About Frax

Frax is the governance and value-accrual token of the Frax protocol, traded as FXS until the project renamed it to FRAX in January 2026. It is a volatile crypto asset, not a stablecoin: it captures protocol fees and carries governance rights over Frax's stablecoin system. The ERC-20 contract still reports the FXS symbol on-chain. It must not be confused with Legacy Frax Dollar (also FRAX), the dollar-pegged stablecoin the protocol issued first, nor with Frax USD (FRXUSD), its current dollar stablecoin.