Ask about fx Protocol · freeTotal Value Locked$110.43m
TVL by Chain
Ethereum$110.43m
Key Metrics
Fees 30d$748,044
Fees 30d by chain
Ethereum$748,044
Fees 7d$152,633
Ethereum$152,633
Fees 24h$4,138
Ethereum$4,138
Cumulative Fees$15.37m
Ethereum$15.37m
Revenue 30d$264,514
Revenue 30d by chain
Ethereum$264,514
Revenue 7d$46,804
Ethereum$46,804
Revenue 24h$0
Ethereum$0
Cumulative Revenue$4.44m
Ethereum$4.44m
Incentives 1y$0
Incentives 30d$0
Incentives 7d$0
Incentives 24h$0
Cumulative Incentives$0
Earnings (Annualized)$1.05m
Earnings 30d$264,514
Earnings 7d$46,804
Earnings 24h$0
Cumulative Earnings$4.44m
Market Cap$4.07m
$FXN Price$24.79
Fully Diluted Valuation$30.67m
Outstanding FDV$49.58m
$FXN Volume 24h$13,491
CEX Volume$0
DEX Volume$15,483(114.77% of total)
Protocol Information
f(x) Protocol is a decentralized on-chain trading platform that enables stress-free leverage on ETH and WBTC while delivering the highest organic & sustainable yield on stablecoins. By utilizing an innovative mechanism, we offer up to 7X long or short exposure with minimum liquidation risk & funding costs. To fuel the leverage positions, the protocol mints fxUSD, a scalable & decentralized stablecoin with a strong peg to the dollar and backed by wstETH and WBTC.
Audits:
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: View code on GitHubRevenue: View code on GitHubIncentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.
Earnings: Revenue of the protocol minus the incentives distributed to users
Yields
Pools Tracked21
Average Supply APY9.84%
Competitors
fx Protocol history
TVL is the default DefiLlama definition, which excludes Pool2. Daily values are UTC snapshots from Aug 4, 2023 to Oct 23, 2026.
All-time high TVL: $271.28m on Aug 24, 2025. All-time low TVL: $931,924 on Aug 4, 2023.
Daily TVL, Sep 24, 2026 to Oct 23, 2026
| Date | TVL |
|---|---|
| Sep 24, 2026 | $131.43m |
| Sep 25, 2026 | $131.6m |
| Sep 26, 2026 | $131.78m |
| Sep 27, 2026 | $132.24m |
| Sep 28, 2026 | $132.3m |
| Sep 29, 2026 | $131.38m |
| Sep 30, 2026 | $130.19m |
| Oct 1, 2026 | $133.79m |
| Oct 2, 2026 | $133.67m |
| Oct 3, 2026 | $133.55m |
| Oct 4, 2026 | $133.79m |
| Oct 5, 2026 | $136.02m |
| Oct 6, 2026 | $135.04m |
| Oct 7, 2026 | $133.77m |
| Oct 8, 2026 | $129.91m |
| Oct 9, 2026 | $123.22m |
| Oct 10, 2026 | $124.88m |
| Oct 11, 2026 | $129.54m |
| Oct 12, 2026 | $130.78m |
| Oct 13, 2026 | $127.3m |
| Oct 14, 2026 | $130.37m |
| Oct 15, 2026 | $126.43m |
| Oct 16, 2026 | $127.72m |
| Oct 17, 2026 | $126.92m |
| Oct 18, 2026 | $121.37m |
| Oct 19, 2026 | $115.07m |
| Oct 20, 2026 | $113.95m |
| Oct 21, 2026 | $115.19m |
| Oct 22, 2026 | $116.46m |
| Oct 23, 2026 | $111.08m |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $57.5m |
| Dec 31, 2024 | $51.39m |
| Jan 31, 2025 | $83.33m |
| Feb 28, 2025 | $66.5m |
| Mar 31, 2025 | $52.12m |
| Apr 30, 2025 | $59.74m |
| May 31, 2025 | $107.06m |
| Jun 30, 2025 | $135.38m |
| Jul 31, 2025 | $159.03m |
| Aug 31, 2025 | $251.47m |
| Sep 30, 2025 | $227.38m |
| Oct 31, 2025 | $190.98m |
| Nov 30, 2025 | $95.76m |
| Dec 31, 2025 | $54.13m |
| Jan 31, 2026 | $52.06m |
| Feb 28, 2026 | $30.62m |
| Mar 31, 2026 | $29.47m |
| Apr 30, 2026 | $69.01m |
| May 31, 2026 | $91.14m |
| Jun 30, 2026 | $72.75m |
| Jul 31, 2026 | $94.38m |
| Aug 31, 2026 | $116.84m |
| Sep 30, 2026 | $130.19m |
| Oct 23, 2026 (latest) | $111.08m |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $14.89m |
| Dec 31, 2024 | $51.39m |
| Dec 31, 2025 | $54.13m |
Fees and revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue |
|---|---|---|
| Nov 2024 | $306,135 | $266,298 |
| Dec 2024 | $222,478 | $213,318 |
| Jan 2025 | $322,626 | $107,119 |
| Feb 2025 | $634,315 | $102,296 |
| Mar 2025 | $373,861 | $72,301 |
| Apr 2025 | $154,456 | $45,881 |
| May 2025 | $433,036 | $88,470 |
| Jun 2025 | $231,887 | $62,400 |
| Jul 2025 | $646,269 | $121,475 |
| Aug 2025 | $1.35m | $155,649 |
| Sep 2025 | $1m | $47,064 |
| Oct 2025 | $942,320 | $114,402 |
| Nov 2025 | $848,476 | $80,751 |
| Dec 2025 | $357,893 | $131,769 |
| Jan 2026 | $140,440 | $53,915 |
| Feb 2026 | $178,218 | $35,083 |
| Mar 2026 | $120,887 | $32,083 |
| Apr 2026 | $390,677 | $71,521 |
| May 2026 | $455,316 | $70,460 |
| Jun 2026 | $343,436 | $34,007 |
| Jul 2026 | $374,229 | $32,283 |
| Aug 2026 | $385,464 | $91,178 |
| Sep 2026 | $702,227 | $242,032 |
| Oct 2026 (to date) | $509,210 | $153,049 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/fx-protocol
Frequently asked questions
What is fx Protocol's TVL?
As of Oct 23, 2026, fx Protocol has $110.43m in total value locked. TVL has decreased 17.8% over the past 30 days.
What chains does fx Protocol operate on?
fx Protocol operates on Ethereum. Ethereum holds the largest share at 100%.
How much has fx Protocol generated in fees and revenue?
Over the past 30 days, fx Protocol generated $748,044 in fees. Of that, $264,514 was protocol revenue. Based on the trailing year, the annualized rate is $4.97m in fees and $1.05m in revenue.
What is the FXN token price and valuation?
FXN is currently trading at $24.79. Its circulating market capitalization is $4.07m, ranking it #2,155. Its fully diluted valuation is $30.67m. Supply currently stands at 164,148.89 circulating, 1.24m total supply, 2m maximum supply.
How has FXN performed recently?
FXN is up 6.9% over the past 7 days and down 20.7% over the past 30 days. Its all-time high is $219.95, reached on Mar 13, 2024. The token is currently 88.7% below that level.
How does fx Protocol's TVL compare to similar protocols?
Among Dual-Token Stablecoin protocols tracked by DefiLlama, fx Protocol ranks #1 by TVL. The category holds $199.08m across 7 protocols, and fx Protocol accounts for 55.5% of that total. Similar protocols include Hylo Protocol, RIF ON CHAIN, MoneyOnChain, Djed Stablecoin, Ethereum Classic Stable Dollar, and DogeDollar.
How many yield pools does fx Protocol have?
DefiLlama tracks 21 fx Protocol yield pools with an average APY of 9.8%.