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That means currently only swap and cannot be redeemed, but

will redemption functionality be developed in the future? After all, I checked the swap and it wasn't 1:1 either

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Yes there will be a redeem function added soon

Correct For better insight: https://t.me/fraxfinance/279155

Redeem will only be on ETH mainnet from what I understand - so you would have to use Fraxferry to move it back from BSC to ETH mainnet. And FrxETH to ETH on mainnet is very tightly pegged now anyway

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