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Rank #21FRAXAlgorithmic
Frax
Pegged to
USD
Market Cap
$650.00M
24h Volume
$15.00M
Circulating Supply
650.00M FRAX
Total Supply
650.00M FRAX
Peg Target
USD
Collateral Type
Algorithmic
Issuer
Frax Finance
Launch Date
21-12-2020
About Frax
Frax (FRAX) is a fractional-algorithmic stablecoin from Frax Finance, pioneering a model that combines collateralised and algorithmic stability mechanisms. Initially launched as partially algorithmic with a variable collateral ratio, FRAX has since moved to near-100% collateralisation (Frax v3). Frax Finance operates a comprehensive DeFi ecosystem including frxETH (liquid staking), Fraxlend (lending), Fraxswap (AMM), and Fraxferry (cross-chain bridging). The protocol is governed by veFXS holders who direct gauge rewards and protocol parameters.
Pros
- Comprehensive DeFi ecosystem
- Innovative stablecoin model
- Strong revenue generation
- Active development and iteration
Cons
- Complex tokenomics (FXS, veFXS, FPI)
- Historical reliance on algorithmic component
- Governance concentration concerns
- Model has evolved significantly — can confuse users
Key Features
Fractional-algorithmic design (v1/v2)
Near fully collateralised (v3)
Integrated DeFi ecosystem (frxETH, Fraxlend)
frxETH liquid staking derivative
veFXS governance model
Multi-chain deployment
Stablecoin Information
Category
AlgorithmicCollateral Type
AlgorithmicIssuer
Frax Finance