Legacy Frax Dollar 

FRAX Price

What is the Legacy Frax Dollar stablecoin?

Legacy Frax Dollar (FRAX) is the original stablecoin of Frax Finance, the DeFi protocol founded by Sam Kazemian. FRAX launched in December 2020 as the first fractional-algorithmic stablecoin: each unit was backed partly by collateral and partly by minting or burning the governance asset, then called FXS. Under governance proposal FIP-428 in March 2025, the original FRAX was renamed Legacy Frax Dollar after frxUSD became Frax's flagship dollar stablecoin. DropsTab classifies FRAX under Algorithmic Stablecoins, with DeFi as a secondary category.

Is FRAX a stablecoin?

Yes. FRAX is a dollar-pegged stablecoin, and DropsTab places it in the Algorithmic Stablecoins category. The original design differed from fully collateralized stablecoins: it held a dynamic mix of collateral and FXS burn, for example 85% collateral with the remaining 15% covered by FXS. Under Frax V3, the collateral target rose to at least 100%, so legacy FRAX now runs as a fully collateralized instrument.

What is the difference between Legacy Frax Dollar and frxUSD?

frxUSD is Frax Finance's current flagship dollar stablecoin; Legacy Frax Dollar is the original FRAX instrument kept under the FRAX ticker. Governance proposal FIP-428 of March 2025 introduced the rename. A later proposal, FIP-430, ended any guaranteed one-to-one migration from legacy FRAX into frxUSD.

How does FRAX maintain its dollar peg?

Under Frax V3, the collateral ratio targeting legacy FRAX was raised to at least 100%. Backing comes from on-chain stable assets, overcollateralized loans, protocol-owned liquidity and short-term US Treasuries, managed by the protocol's AMO (algorithmic market operations) modules. Risk note: holders have no guaranteed redemption right into a specific fiat or reserve asset, and no continuous proof-of-reserves is published for this legacy instrument.

Has the Legacy Frax Dollar ever depegged?

FRAX targets $1 and has historically traded close to it. Third-party trackers have recorded soft deviations below $1, to around $0.99. The structural reason: DropsTab records no spot centralized-exchange markets for FRAX, so peg support rests on decentralized-venue liquidity. Reduced redemption demand for the legacy instrument after the frxUSD pivot adds confidence risk.

On which exchanges can you trade Legacy Frax Dollar?

Per DropsTab data, FRAX trades on more than 20 decentralized-exchange markets, including Uniswap (v2 and v3), Sushiswap, LFJ and Ramses V2. Main pairs are FRAX/USDC, FRAX/WETH and FRAX/FRXETH on Ethereum, with USDC books on Polygon, Arbitrum One and Avalanche. Centralized exposure is derivatives-only: USDT-margined perpetual futures on Binance Futures, KuCoin Futures, Gate.io Futures, MEXC Futures and Bitunix Futures.

What is Legacy Frax Dollar's total supply?

FRAX has no fixed maximum supply. As a mint-and-burn stablecoin, FRAX supply expands when users mint against collateral and contracts when they redeem, so no fixed emission cap exists. The current figure renders live on this page's supply block.

Does FRAX have a vesting schedule or token unlocks?

No. FRAX is minted and burned against collateral, so supply is not allocated to insiders with cliff-based unlocks, and no vesting schedule applies to the asset. Unlock-driven sell pressure in the conventional token sense does not exist. Supply risk for FRAX is policy-driven: AMO operations can expand supply, while redemption pressure burns it, and eroding peg confidence would push redemptions higher.

Did FRAX have an ICO or token sale?

No public ICO took place. FRAX entered circulation through collateral-backed minting, and the governance asset (then FXS) was distributed through liquidity mining, without a token sale. That distribution model set FRAX apart from sale-based launches at its December 2020 debut.

What networks is Legacy Frax Dollar deployed on?

Per DropsTab data, FRAX is deployed across 11 blockchain networks, with Ethereum as the canonical deployment. Additional deployments cover Avalanche, Polygon, Arbitrum One, Optimism, BNB Chain, Solana, Fantom, Moonbeam and Moonriver. The canonical Ethereum contract, 0x853d955acef822db058eb8505911ed77f175b99e, is verifiable on Etherscan.