About Legacy Frax Dollar
Legacy Frax Dollar (FRAX) is a decentralized, USD-pegged stablecoin issued by the Frax Finance protocol. It was created by Frax Finance, led by founder Sam Kazemian, and launched on Ethereum in December 2020 before being deployed on additional chains. FRAX originally used a fractional-algorithmic design, combining collateral backing with algorithmic stabilization to keep its price at approximately one US dollar. The system operated as a two-token model alongside Frax Shares (FXS), the separate governance and utility token. Stability was maintained by adjusting a collateralization ratio and allowing minting and redemption using collateral plus FXS. Following governance changes, including FIP-188 in 2023, the protocol moved toward fully collateralized backing, and the original stablecoin is now referred to as Legacy Frax Dollar within the Frax ecosystem. The FRAX token is used as a stable unit of account and medium of exchange in DeFi, appearing in trading pairs, lending markets, liquidity pools, and as collateral across multiple protocols. FRAX has no fixed maximum supply, with circulating supply reported at around 276 million tokens. Issuance is governed by mint and redemption flows designed to preserve the dollar peg.
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