According to PANews, stablecoin protocol Frax Finance has announced the launch of its domain name service, FNS, which is now open for user applications. FNS is a branch of the Ethereum Name Service (ENS) within the Frax ecosystem. While it retains the core functionalities of ENS, FNS will burn FXS tokens. Annually, 1,000 three-letter FNS domain names will result in the burning of 1 million FXS tokens.