Legacy Frax Dollar
FRAX Rank #187Price chart
What is Legacy Frax Dollar?
Stablecoin architecture
Legacy Frax Dollar uses Algorithmic Market Operations, or AMOs, to manage assets and market liquidity. These smart-contract strategies operate within governance-approved parameters. The v3 framework targets collateral coverage of at least 100%. That target is measured using the stablecoin's own balance sheet. It is a protocol objective rather than a guarantee that coverage never falls below the threshold. The system uses dollar reference prices to guide stability operations.
DeFi mechanisms
Fraxlend provides collateralized lending markets within the wider protocol. Fraxswap supplies automated trading infrastructure. Frax Bonds, or FXBs, introduce positions with specified maturity dates. Current FXB documentation identifies Legacy Frax Dollar as their redemption asset. Curve and Uniswap pools also provide venues for stablecoin liquidity. AMO allocation and other economic settings can change through governance.
Separate monetary systems
Frax separated the Legacy Frax Dollar and frxUSD balance sheets under the 2025 restructuring. Legacy Frax Dollar retains the AMO-driven model. The newer frxUSD uses its own issuer-managed reserve and fiat-redemption arrangements. The DAO ended guaranteed one-to-one migration between the two stablecoins. Market swaps can still provide conversion at the prevailing exchange rate. Holding Legacy Frax Dollar does not guarantee redemption for a particular reserve asset.
Where to trade FRAX
18 exchanges · top 10
Live spot quotes from connected exchanges
FRAX funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.