Frax
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Protocol TVL
About Frax
FRAX is a dollar-pegged stablecoin that uses AMO smart contracts and permissionless, non-custodial subprotocols as stability mechanisms. The two internal subprotocols used as stability mechanisms are Fraxlend, a decentralized lending market and Fraxswap, an automated market maker (AMM) with special features. The external subprotocol used as a stability mechanism is Curve.
Additional subprotocols and AMOs can be added with governance allowing FRAX to incorporate future stability mechanisms seamlessly as they are discovered
Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.
How Frax's TVL is measured
DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.
Counts liquidty as the Collateral USDC on all AMOs, USDC POOLs, FRAX3CRV and FEI3CRVs through their Contracts
If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.
Frax tokenomics and on-chain capital
A further $12.5M sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.
Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.
Frax codebase lineage and protocol family
Frax is published as a versioned release inside the Frax Finance protocol family. Releases inside the same family typically share governance, brand, and large parts of the audit history, but each version can run materially different contract logic — a release labelled v2 or v3 is not just a UI refresh. Newer versions inside a family typically launch with their own audit cycle and parameter set, so do not assume the previous release's safety record carries over without checking the linked audit reports.
Fork lineage and parent-protocol relationships are tracked by DeFiLlama for security and audit-history attribution; a fork inherits the upstream design but not necessarily the upstream audits or governance.
Security & Audits
Oracles supply external price data to on-chain contracts. Oracle compromise is a common attack vector — diversified providers reduce single-point-of-failure risk.
Parent Protocol
Frax is a versioned release inside a larger protocol family. View the parent for combined TVL and all sibling versions.
Frax FinanceFrax Timeline
Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.
- May 7, 2022UST depeg
Protocol Profile
Frax is a Algo-Stables issuance protocol — it mints stable units against collateral (crypto, RWA, or off-chain reserves) and uses redemption or rebalancing mechanisms to hold the peg. It is deployed on Ethereum. The codebase has been independently audited (1 report on file). DeFiLlama tracks 1 historical event for this protocol since 2022.
TVL Distribution by Chain
TVL spans 5 chains across the deployment. See the breakdown below for per-chain values.
Supported Chains
Protocol Footprint
Frax is a single-chain protocol, deployed exclusively on Ethereum — this concentrates execution risk but simplifies the trust model. Roughly 100% of its on-chain value sits on just three networks (Ethereum, Ethereum-staking, staking), so a fault on any one of them would affect a large slice of users. Price feeds come from a single oracle provider (Chainlink); an outage or manipulation of that feed would propagate into every market the protocol prices. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts.
Official Resources & Links
Verified external resources for Frax — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.
Other Algo-Stables protocols on Mantapex
Frax is one of 7 Algo-Stables protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Mento V2, Generic.Money, DefiDollar DAO, and 3 more. These peer protocols collectively secure $23.8M in deposits, giving you a frame of reference for whether Frax's own TVL is at the top, middle, or tail of the category.
Treasury
Available Yields
| Project | Pool | APY | TVL |
|---|---|---|---|
| frax | FRAX-FXS | 4.49% | $1.9M |
| frax | SFRXUSD | 4.25% | $26.3M |
| frax | FRAX-WETH | 3.79% | $644K |
| frax | FRAX-WFRXETH | 3.67% | $3.4M |
| frax | FXS-FRAX | 3.50% | $1.9M |
| frax | FXS-WFRXETH | 3.35% | $122.9K |
| frax | WFRAX-FRXUSD | 3.31% | $2.8M |
| frax | WAVAX-FRAX | 3.16% | $230.3K |
| frax | FRAX-WETH | 2.82% | $89.1K |
| frax | WMATIC-FRAX | 1.67% | $124.6K |
Recent Frax news
Latest reporting from major crypto news outlets covering Frax.
- Crypto news
Somnia taps Frax to launch USDso stablecoin for high-frequency DeFi
Somnia's new USDso stablecoin, issued by Frax Finance and backed by tokenized Treasuries, routes reserve yield back into Somnia's high-throughput DeFi ecosystem.
- Blockonomi
Sonic Labs Launches USSD: A Network-Native USD Stablecoin Backed by BlackRock and Frax Infrastructure
Sonic's permissionless dollar stablecoin offers zero minting fees and cross-chain access from 10+ networks.
- The Block
Sonic Labs taps Frax infrastructure for native network stablecoin
Sonic Labs' USSD stablecoin is backed by tokenized Treasuries products from BlackRock, WisdomTree, and Superstate.
- Crypto news
Brazil lawmakers move to outlaw algorithmic stablecoins like USDe, Frax
Brazil advances a bill to ban algorithmic stablecoins and force all domestic issuers to fully collateralize tokens, tightening rules in a market where stablecoins drive 90% of…
- Coinspeaker
IQ and Frax Launch KRWQ, First Korean Won Stablecoin on Base Network
IQ and Frax introduced KRWQ, marking the debut of a won-pegged stablecoin on Base. The token uses LayerZero technology for cross-chain transfers.
- Crypto Economy
Frax and IQ Unleash the Revolutionary KRWQ Won Stablecoin on Coinbase's Base
TL;DR KRWQ becomes the first Korean won-pegged stablecoin on Coinbase's Base, developed by IQ and Frax with an institutional-grade and compliance-focused framework. It uses…
- Cointelegraph
Frax, IQ launch Korean won-pegged KRWQ on Base amid stablecoin push
Crypto protocols Frax and IQ have partnered to launch KRWQ, a Korean won stablecoin designed to be fully regulatory-compliant amid the country's stablecoin push.
- Coingape
Who Could Win Hyperliquid Stablecoin Bid? Paxos, Frax, or LayerZero?
Hyperliquid, a decentralized exchange and layer-1 blockchain, has unleashed one of the most competitive battles in DeFi. The project is on the watch for the right partner to issue…
Related protocols
Other DeFi protocols connected to Frax by category, deployment chain, or shared codebase lineage — useful for comparing TVL, fee models, or audit posture across direct peers.
Other Algo-Stables protocols
Risk Warning
DeFi protocols carry inherent risks including smart contract vulnerabilities, liquidity risks, and potential loss of funds. Always do your own research before investing.
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