Frax (prev. FXS)

Frax (formerly trading under the ticker FXS) is a decentralized finance token associated with a protocol that spans stablecoin issuance, decentralized exchange functionality, yield farming, and automated market-making. The project sits at the intersection of seigniorage-style stablecoin mechanics and broader DeFi infrastructure, serving users who want to interact with algorithmically managed dollar-pegged assets and related liquidity services. It operates across multiple blockchain ecosystems including BNB Chain and Solana.

The FRAX token functions within a seigniorage-based system, meaning the protocol adjusts token supply and collateral ratios to maintain the value of related stablecoins rather than relying on direct one-for-one collateral backing. The protocol hosts a stablecoin supply of 13,626,879.48 units as of the most recent full day recorded (2026-09-01), and the FRAX token itself is the governance and utility instrument within that ecosystem. Because the consensus algorithm field is null and block time is recorded as zero, the token does not operate its own blockchain layer; it relies on the settlement infrastructure of the chains it is deployed on.

The data provided does not include a direct fee revenue figure, so no fee stream, fee recipient, or protocol treasury share can be described from the information stored here. What is available is a market-cap-to-stablecoin-supply ratio of 1.976444 on a point-in-time basis, which reflects how the protocol's market capitalization compares to the stablecoin assets it hosts, rather than any earnings measure. Approximately 93.92 percent of the supply is already in circulation at this point in time, with a dilution overhang of roughly 6.47 percent representing tokens not yet issued. Without a fee stream in the data, fee-based performance measures cannot be calculated for this asset on this site.