Frax Share (FXS) is the legacy ticker for the Frax asset now called FRAX (formerly FXS). Since April 28, 2025, the protocol has allowed eligible ERC-20 FXS to upgrade 1:1 to native FRAX on Fraxtal. This page uses “FRAX” for that migrated asset; it is distinct from the Frax dollar stablecoin, frxUSD.
Market Data
| Metric | Value |
|---|---|
| Ticker | FRAX (formerly FXS) |
| Price (USD) | $0.260328 |
| Market capitalization | $24,371,424 |
| 24-hour change | -0.24% |
| 24-hour volume | $432,343 |
| Circulating / total supply | 93.63M / 99.68M FRAX |
| Governance supply cap | 143M FRAX under approved FIP-441; CoinGecko did not list a maximum-supply field in this snapshot |
CoinGecko snapshot: 2026-10-22 00:41 UTC. Price, capitalization and volume can change. The table identifies the migrated asset tracked under CoinGecko ID frax-share; it is not a quote or investment recommendation.
How It Works
Frax describes FRAX as Fraxtal’s native gas asset and base monetary unit. Users can move eligible legacy FXS to Fraxtal through the protocol’s 1:1 upgrade route. A wrapped representation, WFRAX, can be used where an ERC-20 representation is needed. Bridging and wrapping involve network and contract risks, so users should confirm the asset and destination network against current official instructions before transferring.
FRAX is not the same asset as a stablecoin. The current dollar-pegged Frax product is frxUSD. Older Frax materials describe a different FRAX stablecoin and an earlier fractional-algorithmic design; those historical descriptions do not define the migrated FRAX token covered here.
The current docs describe FRAX itself as a commodity-like network asset rather than a governance token. Frax’s veFRAX system is the staked form associated with votes across Frax protocol governance. A token’s name or market listing alone does not guarantee voting rights, revenue, or yield.
Tokenomics and Supply
The approved FIP-441 governance policy sets a 143 million FRAX total supply cap. It describes allocating the remaining supply through time-bounded annual budgets and removes the permanent 3% long-tail emission that appeared in the earlier schedule. The proposal describes 43 million FRAX as a pre-mint for those budgets and specified settlements. This is a governance policy and its operational schedule can change through later governance; do not confuse it with the legacy 100 million FXS cap shown in older materials.
At the snapshot above, CoinGecko reported about 93.63 million circulating and 99.68 million total FRAX, while leaving its maximum-supply field blank. The 143 million figure is therefore shown separately as the approved policy cap, not as CoinGecko’s reported maximum. FIP-441 also assigns veFRAX a role in protocol governance and revenue allocation; revenue sharing depends on the approved mechanics and protocol results and is not guaranteed income.
The word tokenomics covers these supply rules and incentives. Frax’s current supply policy differs from the project’s original dual-token model, where FXS absorbed some of the adjustment risk for the earlier FRAX dollar stablecoin.
Uses in the Frax Ecosystem
- Paying gas on Fraxtal as its native asset.
- Providing a base asset used by Frax applications and network infrastructure.
- Being staked into veFRAX, which Frax docs describe as the voting form used in governance decisions.
- Being burned by specified Fraxtal activity, including base fees and the Frax Name Service registrar, under the documented Frax Burn Engine.
These are protocol uses, not promises that holding FRAX earns a return. The FRAX asset and governance-token rights should be distinguished: the governance interface and voting power described by Frax are associated with veFRAX and protocol rules.
History and Migration
- Original design: FXS launched alongside the older FRAX dollar stablecoin. In the fractional-algorithmic phase, FXS played a role in the stablecoin’s collateral-adjustment mechanism.
- Protocol evolution: Frax expanded into lending, trading, liquid staking and its own chain. The older FXS governance and value-capture model changed as the ecosystem changed.
- April 28, 2025: Frax documentation says users could begin upgrading eligible ERC-20 FXS 1:1 to native FRAX on Fraxtal.
- January 2026: FIP-441 set out the one-token policy, 143 million cap, veFRAX governance and a revised emissions framework. A later Frax governance discussion reports that FIP-441 passed in January.
Common Misconceptions
- “FRAX here is the dollar stablecoin.” No. This page covers the migrated FXS asset renamed FRAX. Frax’s current dollar stablecoin is frxUSD; older material may use FRAX for the former stablecoin.
- “FXS and FRAX are separate current assets with unrelated economics.” FXS is the legacy ERC-20 ticker and eligible FXS can be upgraded 1:1 to FRAX. Check the chain and contract before interacting with a token.
- “Holding FRAX automatically grants governance or revenue.” Frax documentation associates voting with veFRAX and protocol rules. It does not make market ownership a guarantee of yield or governance power.
- “The old 100 million FXS cap is the current FRAX cap.” That figure belongs to the legacy model. FIP-441 sets the current governance policy cap at 143 million; CoinGecko’s separate snapshot did not show a maximum-supply field.
Social Media Sentiment
- A June 9, 2026 Frax governance-forum discussion focused on how and when to run the veFRAX revenue-share vote. The author said the exact share was not yet known while a quarterly report was delayed; the forum listing showed five replies and 204 views when checked in October 2026. This is a small, self-selected governance sample about transparency and voting mechanics, not a measure of overall holder or market sentiment. Read the direct discussion.
Last updated: 2026-10
Related Terms
- Stablecoin — a digital asset designed to maintain a relatively stable value.
- Governance Token — a token used in protocol decision-making under specific rules.
- Tokenomics — the supply, incentives and economic rules around a cryptoasset.
See Also
- Why Algorithmic Stablecoins Fail — context for Frax’s original stablecoin design.
- What Is Tokenomics — And Why It Determines Whether a Crypto Project Survives — a broader explanation of supply and incentive design.
- Why DAO Governance Votes Often Fall Short — And Why Protocols Still Use Them — context for on-chain governance trade-offs.
- Exchange crypto with ChangeNOW
Sources
- CoinGecko: Frax (prev. FXS) — identifies the migrated market asset and supports the timestamped market snapshot and supply figures above.
- Frax Protocol Docs: FRAX (formerly FXS) — describes the 1:1 FXS upgrade, Fraxtal gas role, wrapping and documented token uses.
- FIP-441: FRAX, One Token, One Mission, One Vision — sets out the 143 million supply cap, annual spending budgets and revised emissions policy.
- Frax Governance Forum: veFRAX Revenue-Share Vote Mechanics — a June 2026 discussion reports FIP-441 passed and describes the planned reporting and voting cadence.
- Frax Protocol Docs: frxUSD — describes the separate dollar stablecoin, helping distinguish it from the migrated FRAX network asset.
- Legacy Frax Finance Docs: Frax Shares (FXS) — archived documentation records the former FXS hard cap as 100 million as of October 2, 2024; this is historical, not the current FRAX policy.