Frax (prev. FXS)
FRAX Rank #744Price chart
What is Frax (prev. FXS)?
Transition from FXS
The one-to-one upgrade from Ethereum FXS to native FRAX became available on April 28, 2025. Users perform that conversion by bridging through the designated upgrade route. Native FRAX pays transaction fees on Fraxtal. Wrapping it creates WFRAX, an ERC-20-compatible representation. WFRAX can move through supported cross-chain infrastructure.
Monetary policy
The current design includes continuing tail emissions rather than the old FXS hard-cap model. The published schedule starts at eight percent annual issuance. That percentage declines by one percentage point annually toward a three-percent floor. Emissions fund ecosystem development, community initiatives and the treasury. The Frax Burn Engine permanently removes tokens sent to it. Its documented inputs include Fraxtal base fees and the ecosystem's name registrar.
Protocol participation
FRAX itself is defined as the network's monetary asset. Governance functions are implemented through contracts built on top of that asset. For example, veFRAX provides participation in selected Frax Finance protocol decisions. The dollar-denominated frxUSD token is a separate instrument. FRAX therefore has a floating market value rather than a one-dollar redemption promise.
Where to trade FRAX
23 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.