What is the current price of Frax (prev. FXS)?
The current price of Frax (prev. FXS) is $0.2608 with a 0.74% change in the last 24 hours.
Supply and ATH/ATL data provided by CoinGecko
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Prices and notionals are USD-equivalent venue units, with USDC collateral. No currency conversion is applied. Notional = venue price × base-asset size. Contract specifications
Derivatives and mapped ecosystem data, with source timings and coverage.
FRAX is the native asset of Fraxtal, the blockchain built by Frax Finance, and it is the token that used to trade as FXS (Frax Shares). It is not the Frax stablecoin. In the North Star upgrade the two names were swapped: the governance and value-capture token FXS was renamed FRAX and became Fraxtal's gas asset, while the original FRAX stablecoin was renamed frxUSD.
That distinction matters more than any other fact on this page, because most older material about "FRAX" describes a dollar-pegged stablecoin. Today the official documentation describes FRAX as the scarce commodity asset of the Fraxtal blockchain, used to pay for blockspace and, in a planned upgrade, to secure validators. The docs are explicit that FRAX itself is not a governance token; governance rights come from staking it into veFRAX.
Official sources:
Frax Finance was founded by Sam Kazemian with Jason Huan and Travis Moore, and the original FRAX stablecoin launched on Ethereum in December 2020. The launch design was fractional-algorithmic: part of each stablecoin was backed by collateral and part was stabilized algorithmically through FXS, with the collateral ratio meant to fall as confidence grew.
That model was retired. Following the 2022 stablecoin failures, Frax governance voted in 2023 to move to full collateralization, ending the algorithmic portion. The second structural change came with the North Star proposal (FIP-428), approved in 2025, which renamed FXS to FRAX, renamed the stablecoin to frxUSD, and made FRAX the gas token of Fraxtal. Holders have been able to upgrade FXS to native FRAX one to one by bridging to Fraxtal since April 28, 2025.
A live read of the original Ethereum contract at 0x3432b6a60d23ca0dfca7761b7ab56459d9c964d0 still returns the name "Frax Share" and the symbol "FXS", so the on-chain ERC-20 was never itself renamed. The rename happened at the ecosystem level, and the canonical asset is now issued natively on Fraxtal.
Fraxtal is the settlement layer Fraxtal is an EVM-equivalent rollup built on the OP Stack, running as chain ID 252 with FRAX as its currency symbol. It uses a data availability module developed by the Frax core team rather than posting all data to Ethereum.
FRAX pays for blockspace Every transaction on Fraxtal is paid in native FRAX. Users can wrap it into WFRAX, an ERC-20 representation deployed as a system contract, for use inside smart contracts and for transfers across integrated chains.
veFRAX carries governance Users lock FRAX for a self-selected term of one week to 208 weeks (four years) to receive veFRAX. The balance is non-transferable and scales with both the amount locked and the lock length, so one FRAX locked for four years yields a veFRAX balance of four, decaying as the unlock date approaches.
Emission and burn run in opposite directions FRAX follows a fixed tail emission set at 8 percent annually at the start, declining by one percentage point per year to a floor of 3 percent. Against that, the Frax Burn Engine permanently destroys FRAX collected from sources including the Fraxtal EIP-1559 base fee and the Frax Name Service registrar.
FRAX is used for:
Compared with stablecoin issuers such as Sky or Ethena, Frax is not only an issuer. It controls the chain the stablecoin settles on, which lets it route gas burn and blockspace incentives back into the same token economy.
Compared with general-purpose rollups, Fraxtal is narrower and more opinionated: the point is to host one financial stack rather than attract every category of application. Note also that the documentation is not fully consistent about whether Fraxtal is a rollup or an eventual sovereign layer 1. The network reference page still lists it as an L2, so treat forward-looking L1 language as roadmap rather than current state.
Fraxtal inherits the security properties of the OP Stack rollup design, with the important caveat that it uses a Frax-developed data availability module rather than posting full data to Ethereum. That is a deliberate cost tradeoff and a real difference from rollups that publish everything to layer 1.
Beyond the chain, security rests on the collateral behind frxUSD and on governance integrity. Under FIP-432, the Frax DAO delegated issuer-level compliance and collateral management for frxUSD to Frax Inc, a public-benefit corporation, while retaining the power to amend or revoke that delegation.
Frax is one of the few DeFi projects that has restructured itself twice in public: first abandoning the algorithmic stablecoin design that made its name, then reorganizing its entire token identity around a chain it built. The current shape, a commodity gas asset on a purpose-built rollup with a fiat-redeemable stablecoin above it, is a coherent answer to a question many stablecoin issuers face, which is where the value from issuance should accrue.
FRAX trades on major centralized exchanges and on Frax's own on-chain venues. Because of the rename, check whether a listing refers to the ecosystem token (formerly FXS) or to the legacy stablecoin, and confirm which chain the deposit address belongs to. Availability and pairs vary by jurisdiction.
FRAX has commonly been available on:
On chain, Fraxswap and other Fraxtal and Ethereum venues provide swap liquidity.
After purchase, FRAX can be held:
Confirm the chain and the exact token before depositing. The ecosystem contains several similarly named assets, including frxUSD, sfrxUSD, frxETH, and WFRAX.
You can compare FRAX with related ecosystems on Coinrithm:
Track Frax (prev. FXS) live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for Frax (prev. FXS) on CoinRithm before using real money.
Use a crypto paper trading account to demo trade Frax (prev. FXS) with real-time prices, AI trade feedback, and trading leagues. Test strategies, learn risk management, and build confidence before trading Frax (prev. FXS) with real money.
Read the complete paper trading guideThe current price of Frax (prev. FXS) is $0.2608 with a 0.74% change in the last 24 hours.
The daily trading volume is $174,148 representing a 12.20% change in the past 24 hours.
The market capitalization of Frax (prev. FXS) is $24,417,569, ranking #487 globally.
The fully diluted valuation (FDV) of Frax (prev. FXS) is $25,996,225, calculated assuming the maximum supply of 99,681,496 FRAX is in circulation.
Circulating: 93,628,202. Total: 99,681,496. Max: 99,681,496.
In the last 24 hours, Frax (prev. FXS) traded between a low of $0.2522 and a high of $0.2644.
FRAX/USDTTether USDT0.2608 USDT
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