Frax
稳定币概况
Frax（FRAX）是一种算法型稳定币——其 USD 锚定由链上协议机制维持，而非链下储备。目前共有 US$2.1亿 流通在 22 条区块链网络上。该机制根据市场价格相对目标锚定的偏离来调整供应量（铸造与销毁）。
关于 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.
发行方与证明
Frax (FRAX) is issued by Frax Finance protocol, operating under Decentralised, governed by FXS (now frxUSD/FXS) holders. Originally launched in 2020.
储备构成
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).
重要锚定事件
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.
储备证明报告
发行方信息汇编自公开披露、NYDFS / BMA 监管申报文件以及第一手证明报告。做决策前请始终直接向发行方核实。
近期供应活动
Frax (FRAX) supply contracted by US$12.6万 (-0.06%) in the last 24 hours, expanded by US$930.7万 (+4.59%) over the past week, and expanded by US$1251.4万 (+6.27%) over the past 30 days.
Expansion phase: minting activity has outpaced redemptions, with circulating supply growing 6.27% over the past month.
供应量历史
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.
| 链 | 供应量 | 份额 | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | US$1.8亿 | 84.96% | -0.67% | +8.42% |
| Fraxtal | US$1480.6万 | 6.98% | +0.50% | -9.70% |
| Harmony | US$808.1万 | 3.81% | 0.00% | 0.00% |
| Moonriver | US$237万 | 1.12% | 0.00% | 0.00% |
| Arbitrum | US$187.8万 | 0.89% | 0.00% | 0.00% |
| Near | US$102.5万 | 0.48% | 0.00% | +12.77% |
| BSC | US$71.9万 | 0.34% | 0.00% | 0.00% |
| Avalanche | US$61.7万 | 0.29% | 0.00% | 0.00% |
| OP Mainnet | US$57.6万 | 0.27% | 0.00% | 0.00% |
| Moonbeam | US$55.8万 | 0.26% | 0.00% | 0.00% |
| Fantom | US$53万 | 0.25% | 0.00% | 0.00% |
| Polygon | US$48.5万 | 0.23% | 0.00% | 0.00% |
| Boba | US$7万 | 0.03% | 0.00% | 0.00% |
| Evmos | US$6.7万 | 0.03% | 0.00% | 0.00% |
| Aurora | US$4.8万 | 0.02% | 0.00% | 0.00% |
| zkSync Lite | US$2.7万 | 0.01% | 0.00% | -0.00% |
| ZKsync Era | US$1.9万 | 0.01% | 0.00% | 0.00% |
| Osmosis | US$5873.1 | 0.00% | 0.00% | 0.00% |
| Solana | US$2886 | 0.00% | 0.00% | -0.03% |
| Dogechain | US$544.5 | 0.00% | 0.00% | 0.00% |
锚定稳定性历史
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.
algorithmic 稳定币如何维护其锚定
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.
对持有者的实际影响
- 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.
合约地址
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.
| 链 | 合约地址 | 验证 |
|---|---|---|
| Ethereum | 0x853d955acef822db058eb8505911ed77f175b99e | 区块浏览器 |
合约地址来自 DeFiLlama 的稳定币资料。某些链（Tron、Solana、Aptos、Sui）使用非 EVM 地址格式。"区块浏览器"链接将打开相应链的官方区块浏览器；我们不会链接到可能显示已篡改数据的第三方浏览器。
将 Frax 与其他 algorithmic 稳定币比较
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.
| 稳定币 | 供应量 | 机制 | 链 |
|---|---|---|---|
| Bean (BEAN) | US$3339.1万 | algorithmic | 1 |
| Neutrino USD (USDN) | US$3114.3万 | algorithmic | 4 |
| SpiceUSD (USDS) | US$1804.6万 | algorithmic | 4 |
| Mento Dollar (USDm) | US$1603.2万 | algorithmic | 5 |
| Alchemix USD (ALUSD) | US$1370.4万 | algorithmic | 4 |
跨机制类别
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.
锚定稳定性
链上分布
资源与数据来源
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.
Frax 最新动态
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…
相关稳定币
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.
其他 algorithmic 稳定币
锚定 USD 的稳定币
风险提示
稳定币存在脱锚、监管变化和交易对手风险等风险。请务必分散投资并做好自主研究。