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Frax Swap Review 2026: A Uniswap V2 AMM With a TWAMM

Fraxswap is a Uniswap V2-based constant product AMM from the Frax ecosystem, with an embedded time-weighted average market maker for large trades. It is a niche, permissionless DEX with modest TVL and a recent drop in liquidity.

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By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.8/10

Good

Visit Frax Swap

Our verdict on Frax Swap

6.8/10

Frax Swap suits DeFi users who want a Uniswap V2-style AMM and are curious about TWAMM orders for large trades spread over time. Its main strength is that long-term order feature on a permissionless, multi-chain base. The main caveats are modest and recently falling TVL, unpublished fee details, and only two listed audits with no detail. Treat it as a niche venue and check fees and audit reports before committing meaningful funds.

Score breakdown

How Frax Swap scores

Security: 6.5/10
Ease of use: 6.5/10
Fees: n/a
Features: 7.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Frax Swap?

Fraxswap is a decentralized exchange in the Frax ecosystem. DefiLlama describes it as the first constant product AMM with an embedded time-weighted average market maker (TWAMM), designed for conducting large trades over long periods trustlessly. The core AMM is based on Uniswap V2 and is fully permissionless.

DefiLlama has tracked it since September 2022 and lists it on ten chains: Fraxtal, Ethereum, BNB Chain, Avalanche, Polygon, Optimism, Arbitrum, Fantom, Dogechain and Moonbeam. Total value locked is about 8.47 million USD, down 16.3% in the last seven days. Two audits are listed.

Its homepage is minimal, so most detail here comes from the DefiLlama listing.

How Frax Swap works

Fraxswap is an automated market maker. Instead of an order book, traders swap against pools of two tokens, and the price is set by the constant product formula based on Uniswap V2. Liquidity providers deposit tokens into pools and earn a share of trading fees.

What sets it apart is the embedded time-weighted average market maker. A TWAMM lets a user place a large order that executes in small slices over a long period. This is meant to lower price impact compared with one big swap, and the process runs on-chain without a trusted third party.

The protocol is permissionless, so anyone can interact with it. It is part of the wider Frax ecosystem, and DefiLlama lists FRAX as the related token.

5 features

Key features

Constant product AMM

The core AMM follows the constant product model based on Uniswap V2, so swaps and liquidity provision work in a familiar way.

Embedded TWAMM

Fraxswap embeds a time-weighted average market maker so large trades can be executed gradually over a long period without a trusted intermediary.

Permissionless access

The protocol is described as fully permissionless, meaning anyone can trade or provide liquidity without approval.

Multi-chain deployment

DefiLlama lists ten chains, including Fraxtal, Ethereum, Arbitrum, Optimism and Polygon.

Audits and track record

Fraxswap has been tracked by DefiLlama since September 2022, with 2 audits listed.

Pros and cons

What we like

The embedded TWAMM offers a way to execute large trades gradually without a trusted party.
Built on the well-known Uniswap V2 design, so the core mechanics are familiar.
Fully permissionless, with no approval needed to trade or provide liquidity.
Deployed on ten chains, including Ethereum, Arbitrum and Optimism.
Listed since 2022 with 2 audits noted by DefiLlama.

Watch out for

TVL fell 16.3% over the last 7 days according to DefiLlama, which may reflect shrinking liquidity.
Only 2 audits are listed, and the project does not say who performed them or what they found.
Fee levels, pool incentives and volume are not given publicly, so costs cannot be compared with other DEXes.
TWAMM long-term orders add complexity that newcomers may find harder to understand than a standard swap.
Spread across ten chains, liquidity on any single chain may be thin; public sources give only a combined TVL of about 8.5 million USD.
Like all AMMs, liquidity providers face impermanent loss and smart-contract risk.

Frax Swap fees

Fee levels are not published. Swap fees on Uniswap V2-style AMMs usually go to liquidity providers, but the exact rate and any differences for TWAMM orders should be checked in the app before trading.

Users also pay network gas on whichever chain they use, and slippage depends on pool depth. The app will show estimated price impact and fees before you confirm.

Is Frax Swap safe?

DefiLlama lists 2 audits, but the project does not identify the auditors, dates or findings. The core AMM builds on Uniswap V2, which has a long production history, but the TWAMM component is additional logic whose risks are not detailed publicly. No incidents are mentioned publicly, though that is not proof none occurred.

As a non-custodial DEX, you keep control of your tokens in your wallet, but you carry smart-contract, impermanent loss and token-price risks. Regulatory status is not described. Check the audit reports and size positions accordingly.

6 steps

How to get started with Frax Swap

1
Open the official Frax site and find the Fraxswap interface from there.
2
Connect a compatible wallet and select the network you want to use, such as Ethereum or Fraxtal.
3
Review the available pools and check the displayed liquidity, fees and price impact.
4
Start with a small swap to confirm how the interface and gas costs behave.
5
For a large trade, read the TWAMM documentation before placing a long-term order.
6
If providing liquidity, understand impermanent loss and review the audit reports first.

Open Frax Swap

Who Frax Swap is for

Frax Swap is for DeFi users already comfortable with wallets and AMMs, especially those in the Frax ecosystem or anyone who wants to try time-weighted execution for large orders. It is less suited to complete beginners or traders who need deep liquidity on every chain.

Frax Swap FAQs

What is Frax Swap?

Fraxswap is a decentralized exchange from the Frax ecosystem. It is a constant product automated market maker based on Uniswap V2, with a time-weighted average market maker (TWAMM) built in for large trades over long periods.

What is a TWAMM?

A TWAMM splits a large order into many tiny trades spread over a set period, rather than executing it all at once. This is intended to reduce price impact and the need to trust a third party. Fraxswap describes this as trustless.

Which blockchains does Frax Swap support?

DefiLlama lists Fraxswap on Fraxtal, Ethereum, BNB Chain, Avalanche, Polygon, Optimism, Arbitrum, Fantom, Dogechain and Moonbeam. Availability of specific pools varies by chain and is not detailed publicly.

How much liquidity does Frax Swap have?

DefiLlama shows about 8.47 million USD in TVL, down 16.3% over seven days. These figures change often, so check a live tracker for current values.

Is Frax Swap audited?

DefiLlama lists 2 audits, but the project does not name the auditors or their findings. The core AMM is based on Uniswap V2, a widely used design, but audits do not remove smart-contract risk. Read the audit reports before depositing significant funds.

Does Frax Swap have its own token?

DefiLlama lists FRAX as the associated token. The project does not describe a separate Fraxswap token or its role in the DEX, so check Frax documentation for how it is used.

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