Open. Stable. Borderless.
At Frax Finance, we're building the world's most scalable stablecoin infrastructure for the next generation of finance.
FRAX, frxETH, sFRAX, and FXS — a vertically integrated suite of financial products designed for maximum capital efficiency.
The dollar-pegged stablecoin at the heart of the Frax protocol. Fully collateralized, infinitely scalable, and accepted across 12+ networks and hundreds of integrated protocols.
Frax Ether — the highest-yielding ETH liquid staking solution. Stake ETH, receive frxETH. Deposit into sfrxETH to earn auto-compounding staking yield with full liquidity.
Staked FRAX — the simplest way to earn yield on stablecoins. Deposit FRAX, receive sFRAX. Yield accrues automatically from protocol revenue, staking rewards, and lending markets.
The governance and value accrual token. Lock FXS as veFXS to earn protocol revenue, vote on gauge weights, fee parameters, and protocol upgrades through on-protocol governance.
Everything you need in one unified protocol — stablecoins, liquid staking, lending, trading, and cross-network transfers.
Native automated market maker with time-weighted average market maker (TWAMM) for large orders and efficient price discovery across all protocol pairs.
TWAMM EnabledPermissionless lending protocol with isolated pairs, customizable interest rate curves, and flexible collateral parameters for capital-efficient borrowing.
Isolated PairsNative cross-network transfer system for moving FRAX, FXS, and frxETH between 12+ supported networks with verifiable proof batching and minimal trust assumptions.
12+ NetworksFrax's own Layer 2 modular rollup network. EVM-equivalent with FRAX as native gas token, providing high-throughput, low-cost execution for the Frax ecosystem.
EVM-EquivalentThe first inflation-resistant stablecoin pegged to the US Consumer Price Index. FPI preserves purchasing power by tracking real-world inflation in real-time.
CPI-PeggedLock FXS to receive voting power over gauge weights, fee parameters, and protocol upgrades. Governance stakers earn protocol revenue share and boosted APY.
On-Protocol DAOFrax Finance is built with institutional-grade security. All contracts are open-source, independently audited, and verifiable on-chain.
Your assets remain under your control. All operations execute via audited on-chain contracts.
Protocol upgrades require multi-sig timelock approval with community veto periods.
Audited by Trail of Bits, Certik, and other leading security firms. Code is fully open-source.
Active bug bounty program via Immunefi incentivizing responsible disclosure from researchers.
About Frax Finance, the protocol, tokens, and how to get started.
Frax Finance is an open, scalable stablecoin protocol building the most advanced stablecoin infrastructure for the next generation of finance. The protocol issues FRAX (a dollar-pegged stablecoin), frxETH (an ETH liquid staking token), sFRAX (a yield-bearing stablecoin vault), and is governed by FXS token holders. The complete protocol is accessible at finance-frax.com.
FRAX is a dollar-pegged stablecoin issued by the Frax Finance protocol. It is designed to maintain a 1:1 peg with the US Dollar through full collateral backing. FRAX can be minted, redeemed, and used across multiple networks and hundreds of integrated protocols. The stablecoin is fully backed by high-quality assets including USDC and US Treasuries.
FXS is the governance and value accrual token of Frax Finance. FXS holders can lock their tokens as veFXS to participate in protocol governance, vote on fee parameters, gauge weights, and protocol upgrades. veFXS stakers also receive a share of protocol revenue. The maximum lock period is 4 years, with longer locks providing more voting power and higher yield.
frxETH is Frax Finance's liquid staking derivative for Ethereum. When you stake ETH through Frax, you receive frxETH which remains fully liquid and composable. sfrxETH is the staked version that accrues staking rewards over time, appreciating in value relative to frxETH. Both tokens can be used across the broader ecosystem — as collateral, in liquidity pools, or simply held for yield.
sFRAX (staked FRAX) is a yield-bearing vault token. Users deposit FRAX and receive sFRAX, which automatically earns yield from protocol revenue, ETH staking rewards, and FraxLend interest. sFRAX value appreciates over time as yield accrues, providing passive income on stablecoin holdings with no lock-up period and instant redemption.
FraxLend is Frax Finance's permissionless lending protocol. It allows users to create isolated lending pairs with customizable parameters including interest rate curves, collateral ratios, and liquidation thresholds. Lenders earn interest by supplying FRAX, while borrowers can access capital using various collateral types. Each lending pair is isolated, minimizing systemic risk.
Fraxtal is Frax Finance's own Layer 2 modular rollup network. Built as an EVM-equivalent optimistic rollup, Fraxtal uses FRAX as its native gas token and provides high-throughput, low-cost transaction execution. It serves as the home base for the Frax ecosystem with native integrations across all Frax products — FraxSwap, FraxLend, and the full token suite.
FPI is the Frax Price Index — a stablecoin pegged to the US Consumer Price Index (CPI) basket. Unlike FRAX which targets $1, FPI aims to maintain purchasing power by tracking real-world inflation. This makes FPI the first inflation-resistant stablecoin, preserving holders' purchasing power over time regardless of macroeconomic conditions.
Frax Finance is deployed on Ethereum mainnet and multiple Layer 2 networks including Arbitrum, Optimism, Polygon, Avalanche, BNB Chain, Fantom, Moonbeam, and Fraxtal (Frax's own L2 network). Cross-network transfers are handled by FraxFerry, the protocol's native bridge with verifiable proof batching. New networks are added based on governance votes.
Yes. Frax Finance contracts have been audited by multiple independent security firms including Trail of Bits and Certik. The protocol maintains an active bug bounty program through Immunefi. All contract code is open-source, verifiable on GitHub, and has secured over $1.8B in total value locked. Protocol upgrades require multi-sig timelock approval with community veto periods.
To get started: visit finance-frax.com, connect your wallet, and explore the protocol's features. You can mint FRAX stablecoins, stake ETH for frxETH, deposit FRAX into sFRAX for yield, provide liquidity on FraxSwap, lend on FraxLend, or acquire FXS for governance participation. Full documentation is available through the Docs link in navigation.
Frax Finance is unique in offering a complete vertical financial stack: stablecoins (FRAX, FPI), liquid staking (frxETH/sfrxETH), yield vaults (sFRAX), lending (FraxLend), AMM trading (FraxSwap), cross-network transfers (FraxFerry), and its own L2 network (Fraxtal). This deep integration creates a self-reinforcing ecosystem with superior capital efficiency and yield generation compared to single-product protocols.
$1.8B TVL. 12+ networks. Zero custodial risk. The stablecoin infrastructure designed for the future of finance.