24h Change+0.12%
All Time HighFeb 7, 2021$1.14
All Time LowMar 11, 2023$0.87
Market Cap$273.54m
Fully Diluted Valuation$273.54m
Circ. Supply275.85m FRAX
CEX Volume$14,253
DEX Volume$2.55m
How much debt can be issued against FRAX as collateral across lending protocols.
Maximum possible exposure to FRAX
$2,901
$0 (max additional borrows against FRAX) + $2,901 (bad debt if FRAX was hacked now)
Aave V3
$2,901 at-risk exposure = $2,901 bad debt if hacked + $0 additional borrowable against FRAX
Showing collateral exposure for FRAX on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for FRAX as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
FRAX0x853d955acef822db058eb8505911ed77f175b99e | $0 | $1 | ||
FRAX0x17fc002b466eec40dae837fc4be5c67993ddbd6f | $0 | $2,900 |
Risk-management actions published about FRAX by tracked risk managers and governance contributors, newest first.
FRAX liquidity remains strong with no significant protocol structure changes since the last review, making it suitable for removal from isolation mode to allow broader collateral and borrowing usage.
FRAX is being onboarded as a borrowable stablecoin against wstETH on the Aave V3 Lido instance due to ample swap liquidity of $75m, including protocol-owned reserves via FraxFinance's AMO mechanism. Current borrowing demand is low at $164k on the main instance, so a $20m supply cap allows controlled growth to bootstrap the market.
Current wstETH<>FRAX borrowing on the main Aave V3 instance is low at $181k despite ample secondary market liquidity up to $150m; a smaller $20m supply cap is proposed to match the anticipated modest demand, consistent with caps on other Aave instances.
FRAX is recommended for removal from isolation mode on its Aave v3 instance, allowing broader collateral use as liquidity and stability have improved.
FRAX is included as a borrowable stablecoin in the dedicated instance, leveraging its prior due diligence to pair with USDe/sUSDe for diversified borrowing options.
FRAX maintains a stable peg with excellent on-chain liquidity and no prolonged depeg events, justifying removal from isolation mode despite its 95% collateralization ratio being lower than DAI's 127%; parameters are aligned with DAI's to reflect its improved risk profile.
FRAX was proactively frozen on v3 Avalanche during the USDC volatility to block new borrows and supplies, protecting against potential spillover from the stablecoin market stress caused by SVB's collapse.
FRAX on Aave V3 Avalanche has experienced volatile utilization spikes, including a recent 21-hour recovery after exceeding 95%, with low supply of around $20k dominated by a single account. Derisking the interest rate curve addresses the vulnerability to sudden demand influxes or supply outflows in this low-liquidity environment.
FRAX currently has low utilization at 8.3% due to its mismatched interest rate model compared to peers like USDC and USDT, limiting borrowing activity. Aligning it with stablecoin IRMs and lowering the reserve factor would boost adoption toward 40% utilization, supported by FRAX's high on-chain liquidity and low volatility akin to other stablecoins.
Conservative supply cap recommendations for FRAX are below current levels to mitigate liquidity concentration risk and ensure sufficient on-chain liquidity for liquidations, given 96.2% on Optimism and 69.4% on Avalanche rely on local swaps.
An is required to view token usage.
Showing 10 of 77 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabFRAXsfrxETH collateral | $1.86m | 6.08% | 6.08% | 8.54% | |||||
| open in new tabMSUSD-FRAX-USDCConvex | $1.63m | 11.32% | 10.85% | ||||||
| open in new tabFRAX-USDC | $198,361 | 6.68% | 0.51% | 6.79% | |||||
| open in new tabFXS-FRAX | $87,870 | 12.50% | 12.50% | 2.26% | |||||
| open in new tabWFRAX-CVXFXS | $61,030 | 7.70% | 0.45% | 7.27% | |||||
| open in new tabFRAXAggressive | $60,639 | 28.41% | 28.41% | 5.78% | |||||
| open in new tabSUSHI-FRAX | $24,131 | 12.39% | 12.39% | 2.55% | |||||
| open in new tabWFRAX-CVXFXSCurve | $19,702 | 10.95% | 0.08% | 10.84% | |||||
| open in new tabWFRAX-WETHCL200 - 0.3% | $18,131 | 120% | 88.57% | 82.72% | |||||
| open in new tabFRAX | $277 | 34.74% | 34.74% | 24.51% |
Showing 10 of 92 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabFRAX âžž WBTC | $291.34m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž WBTC | $109.65m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž WETH | $100.45m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž WETH | $56.86m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž WSTETH | $54.05m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž WSTETH | $51.18m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž WSTETH | $43.52m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž SFRAX | $37.4m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž WEETH | $24.08m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 | ||
| open in new tabFRAX âžž RSETH | $19.38m | 1.78% | 1.78% | 0% | 85% | $17,530 | $3,989 |
