Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.08% | 0.60% | 16.23% | 16.50% | 51.24% | -- |
Revenue & Burn
Protocol income
$106.24KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $106.24K | -- | -- | -- |
| Sep 2026 | $242.03K | -- | -- | -- |
| Aug 2026 | $91.17K | -- | -- | -- |
| Jul 2026 | $32.28K | -- | -- | -- |
| Jun 2026 | $34K | -- | -- | -- |
| May 2026 | $70.46K | -- | -- | -- |
Comparison
Developer
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0xec6b...d469 |   FXN | 566,388.08 | 45.92% | $13.12M |
| 0x2290...0bdb | FXN | 472,753.15 | 38.33% | $10.95M |
| AladdinDAO: Community Multisig (e23f) | FXN | 39,695.73 | 3.22% | $919.75K |
Follow Updates
Follow Lists
People
About f(x)
f(x) is a decentralized perpetual contract protocol built on Ethereum, offering leveraged trading of ETH and WBTC through a structured design that separates stable and leveraged claims on collateral. Its core business revolves around two products: fxUSD, a stablecoin minted against approved collateral, and xPOSITION/sPOSITION, leveraged tokens that provide up to 7x long or 6x short exposure.
The protocol's key innovation is eliminating traditional liquidation events. Instead of forced liquidations, positions undergo rebalancing when they approach threshold levels, reducing the risk of abrupt loss. It also charges no funding fees under normal conditions, addressing two major pain points in conventional perpetual DEXs. For fxUSD, stability is maintained through mechanisms like a stability pool, temporary funding costs during stress, and restrictions on new minting when the peg weakens.
Market pain points it solves include high liquidation risk, unpredictable funding rates, and capital inefficiency in leveraged trading. By redesigning the risk model, f(x) aims to make leveraged positions more resilient and stablecoin yields more sustainable.
In the past six months (March to September 2026), the protocol has focused on ecosystem expansion and technical hardening. Audits were completed for V2, fxSAVE, V2.1 sPOSITIONs, and limit order/fxMINT features in 2025, with EIP-3009 audit coverage for all-chain fxUSD in January 2026 and Katana Chain audits in March 2026. Governance activity has centered on deploying collateral, launching fxUSD lending markets on Euler, and setting up Curve gauges for various trading pairs. Integration proposals include DOLA/fxSAVE, sUSDaf/fxSAVE, and HOLD.Money whitelisting for card payments.
However, adoption remains limited. Token holder counts are in the hundreds, daily transfers are low, and trading volume is thin relative to market cap, indicating usage is confined to professional DeFi allocators rather than broad retail adoption. Regulatory classification of yield-bearing stablecoin-like products under frameworks like the U.S. GENIUS Act remains uncertain, and the protocol's reliance on upgradeable contracts, concentrated holdings, and governance introduces technical and economic risks.
Sharlyn Wu (Founder): Former CIO of Huobi and Head of Blockchain Investment at CMB International, also founder of AladdinDAO.
Tao Wang (Core Contributor): Listed as a core contributor to the f(x) protocol, with Twitter handle @taowang1.