f(x) is an ETH graded leverage protocol designed to address the need for stable assets in the cryptocurrency space while mitigating centralization risk and capital efficiency concerns. f(x) Protocol introduces a new concept called “floating stablecoin” or fETH. fETH is not pegged to a fixed value, but rather gains or loses a fraction of the price movements of native Ethereum (ETH).To achieve this stability, the f(x) Protocol creates a complementary asset called xETH, which acts as a zero-cost leveraged long ETH position. xETH absorbs the majority of the volatility of ETH price movements, thereby stabilizing the value of fETH.