Frax (prev. FXS)

Frax, whose token now trades under the symbol FRAX, is a decentralized finance protocol that operates across several blockchain ecosystems including its own chain, Fraxtal, as well as BNB Chain and Solana. The project sits at the intersection of stablecoins, decentralized exchange infrastructure, and yield farming, aiming to give users access to automated market-making and seigniorage-based stablecoin mechanisms without relying on a central issuer. Its primary audience is DeFi participants who want to trade, earn yield, or hold algorithmically managed stable assets on-chain.

The protocol functions as an automated market maker and seigniorage system, meaning it uses smart-contract-managed liquidity pools to facilitate token swaps while also supporting a stablecoin whose supply is controlled by algorithmic minting and redemption rules rather than by a bank or custodian. The FRAX token itself serves governance and economic functions within this system, and the protocol's fundamental data is anchored to the Fraxtal chain. With a block time recorded as zero minutes in the data, the settlement layer operates with near-instant finality on its native infrastructure.

Over the trailing 30 days the protocol collected 106.64 USD in fees, which annualizes to 1,297.45 USD based on that same window; over the trailing 12 months the figure was 1,652.82 USD. The take rate for the trailing 30 days is recorded at 100 percent, meaning the protocol retains all fees collected, with supply-side revenue — the portion that would flow to liquidity providers — reported at zero USD for that period. In the most recent 24-hour period, fees and revenue each came to 7.52 USD. The total value locked in the protocol currently stands at 19,693,052.83 USD, and the protocol hosts 11,124,951.64 USD in stablecoin supply as of the most recent full day recorded.