FRAX
Frax
$0.3659
7.92%
Frax
FRAX
$0.3659
7.92%
Frax Tagapagpalit ng Presyo
Frax Impormasyon
Frax Merkado
Tungkol sa Amin Frax
Frax (FRAX) is the Frax Finance ecosystem’s volatile governance and utility token, renamed from FXS in the 2025 North Star upgrade. FRAX is not a stablecoin—the USD stablecoin is frxUSD. Holders lock FRAX to veFRAX to vote on gauges, parameters, and revenue policies and to boost rewards. On Fraxtal (Frax’s OP-stack L2), FRAX is the native gas and anchors incentives: users/builders earn FXTL points; governance can convert a portion to FRAX and apply Flox boosts tied to FRAX/veFRAX. FRAX follows a tail-emission schedule—about 8% annually at start, decaying by 1% per year to a 3% floor—to fund incentives, the DAO, and ecosystem growth. FRAX is not required to mint the stablecoin; frxUSD is minted/redeemed via enshrined custodians and on-chain mechanisms. In short, FRAX aligns governance, network utility, and incentives across the Frax stack, while frxUSD provides dollar stability.
Frax Finance is a decentralised finance (DeFi) protocol launched in 2020 that builds and operates a family of on-chain assets and sub-protocols: a fiat-redeemable dollar stablecoin (frxUSD) with a yield vault (sfrxUSD), an ETH liquid-staking system (frxETH/sfrxETH), an inflation-indexed asset (FPI), zero-coupon bonds (FXBs), and the Fraxtal Layer 2 network. Following the 2025 “North Star” upgrade, the FRAX asset (formerly FXS) became Fraxtal’s native gas and base monetary unit. Although the project maintains that FRAX is not a governance token, voting rights are obtained only by locking FRAX to mint veFRAX, making governance participation functionally dependent on holding FRAX.
How the ecosystem is organised (high level)
- Fraxtal (L2): An OP-Stack rollup where FRAX is used as gas. Activity earns FXTL points via the Flox blockspace incentive system. FRAX is issued natively on Fraxtal L1; official wrapped/bridged forms exist on other chains.
- Cross-chain strategy: FRAX supports a multi-chain footprint via LayerZero’s OFT approach, while maintaining native issuance on Fraxtal.
Core assets (quick reference)
- frxUSD: Fully collateralised, fiat-redeemable USD stablecoin issued through governance-approved “enshrined custodians” that hold cash-equivalent reserves; on-chain mint/redeem contracts support permissionless access.
- sfrxUSD: An ERC-4626-style savings token for frxUSD. Allocates backing dynamically via a benchmark yield strategy across DeFi AMOs, carry trades and short-dated T-Bills/RWAs. Redeemable for the underlying frxUSD at an increasing conversion rate.
- FRAX (prev. FXS): Fraxtal’s native gas and base money. The project states FRAX is not a governance token; in practice, voting rights are accessed by locking FRAX to mint veFRAX, making participation functionally dependent on holding FRAX. Issuance follows a tail-emission schedule (8% initially, decreasing by 1 percentage point per year to a 3% floor).
- frxETH & sfrxETH: ETH liquid-staking pair. frxETH tracks ETH within a tight peg band; sfrxETH is an ERC-4626 vault that accrues validator yield and increases its exchange rate over time.
- FPI: A stable asset pegged to the US CPI-U basket to target constant purchasing power; FPIS is being phased out with a future conversion path to FRAX as per governance.
- FXBs (Frax Bonds): Zero-coupon bond-like tokens that convert to Legacy FRAX (LFRAX) at maturity and are used by AMOs to manage liquidity and help stabilise the frxUSD peg.
Key protocol components
- Fraxlend: Isolated-pair lending markets used both by users and by the protocol’s AMO strategies.
- Fraxswap (with TWAMM): An AMM that embeds time-weighted long-horizon orders, enabling programmatic rebalancing and monetary operations.
- AMOs (Algorithmic Market Operations): On-chain strategy modules that deploy protocol assets/liquidity across venues (e.g., Fraxlend, Fraxswap) to manage pegs, collateral and income without altering core token contracts.
Recent governance changes (2025)
- FIP-419 introduced frxUSD/sfrxUSD and set an upgrade path for legacy FRAX/sFRAX holders across chains.
- FIP-428 (North Star) renamed FXS→FRAX and veFXS→veFRAX, switched Fraxtal gas to FRAX, introduced tail emissions, and formalised FXTL/Flox mechanics.
