fx Protocol
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Protocol TVL
About fx Protocol
f(x) Protocol is a decentralized on-chain trading platform that enables stress-free leverage on ETH and WBTC while delivering the highest organic & sustainable yield on stablecoins. By utilizing an innovative mechanism, we offer up to 7X long or short exposure with minimum liquidation risk & funding costs. To fuel the leverage positions, the protocol mints fxUSD, a scalable & decentralized stablecoin with a strong peg to the dollar and backed by wstETH and WBTC.
Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.
fx Protocol tokenomics and on-chain capital
fx Protocol's governance or utility token carries a market capitalisation of $2.4M based on circulating supply at the latest DeFiLlama snapshot. The token's market cap ($2.4M) is small relative to deposits secured by the protocol ($33.2M); a mcap/TVL multiple of 0.07× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token.
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.
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.
fx Protocol Timeline
Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.
- Aug 4, 2023Listed on DeFiLlama
Protocol Profile
fx Protocol is a Dual-Token Stablecoin 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).
TVL Distribution by Chain
TVL spans 3 chains across the deployment. See the breakdown below for per-chain values.
Supported Chains
Protocol Footprint
fx Protocol 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-pool2, pool2, Ethereum), 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. Its token market cap ($2.4M) is small relative to TVL ($33.2M) — a mcap/TVL ratio of 0.07 is often read as the token being structurally undervalued versus the activity it secures.
Official Resources & Links
Verified external resources for fx Protocol — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.
Other Dual-Token Stablecoin protocols on Mantapex
fx Protocol is one of 7 Dual-Token Stablecoin protocols Mantapex tracks in this category. Direct peers ranked by total value locked include MoneyOnChain, Hylo Protocol, RIF ON CHAIN, and 3 more. These peer protocols collectively secure $89.4M in deposits, giving you a frame of reference for whether fx Protocol's own TVL is at the top, middle, or tail of the category.
Available Yields
| Project | Pool | APY | TVL |
|---|---|---|---|
| fx-protocol | FXN-CVXFXN | 27.17% | $319K |
| fx-protocol | ETH+FXN | 18.66% | $322.4K |
| fx-protocol | FXN-SDFXN | 12.54% | $38K |
| fx-protocol | REUSD+FXUSD | 11.57% | $503.1K |
| fx-protocol | CVXUSD | 11.38% | $124.4K |
| fx-protocol | ALUSD+FXUSD | 10.82% | $153.2K |
| fx-protocol | CVXUSD | 10.64% | $112.9K |
| fx-protocol | MSUSD+FXUSD | 9.93% | $1.2M |
| fx-protocol | FETH | 9.39% | $439.2K |
| fx-protocol | EUSD+FXUSD | 8.97% | $55.4K |
Recent fx Protocol news
Latest reporting from major crypto news outlets covering fx Protocol.
- Blockchain News
UpDown Launches 50x Leveraged FX Futures Trading on Celo
UpDown protocol goes live on Celo, offering up to 50x leverage on forex futures trading with stablecoin pairs tracking GBP, JPY, and Nigerian Naira.
- Bitcoinist
Ripple Unveils ‘Institutional DeFi' Roadmap For The XRP Ledger
Ripple on Thursday published an “Institutional DeFi” roadmap for the XRP Ledger (XRPL), positioning XRP as a protocol-level settlement and liquidity primitive across payments, FX,…
- Coin Idol
Function X (FX): Where Users Can Control Their Digital Lives And Data
Function X (FX) is a blockchain project that aims to create a decentralized ecosystem for internet-based applications and services, allowing users to fully control their digital…
- Dailycoin
Brazilian FX Bank Quietly Starts Settling On XRP Chain
Braza starts conducting large-scale settlement on XRP: another sizeable bank using XRP rails rather than just messaging.
- Crypto Economy
Euronext FX Expands Pyth Network With Institutional-Grade FX and Metals Data
Euronext FX joined Pyth Network as a data publisher, bringing institutional spot FX, NDF, and precious metals pricing into Pyth Pro's aggregated feeds. The data comes from a venue…
- Crypto Economy
UpDown Brings Leveraged FX Futures to Celo, Opening Access to $7.5T Market
TL;DR FX Access: UpDown launches on Celo to give everyday users a path into the $7.5 trillion FX market through leveraged futures. Trading Approach: The platform offers up to 50x…
- FXEmpire
XRP Forecast: Will FX Volatility Drag XRP Toward the $1.82 Support?
XRP pressure mounts as BTC weakness, yen carry-trade unwind risks, and soft ETF demand weigh on sentiment, raising the threat of a fall toward $1.82.
- Reuters
India cenbank's FX swaps spur inversion of rupee forward premiums curve
The Reserve Bank of India's forex swaps, to avoid directly impacting cash in the system as it supports the spiralling rupee, and the arbitrage between the offshore and onshore…
Related protocols
Other DeFi protocols connected to fx Protocol by category, deployment chain, or shared codebase lineage — useful for comparing TVL, fee models, or audit posture across direct peers.
Other Dual-Token Stablecoin 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.
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