Frax
FXS
A decentralized stablecoin and DeFi protocol
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.42% | 6.94% | 25.22% | 5.59% | 10.77% | 11.39% |
Revenue & Burn
Protocol income
$20.13KBuyback funds
$0Burn funds
--Buyback ratio
0.0%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $20.13K | $0 | -- | 0.0% |
| Sep 2026 | $28.12K | $0 | -- | 0.0% |
| Aug 2026 | $24.5K | $0 | -- | 0.0% |
| Jul 2026 | $26.79K | $0 | -- | 0.0% |
| Jun 2026 | $24.13K | $0 | -- | 0.0% |
| May 2026 | $31.56K | $0 | -- | 0.0% |
Comparison
Sub Organizations
Tokenomics
Unlock Progress
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Top Holders
| Address | Token | Quantity | 7d | Percentage | Value |
|---|---|---|---|---|---|
| 0x36cb...6f6d |   FXS | 54,269,369.35 | 366,725.09+0.68% | 54.44% | $14.31M |
| 0xc841...c5b0 | FXS | 14,656,729.64 | -359,814.2-2.4% | 14.7% | $3.86M |
| Frax Finance: fraxcomptrollers.eth (3f27) | FXS | 2,737,669.6 | -4,999.67-0.19% | 2.75% | $722.06K |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | PPhemexCEX | FXS/USDT | $0.6416 | $5,424 | $5,775 | $556,250 | 81.45% |
| 2 | HHTXCEX | FXS/USDT | $0.6411 | $1,050 | $630 | $522,146 | 76.45% |
| 3 | BBybitCEX | FXS/USDT | $0.6466 | $2,381 | $2,993 | $59,427 | 8.70% |
| 4 | WFRAX/FRAX | $0.6481 | $13,245 | $13,205 | $55,604 | 8.14% | |
| 5 | KKrakenCEX | FXS/USD | $0.646 | $4,817 | $3,514 | $19,475 | 2.85% |
| 6 | KKuCoinCEX | FXS/USDT | $0.6426 | $1,445 | $1,766 | $10,750 | 1.57% |
| 7 | FRAX/WETH | $0.638 | $2,165 | $2,158 | $10,048 | 1.47% | |
| 8 | FXS/USD | $0.6459 | $68 | $3,396 | $8,787 | 1.29% | |
| 9 | BBithumbCEX | FXS/KRW | $0.646 | $1,806 | $3,542 | $7,645 | 1.12% |
| 10 | OOKXCEX | FXS/USDT | $0.6451 | $418 | $4,768 | $7,113 | 1.04% |
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About Frax
Frax is a hybrid algorithmic stablecoin protocol. Its core business includes frxUSD (a USD-pegged stablecoin), the FRAX governance token (formerly FXS), and the Fraxtal L2 blockchain. The protocol uses a partial-collateral and partial-algorithm mechanism, with AMO (Algorithmic Market Operations) contracts automatically managing treasury assets to generate yield.
Core competitiveness: Unlike fully collateralized stablecoins (e.g., DAI) or purely algorithmic ones (e.g., UST), Frax maintains peg through a mixed model. AMO contracts deploy idle collateral into yield-generating strategies, improving capital efficiency. Fraxtal L2 uses FRAX as gas token, creating real utility beyond governance.
Market pain point: Traditional stablecoins face a trilemma among capital efficiency, decentralization, and peg stability. Frax attempts to balance these by algorithmically adjusting collateral ratio and using AMO to generate returns.
Development in the past six months (2026-03 to 2026-09): The protocol completed the FXS-to-FRAX token rename at the brand level (though on-chain name()/symbol() still return old values). FIP-441 set a permanent supply cap of 143 million FRAX, eliminating the previous tail emission plan. frxUSD showed stable pegging with only 12 days deviating >1% in 365 days. However, the legacy Frax Dollar (old FRAX) experienced multiple single-day flash crashes and recoveries, indicating liquidity issues in legacy pools. Migration from legacy to frxUSD is ongoing but incomplete. No hacks or bad debt events were confirmed in 2026.
Frax Finance, founded by Sam Kazemian in 2019, pioneered the fractional-algorithmic stablecoin model. Its evolution spans three major versions: v1 introduced the hybrid collateral-algorithm design; v2 shifted to fully collateralized issuance and launched AMO (Algorithmic Market Operations) strategies; v3 targets full exogenous reserves backed by RWA. Key milestones include: the Binance mainnet swap and brand upgrade from FXS Share to Frax (FRAX), marking exchange-level recognition; BlackRock's BUIDL becoming the backing token for frxUSD, bridging traditional finance and DeFi; and the founder's public statements on stablecoin collaboration and L1 token valuation, reflecting strategic positioning. The protocol also expanded into domain services (FNS) and multi-chain deployment (Movement), while maintaining its core focus on becoming a fully reserved, dollar-pegged stablecoin with governance-driven automation.
Frax Finance was co-founded by Sam Kazemian, Travis Moore, Jason Huan, and Stephen Moore. Sam Kazemian (CEO & Founder) is an Iranian-American programmer who previously co-founded Everipedia. Travis Moore (Co-Founder & CTO) is an experienced engineer and entrepreneur, also co-founder of Everipedia. Jason Huan (Co-Founder) contributed to the protocol's early development. Stephen Moore (Co-Founder) is part of the founding team. Current core executives include Nader Ghazvini (Head of DeFi), who leads governance and DeFi initiatives, and James Alston (Board Member & Advisor).