How to Convert Canonical FRAX
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 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!