Fractional Over Collateralized Stablecoin

"Decentralized network needs a decentralized stablecoin."

The Fractional Over Collateralized Stablecoin (FOX) is a DeFi protocol that creates a capital-efficient over-collateralized stablecoin. The FOX project was created with the goal of decentralization at its core, aiming to remove any centralization risks that might exist in the DeFi space. This is achieved by adopting the idea of (the previous version of) FRAX but using decentralized collaterals rather than fiat or fiat-backed ones.

FOX draws inspiration from both DAI and FRAX, aiming to combine the strengths of these two projects into a seamless one. Like DAI, debts can be minted from collaterals. On the other hand, it also functions similarly to FRAX, where new stablecoins can be created by combining the debts and share tokens. It can be understood as a protocol that creates the FOX stablecoin through collateral FIL and share tokens named FOXS.

The primary technologies include Solidity for smart contract development, the Filecoin EVM (FEVM) for creating a decentralized computation platform, Hardhat for Ethereum development, Vue and ethers.js for frontend development, and MetaMask for user interaction.

The FOX protocol uses Filecoin (FIL) as collateral to mint the FOX stablecoin. This not only provides stable and easy usage for DeFi and dApps on the Filecoin network, but it also significantly enhances the utility and value of FIL.