Skip to main content
Mantapex
fx Protocol
fx Protocol
FXNDual-Token Stablecoin
Audited
DeFiLlama Dual-Token Stablecoin·$33.2M TVL·+0.32% 1h·+1.05% 24h·+7.78% 7d·$2.4M MCap

Track Your DeFi Wallet

Import your wallet to see all positions across 50+ chains

Protocol TVL

Loading chart…

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.

Token market cap
$2.4M
Circulating supply × price
Mcap / TVL ratio
0.07×
Valuation vs deposits

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

Audited by external firms
2 audits
Audit reports
github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f(x)_V2_Report_v1.4_20250107.pdf
Price oracles
Chainlink· Primary

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.

  1. Aug 4, 2023
    Listed 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.

Ethereum-pool2
$43.9M(36.3%)
pool2
$43.9M(36.3%)
Ethereum
$33.2M(27.4%)

Supported Chains

Ethereum

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.

Project Website
fx.aladdin.club
Twitter / X — @protocol_fx
twitter.com
Token on CoinGecko
coingecko.com

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.

MoneyOnChain
MoneyOnChain
TVL $43M · 24h +0.20%
Hylo Protocol
Hylo Protocol
TVL $25.5M · 24h -0.50%
RIF ON CHAIN
RIF ON CHAIN
TVL $11.3M · 24h +3.42%
Djed Stablecoin
Djed Stablecoin
TVL $9.6M · 24h +1.42%
DogeDollar
DogeDollar
TVL $3.4K · 24h -0.71%
Ethereum Classic Stable Dollar
Ethereum Classic Stable Dollar
TVL $2.8K · 24h -0.01%
Browse all Dual-Token Stablecoin protocols on Mantapex

Recent fx Protocol news

Latest reporting from major crypto news outlets covering fx Protocol.

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.

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.

Polymarket
Kalshi
50+ Chains
40+ Exchanges
DeFi
NFTs
16K+ Tokens
No signup required· No credit card· Results in seconds