Frax Finance protocol
Overview
Frax Finance is a decentralized finance protocol whose dollar stablecoin launched in 2020 as the fractional-algorithmic FRAX (partially collateralized, partially algorithmically stabilized). That model was retired: the stablecoin is now fully collateralized and was rebranded to frxUSD in 2025. In late 2025 the former FXS governance token was also rebranded to FRAX (1:1) and made the gas and governance token of the Fraxtal Layer-2. (As of 2026-07-15.)
Within the DeFi Intel graph, Frax Finance connects to 8 tracked entities, most strongly to Frax, Sfrax, Ethereum.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 8 of 8 total).
| Relation | Connected entity | Confidence |
|---|---|---|
issued_by | Frax | 95% |
issued_by | Sfrax | 90% |
deployed_on | Ethereum | 85% |
deployed_on | Arbitrum | 85% |
deployed_on | Polygon | 85% |
deployed_on | Optimism | 85% |
issued_by | Frax USD | 80% |
bribes | veCRV | 70% |
Frequently asked questions
What is Frax Finance?
Frax Finance is a decentralized finance protocol that issues the FRAX stablecoin, which uses a fractional-algorithmic mechanism: partially collateralized and partially stabilized algorithmically.
What chains is Frax Finance deployed on?
Frax Finance is deployed on Arbitrum, Optimism, Ethereum, and Polygon.
What tokens are issued by Frax Finance?
Frax Finance issues the FRAX stablecoin, the FXS governance token, Sfrax, and Frax USD.
Sources
- Frax Finance: FXS to be rebranded as FRAX, stablecoin FRAX to be converted to frxUSD
- Frax launches frxUSD stablecoin, backed by BlackRock's BUIDL (PR Newswire)
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