Convert Bridged FRAX into Canonical FRAX on Moonbeam
Canonical tokens refer to Moonbeam-native assets that can be universally used across Moonbeam ecosystem. The usage of canonical tokens fosters a single standard and prevents liquidity fragmentation.
Here’s a guide to converting your bridged FRAX into canonical FRAX to be used for staking and yield farming on StellaSwap.
Step 1: Visit https://app.frax.finance/crosschain & connect your wallet
Step 2: Select chain for Moonbeam
Step 3: Select the ‘Canonical’ token = FRAX
Step 4: Select the bridged version of FRAX that you hold. For example, if you use Nomad’s bridge to bring over your FRAX, then the version you’re holding is ‘madFRAX’.
Step 5: Click ‘Swap’ and you’re done!
You can now use your canonical FRAX to start yield farming on StellaSwap!
StellaSwap is the first and leading Moonbeam DEX that offers an integrated gateway to the DeFi world. Users can swap, earn, yield farm, bridge assets, explore new projects and engage in NFT trading all from a single unified platform. StellaSwap’s products are structured in such a way that facilitates decentralized governance of STELLA holders, while continuing to innovate on the collective foundations by design.