Frax FPI
Track Your DeFi Wallet
Import your wallet to see all positions across 50+ chains
Protocol TVL
About Frax FPI
The Frax Price Index (FPI) is the second stablecoin of the Frax Finance ecosystem. FPI is the first stablecoin pegged to a basket of real-world consumer items as defined by the US CPI-U average. The FPI stablecoin is intended to keep its price constant to the price of all items within the CPI basket and thus hold its purchasing power with on-chain stability mechanisms.f locking the asset.
Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.
Frax FPI tokenomics and on-chain capital
Frax FPI's governance or utility token carries a market capitalisation of $4.6M based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token ($4.6M) above the protocol's on-chain TVL ($276.5K) — a mcap/TVL multiple of 16.60× implies investors are paying for expected future fee flows rather than current deposits alone.
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 FPI Timeline
Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.
- Feb 28, 2023Listed on DeFiLlama
Protocol Profile
Frax FPI 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.
TVL Distribution by Chain
Supported Chains
Protocol Footprint
Frax FPI is a single-chain protocol, deployed exclusively on Ethereum — this concentrates execution risk but simplifies the trust model. Its token market cap ($4.6M) currently exceeds total value locked ($276.5K) — a mcap/TVL ratio of 16.60 suggests the market is pricing in more growth than current deposits support.
Official Resources & Links
Verified external resources for Frax FPI — 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 FPI is one of 7 Algo-Stables protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Frax, Mento V2, Generic.Money, and 3 more. These peer protocols collectively secure $86.8M in deposits, giving you a frame of reference for whether Frax FPI's own TVL is at the top, middle, or tail of the category.
Treasury
Recent Frax FPI news
Latest reporting from major crypto news outlets covering Frax FPI.
- 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 FPI by category, deployment chain, or shared codebase lineage — useful for comparing TVL, fee models, or audit posture across direct peers.
Other Algo-Stables protocols
Top protocols on Ethereum
Fork lineage & related versions
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.
Your Crypto Portfolio — Free Forever
Paste any wallet to see tokens, DeFi & NFTs across 50+ chains. Add exchanges, Polymarket & Kalshi anytime — all in one portfolio.