Frax
Frax is the world’s first fractional-algorithmic stablecoin. The Frax Protocol introduced the world to the concept of a cryptocurrency being partially backed by collateral and partially stabilized algorithmically.
Frax is the world’s first fractional-algorithmic stablecoin. The Frax Protocol introduced the world to the concept of a cryptocurrency being partially backed by collateral and partially stabilized algorithmically.
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Alandale (@alandalexyz) — a liquidity protocol on Robinhood Chain — has launched frxUSD/USDG and frxUSD/SPY trading pairs, announced by Frax Finance as "the frxUSD model in action." Alandale is using Frax's positive-sum rewards-sharing model to build deeper, protocol-owned liquidity while generating revenue for its ecosystem.
Frax Finance confirmed frxUSD is a default stablecoin on FablesFi markets on Robinhood Crypto, paired with Arrow Finance's aUSD, Own's eUSD, and Saffron's SFI, with more pairs to come. The frxUSD/eUSD PegKeeper pool, launched with Own, pairs frxUSD against eUSD, an overcollateralized stablecoin minted against eSPY (tokenized S&P 500 exposure).
Frax Finance announced that onchain FX is live on Base: six local-currency stablecoins now trade directly against frxUSD on Aerodrome, with FX infrastructure from DFB. The pairs are BRZ (Brazilian real), CADD (Canadian dollar), tGBP (British pound), IDRX (Indonesian rupiah), ZARP (South African rand), and AUDF (Australian dollar), with frxUSD as the dollar leg of each pair.
Frax framed the launch around the size of traditional FX — trillions traded daily, almost none onchain — positioning frxUSD as the dollar side of emerging onchain currency markets.
Frax Finance said it is exploring a collaboration with Amplifi, which is bringing leverage to long-tail assets and prediction markets on Robinhood Crypto. Frax signaled interest in bringing those new trading markets into FraxNet, powered by frxUSD liquidity, and highlighted its support for innovative builders.
Feather (Featherlend) launched Transfero Group's BRZ markets on Morpho on Polygon, with FX infrastructure from DFB. For the first time the Brazilian Real gets an onchain funding rate, connecting Brazil's 13.75% Selic rate to onchain credit through BRZ, frxUSD, and sfrxUSD.
Rift launched its onchain API with frxUSD support from day one on Ethereum, Base, and Ink. Rift's API executes swaps onchain at the best price with no added fees, letting applications build on-chain transactions in one click.
Frax Finance launched the Frax USDai Ecosystem Vault on Morpho, curated by Re7 Labs and collateralized by sUSDai. sUSDai is the staked version of USDai, USD.AI's synthetic dollar backed 1:1 by PYUSD, which earns yield from loans collateralized by GPU and AI infrastructure.
The vault brings USD.AI's staked stablecoin into a Morpho lending vault managed by Re7 Labs, and Frax frames it as another step in frxUSD being adopted as a default stablecoin across DeFi.
Frax Finance launched the frxUSD/EURe pair on Uniswap on Polygon, giving Monerium's euro stablecoin EURe a direct route into frxUSD dollar liquidity. The pool is live with incentives, with Capa Fi bringing FX and payment flows to the pair.
Frax Finance's frxUSD is now the underlying stablecoin asset for Gearbox Protocol's new RWA market, enabling one-click RWA leverage with institutional-grade liquidity. The first supported asset is Midas RWA's mF-ONE, and frxUSD also becomes a mint asset for mF-ONE — besides USDC, the only stablecoin with that status, putting frxUSD in the primary flow for institutional onchain assets.
Frax followed up by framing the partnership as what frxUSD was built toward: "the liquidity layer for institutional tokenization." KPK, the DeFi curator and treasury manager with $200M+ AUM, is curating a frxUSD vault for Gearbox's RWA leverage market, which Frax called another institutional milestone for frxUSD.
As part of the North Star update, the Frax Share (FXS) token was renamed to FRAX and designated the native gas token for the Fraxtal blockchain, replacing frxETH.
Frax launched frxUSD, a new USD-pegged stablecoin backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and tokenized by Securitize.
Frax's EVM-compatible Layer 2 rollup, built on the OP Stack, launched with select launch partners, later opening to the public.
The Frax DAO voted to move FRAX away from its algorithmic/fractional backing model toward full collateralization, a landmark governance decision following the 2022 Terra collapse.
Frax Ether, a dual-token ETH liquid staking system (frxETH, sfrxETH, and the Frax ETH Minter), went live in a soft community launch.
Launched the FPI stablecoin, the first stablecoin pegged to a basket of real-world consumer goods (US CPI-U) rather than the US dollar.
Frax launched V2, introducing AMO Controllers — autonomous monetary-policy tools that perform market operations while maintaining the stablecoin peg.
Frax Finance deployed the world's first fractional-algorithmic stablecoin, FRAX, on Ethereum mainnet on December 20, 2020 at 4 pm PST (December 21, 2020 at 0:00 UTC), introducing the FXS governance token.