologies, to your Coinbase Wallet can be a straightforward process. Here's a guide on how to do it, keeping in mind the steps can be similar for other ERC-20 tokens since FRAX operates on the Ethereum blockchain.

What is FRAX ?

The Frax Protocol is like a new type of digital money system called a stablecoin, which means it's designed to keep its value steady. Unlike other stablecoins that might be backed by real money in a bank or controlled by complex rules, Frax is a bit different. It's a mix of both: some of its value comes from stuff like dollars or other cryptocurrencies backing it up, and some of it is controlled by smart computer programs. This mix changes based on whether Frax's value is going up or down, to help keep its price stable around $1.

Frax is all about being open and fair. It's run by its community, doesn't have a central boss making all the decisions, and its workings are completely transparent and operate on the Ethereum blockchain, a kind of digital ledger. In the future, it could work on other blockchains too.

The system uses two kinds of digital tokens: FRAX, the stablecoin you use like money, and Frax Shares (FXS), which gives you a say in how Frax is run and lets you earn some extra benefits.

Before Frax came along, there were mainly three types of stablecoins: those backed by real money, those backed by other digital currencies but requiring more than the stablecoin's worth as backup, and those not backed by anything but computer algorithms. Frax introduced a fourth type, combining backing with algorithms, making it a unique player in the digital money world.

How To add Frax to Coinbase wallet?

Step 1: Access Your Coinbase Wallet

First, ensure you have the Coinbase Wallet app installed on your device. If you haven’t already done so, download it from the App Store or Google Play Store and set up your wallet. Remember, your Coinbase Wallet is separate from your Coinbase exchange account, but you can link them for easier transfers.

Step 2: Find Your Ethereum Address

FRAX, being an ERC-20 token, will be stored in your Ethereum wallet. To add FRAX to your wallet, you'll need to know your Ethereum address:

Open your Coinbase Wallet app.
Tap on ‘Ethereum’ to open your Ethereum wallet.
Find and copy your Ethereum address. It’s a string of letters and numbers starting with “0x”.

Step 3: Acquire FRAX

Before you can add FRAX to your Coinbase Wallet, you need to own some. You can buy FRAX on various cryptocurrency exchanges. Once you have FRAX, you'll need to send it to your Coinbase Wallet’s Ethereum address:

Go to the exchange where you bought FRAX.
Choose to withdraw your FRAX, selecting Ethereum (ERC-20) as the transfer network if prompted.
Paste your Coinbase Wallet’s Ethereum address as the destination.
Complete the withdrawal process following the exchange’s instructions.

Step 4: Add FRAX to Your Coinbase Wallet

Once you’ve sent FRAX to your Coinbase Wallet, it may automatically appear. If it doesn’t, you might need to add it manually:

Open your Coinbase Wallet app.
Go to the ‘Tokens’ tab.
Look for a ‘+ Add Tokens’ button or something similar.
Search for FRAX. If it’s not listed, you may need to select ‘Custom Token’ and enter FRAX’s contract address. (You can find this on reputable crypto asset information websites or the official FRAX website.)
Add the token, and your FRAX balance should now be visible in your wallet.

or Else you can use Frax official website to directly swap frax to your coinbase wallet

Click On Launch App

Go To Fraxswap

Now Change the swapping coin as a ETH and Click on "Connect Wallet", connect to your coinbase wallet and your are done.

Conclusion

In conclusion, the Frax Protocol introduces a groundbreaking approach to digital currency with its FRAX stablecoin. By cleverly combining collateral backing and algorithmic adjustments, Frax maintains its value close to $1, offering a stable and reliable medium for transactions in the volatile cryptocurrency market. Its decentralized nature and community-driven governance minimize reliance on central authorities, embodying the true spirit of blockchain technology. Additionally, its innovative fractional-algorithmic model sets it apart from traditional stablecoins, marking a significant evolution in the way digital currencies are conceptualized and managed.