Frax (prev. FXS) (FRAX): Uses, Supply and Risks

Frax (FRAX) is a crypto asset associated with the Frax ecosystem, a decentralized finance project. It was previously known by the ticker FXS, so older articles and protocol materials may use “Frax Share” or FXS when discussing the token. FRAX is also a name historically associated with a Frax stablecoin, so check the asset’s ticker and network before buying or transferring anything; the token described here is the asset listed as Frax (prev. FXS), ticker FRAX.

The broader Frax ecosystem has included products such as stablecoin infrastructure, liquid staking and lending. These are ecosystem services, not the token itself. FRAX is identified as the native token of Fraxtal and is also issued on several other networks. Its market value comes from trading and can change substantially. It does not represent a guaranteed claim on dollars or a fixed-value asset.

FXS was described in earlier Frax materials as an ecosystem governance token, with a role in protocol decisions and value connected to the wider system. The asset’s newer FRAX name and ticker reflect a change in how it is identified, but public sources do not establish which historical governance rights or economic features apply to every current FRAX token or deployment. Check current Frax governance materials before assuming that holding FRAX gives you voting power, fee income or another specific entitlement.

FRAX may be used in DeFi settings where supported, including trading, liquidity provision or governance applications. The token’s presence across multiple chains does not mean every app supports every version. A token on one network may not be interchangeable with a version on another without a bridge or other conversion process. App availability and terms can change, and using a DeFi contract can expose you to losses beyond ordinary price movements.

As of November 5, 2026, the reported circulating supply was about 93.6 million FRAX, with total supply near 99.7 million. No maximum supply was specified. These figures are estimates and can change; supply figures may also differ between trackers because of how they classify tokens held in contracts, bridges or other addresses.

On that date, FRAX traded at about $0.25, with a market capitalization of roughly $23.8 million and a fully diluted valuation near $25.4 million. These are time-specific market figures, not a valuation guarantee or forecast. Trading volume and market capitalization can shift quickly, and smaller or less liquid markets may have wider spreads. Don’t treat a past price, supply figure or market ranking as evidence of future performance.

Fraxtal is identified as the token’s native chain. FRAX is also listed as issued on Ethereum, Solana, Moonriver, Arbitrum, BNB Chain, Polygon zkEVM, Avalanche, Evmos, Polygon, Harmony and Fantom. Availability on a network can vary by exchange, wallet and DeFi application, and a ticker alone is not enough to confirm that a token is authentic.

Before sending FRAX, verify the receiving network and the token contract address using current official Frax information. Sending tokens to an address on the wrong chain, or using an unsupported bridge, can result in funds being inaccessible or lost. Bridged versions may depend on bridge contracts and may not have the same risks as the native asset. Confirm that the receiving service supports the exact network and token version, and test with a small amount if appropriate.

FRAX carries the risks common to crypto assets, including sharp price changes, limited liquidity, exchange or custody failures, smart-contract exploits and changes to a project’s governance or products. DeFi use adds risks such as faulty contracts, bridge failures, liquidation and losses from volatile or imbalanced liquidity pools. A token’s historical role in governance or protocol economics does not guarantee that it will retain those features or produce income.

For self-custody, use a wallet that supports the specific network and token standard, protect your recovery phrase offline, and never share it with anyone. Check the network and contract address before adding or transferring the token. Custodial platforms may simplify storage but introduce counterparty and withdrawal risks. Keep only assets you can afford to lose in crypto, and do not rely on unofficial messages or public reporting to verify contract addresses.