Glossary
Frax
A protocol issuing FRAX (stablecoin), frxETH (liquid-staked ETH), FXS (governance), and several adjacent assets — known for its modular, hybrid-collateral designs.
Frax launched in 2020 with a partially-algorithmic stablecoin (FRAX), then progressively rebuilt around a more conservative mixed-collateral model. The protocol now spans FRAX (stablecoin), sFRAX (yield-bearing), frxETH and sfrxETH (liquid-staked ETH), FXB (zero-coupon bonds), and a dedicated L2 (Fraxtal).
The FXS governance token captures revenue across the stack via veFXS lockups. Frax is one of the more vertically integrated DeFi ecosystems, with most modules using each other as primary collateral.