The fractional discrete nonlinear Schr\"odinger equation (fDNLS) is studied on a periodic lattice from the analytic and dynamic perspective by varying the mesh size $h>0$ and the nonlocal L\'evy index $\alpha \in (0,2]$. We show that the discrete system converges to the fractional NLS as $h \rightarrow 0$ below the energy space by directly estimating the difference between the discrete and continuum solutions in $L^2(\mathbb{T})$ using the periodic Strichartz estimates. The sharp convergence rate via the finite-difference method is shown to be $O(h^{\frac{\alpha}{2+\alpha}})$ in the energy space. On the other hand for a fixed $h > 0$, the linear stability analysis on a family of continuous wave (CW) solutions reveals a rich dynamical structure of CW waves due to the interplay between nonlinearity, nonlocal dispersion, and discreteness. The gain spectrum is derived to understand the role of $h$ and $\alpha$ in triggering higher mode excitations. The transition from the quadratic dependence of maximum gain on the amplitude of CW solutions to the linear dependence, due to the lattice structure, is shown analytically and numerically.
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