Frax
Profil du Stablecoin
Frax (FRAX) est un stablecoin algorithmique — son ancrage à USD est maintenu par la mécanique du protocole on-chain plutôt que par des réserves off-chain. Actuellement, 212 M $US sont en circulation sur 22 réseaux blockchain. Le mécanisme ajuste l'offre (mint et burn) en fonction des écarts de prix par rapport au peg cible.
À propos de Frax (FRAX)
Frax attempts to be the first stablecoin protocol to implement design principles of both collateralized and algorithmic stablecoins to create a highly scalable, trustless, extremely stable, and ideologically pure on-chain money.
Using the Frax Finance app, FRAX can be minted by locking USDC and burning FXS in a proportion determined by the protocol's collateral ratio.
Émetteur et attestation
Frax (FRAX) is issued by Frax Finance protocol, operating under Decentralised, governed by FXS (now frxUSD/FXS) holders. Originally launched in 2020.
Composition des réserves
Historically a fractional-algorithmic design. As of 2023 the protocol voted to migrate to 100% collateralisation. Reserves include USDC, sDAI, and AMOs (algorithmic market operations).
Événements notables d'ancrage
In February 2023 the community passed FIP-188 to raise the collateral ratio to 100% in response to the broader algorithmic-stablecoin reassessment after the Terra/UST collapse.
Rapports d'attestation des réserves
Les informations sur l'émetteur sont compilées à partir de divulgations publiques, de dépôts réglementaires NYDFS / BMA et de rapports d'attestation de source primaire. Vérifiez toujours directement auprès de l'émetteur avant toute décision.
Activité récente de l'offre
Frax (FRAX) supply contracted by 125,7 k $US (-0.06%) in the last 24 hours, expanded by 9,3 M $US (+4.59%) over the past week, and expanded by 12,5 M $US (+6.27%) over the past 30 days.
Expansion phase: minting activity has outpaced redemptions, with circulating supply growing 6.27% over the past month.
Historique de l'Offre
Network distribution
Frax circulates across 20 blockchain networks. Ethereum hosts the largest share at 84.96%, followed by Fraxtal at 6.98%. Near has shown the strongest 30-day growth at +12.77%, suggesting fresh issuance or bridge inflows on that chain.
| Chaîne | Offre | Part | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | 180,1 M $US | 84.96% | -0.67% | +8.42% |
| Fraxtal | 14,8 M $US | 6.98% | +0.50% | -9.70% |
| Harmony | 8,1 M $US | 3.81% | 0.00% | 0.00% |
| Moonriver | 2,4 M $US | 1.12% | 0.00% | 0.00% |
| Arbitrum | 1,9 M $US | 0.89% | 0.00% | 0.00% |
| Near | 1 M $US | 0.48% | 0.00% | +12.77% |
| BSC | 719 k $US | 0.34% | 0.00% | 0.00% |
| Avalanche | 616,7 k $US | 0.29% | 0.00% | 0.00% |
| OP Mainnet | 575,9 k $US | 0.27% | 0.00% | 0.00% |
| Moonbeam | 558,1 k $US | 0.26% | 0.00% | 0.00% |
| Fantom | 530,1 k $US | 0.25% | 0.00% | 0.00% |
| Polygon | 485 k $US | 0.23% | 0.00% | 0.00% |
| Boba | 70,5 k $US | 0.03% | 0.00% | 0.00% |
| Evmos | 66,6 k $US | 0.03% | 0.00% | 0.00% |
| Aurora | 48,3 k $US | 0.02% | 0.00% | 0.00% |
| zkSync Lite | 26,7 k $US | 0.01% | 0.00% | -0.00% |
| ZKsync Era | 19,2 k $US | 0.01% | 0.00% | 0.00% |
| Osmosis | 5,9 k $US | 0.00% | 0.00% | 0.00% |
| Solana | 2,9 k $US | 0.00% | 0.00% | -0.03% |
| Dogechain | 544,5 $US | 0.00% | 0.00% | 0.00% |
Historique de stabilité de l'ancrage
Frax (FRAX) relies on protocol-level supply rebalancing rather than direct asset redemption to defend its 1.00 USD peg. The spot price is currently $0.9928 (-0.717% deviation). Algorithmic designs carry materially higher peg-failure risk than reserve-backed stablecoins — the May 2022 Terra/UST collapse remains the canonical reference case.
Comment les stablecoins algorithmic défendent leur ancrage
Algorithmic stablecoins attempt to balance supply and demand through protocol-level mint/burn incentives — typically against a paired governance or seigniorage token. When the price drops below $1.00, the protocol burns supply (often by letting holders swap into a discounted asset); when it rises above $1.00, the protocol mints new tokens. This design only holds when the paired asset retains independent demand. If the market loses faith in the paired asset, the feedback loop reverses and produces a hyperinflationary "death spiral" — the failure mode that wiped out roughly $60B in the Terra/UST collapse.
Implications pratiques pour les détenteurs
- Peg-failure tail risk is materially higher than reserve-backed designs. Position sizing should reflect this — algorithmic stablecoins are not a "cash equivalent" for risk-management purposes.
- Read the latest collateralisation ratio carefully: many "algorithmic" stablecoins have since migrated to partial or full collateralisation. The label can lag the actual mechanism.
- Reflexive feedback loops mean small redemption pressure can cascade. Exit liquidity should be assessed during normal conditions, not after stress begins.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (algorithmic) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Adresses de contrat
Frax (FRAX) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chaîne | Adresse du contrat | Vérifier |
|---|---|---|
| Ethereum | 0x853d955acef822db058eb8505911ed77f175b99e | Explorateur |
Les adresses de contrat proviennent du profil stablecoin de DeFiLlama. Certaines chaînes (Tron, Solana, Aptos, Sui) utilisent des formats d'adresse non EVM. Le lien « Explorateur » ouvre l'explorateur de blocs officiel de la chaîne concernée ; nous ne renvoyons pas vers des explorateurs tiers susceptibles d'afficher des données modifiées.
Comparer Frax à d'autres stablecoins algorithmic
Below are the largest algorithmic stablecoins tracked on Mantapex alongside Frax (FRAX). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Offre | Mécanisme | Chaînes |
|---|---|---|---|
| Bean (BEAN) | 33,4 M $US | algorithmic | 1 |
| Neutrino USD (USDN) | 31,1 M $US | algorithmic | 4 |
| SpiceUSD (USDS) | 18 M $US | algorithmic | 4 |
| Mento Dollar (USDm) | 16 M $US | algorithmic | 5 |
| Alchemix USD (ALUSD) | 13,7 M $US | algorithmic | 4 |
Entre les classes de mécanismes
If you're researching FRAX as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Stabilité du Peg
Distribution par Chaîne
Ressources et sources de données
Frax (FRAX) is tracked across major crypto data providers. The links below open Frax (FRAX)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Actualités récentes sur Frax
Latest reporting from major crypto news outlets covering Frax.
- Bitcoinist
Frax Governance Weighs Raising sfrxUSD Aave v4 Allocation Cap To $50 Million
Frax governance is considering a proposal to increase the sfrxUSD strategy allocation cap into Aave v4 to $50 million.
- 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.
- Crypto Economy
Polygon, Frax, and Curve Ignite Onchain Forex With New Liquidity Pools
The collaboration between Polygon Labs, Frax Finance, Curve, and DFB Network marks a milestone in decentralized finance by introducing a suite of liquidity pools for the foreign…
- 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…
Stablecoins associées
Stablecoins comparable to Frax by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Autres stablecoins algorithmic
Stablecoins indexés sur USD
Plus grands stablecoins par offre
Avertissement de Risque
Les stablecoins comportent des risques, notamment la dé-peggisation, les changements réglementaires et le risque de contrepartie. Diversifiez toujours et faites vos propres recherches.