Ask about fx Protocol · freeTotal Value Locked$115.29m
TVL by Chain
Ethereum$115.29m
Key Metrics
Fees 30d$919,867
Fees 30d by chain
Ethereum$919,867
Fees 7d$338,025
Ethereum$338,025
Fees 24h$88,909
Ethereum$88,909
Cumulative Fees$15.7m
Ethereum$15.7m
Revenue 30d$261,237
Revenue 30d by chain
Ethereum$261,237
Revenue 7d$52,996
Ethereum$52,996
Revenue 24h$52,996
Ethereum$52,996
Cumulative Revenue$4.5m
Ethereum$4.5m
Incentives 1y$0
Incentives 30d$0
Incentives 7d$0
Incentives 24h$0
Cumulative Incentives$0
Earnings (Annualized)$1.1m
Earnings 30d$261,237
Earnings 7d$52,996
Earnings 24h$52,996
Cumulative Earnings$4.5m
Market Cap$3.43m
$FXN Price$20.91
Fully Diluted Valuation$25.87m
Outstanding FDV$41.82m
$FXN Volume 24h$23,499
CEX Volume$0
DEX Volume$23,484(99.94% 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 APY13.33%
Competitors
fx Protocol history
TVL is the default DefiLlama definition, which excludes Pool2. Daily values are UTC snapshots from Aug 4, 2023 to Oct 29, 2026.
All-time high TVL: $271.28m on Aug 24, 2025. All-time low TVL: $931,924 on Aug 4, 2023.
Daily TVL, Sep 30, 2026 to Oct 29, 2026
| Date | TVL |
|---|---|
| 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 |
| Oct 24, 2026 | $109.14m |
| Oct 25, 2026 | $108.99m |
| Oct 26, 2026 | $108.14m |
| Oct 27, 2026 | $121.23m |
| Oct 28, 2026 | $116.87m |
| Oct 29, 2026 | $117.34m |
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 29, 2026 (latest) | $117.34m |
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) | $843,097 | $206,045 |
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 29, 2026, fx Protocol has $115.29m in total value locked. TVL has decreased 12.2% 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 $919,867 in fees. Of that, $261,237 was protocol revenue. Based on the trailing year, the annualized rate is $5.18m in fees and $1.1m in revenue.
What is the FXN token price and valuation?
FXN is currently trading at $21.08. Its circulating market capitalization is $3.46m, ranking it #2,378. Its fully diluted valuation is $26.09m. Supply currently stands at 164,148.89 circulating, 1.24m total supply, 2m maximum supply.
How has FXN performed recently?
FXN is down 18.5% over the past 7 days and down 29.5% over the past 30 days. Its all-time high is $219.95, reached on Mar 13, 2024. The token is currently 90.4% 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 $200.22m across 7 protocols, and fx Protocol accounts for 57.6% of that total. Similar protocols include Hylo Protocol, MoneyOnChain, RIF ON CHAIN, 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 13.3%.