Total Value Locked$32.9m
TVL by Chain
Ethereum$32.9m
Key Metrics
Fees 30d$13,816
Fees 30d by chain
Ethereum$13,780
Arbitrum$35.58
Fees 7d$4,422
Ethereum$4,422
Arbitrum$0
Fees 24h$606
Ethereum$606
Arbitrum$0
Cumulative Fees$5.65m
Ethereum$5.61m
Arbitrum$35,301
Revenue 30d$926.60
Revenue 30d by chain
Ethereum$923.04
Arbitrum$3.56
Revenue 7d$248.80
Ethereum$248.80
Arbitrum$0
Revenue 24h$61
Ethereum$61
Arbitrum$0
Cumulative Revenue$83,811
Ethereum$81,059
Arbitrum$2,750
Holders Revenue 30d$0
Holders Revenue 30d by chain
Arbitrum$0
Ethereum$0
Holders Revenue 7d$0
Arbitrum$0
Ethereum$0
Holders Revenue 24h$0
Arbitrum$0
Ethereum$0
Cumulative Holders Revenue$0
Arbitrum$0
Ethereum$0
Staked$3.81m
Total RaisedUndisclosed
Oct 22, 2019Round: Seed
Protocol Information
FRAX is a dollar-pegged stablecoin that uses AMO smart contracts and permissionless, non-custodial subprotocols as stability mechanisms. The two internal subprotocols used as stability mechanisms are Fraxlend, a decentralized lending market and Fraxswap, an automated market maker (AMM) with special features. The external subprotocol used as a stability mechanism is Curve. Additional subprotocols and AMOs can be added with governance allowing FRAX to incorporate future stability mechanisms seamlessly as they are discovered
Audits:
Methodology
TVL: Counts liquidty as the Collateral USDC on all AMOs, USDC POOLs, FRAX3CRV and FEI3CRVs through their ContractsView code on GitHubFees: Total interest paid to users by borrowing FRAX.View code on GitHubRevenue: Amount of interest collected by Frax Finance.View code on GitHubHolders Revenue: View code on GitHubYields
Pools Tracked30
Average Supply APY0.78%
Competitors
Frax history
TVL is the default DefiLlama definition, which excludes Staking and Pool2. Daily values are UTC snapshots from Dec 17, 2020 to Oct 27, 2026.
All-time high TVL: $2.347b on Mar 17, 2022. All-time low TVL: $149 on Dec 17, 2020.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $38.99m |
| Sep 29, 2026 | $38.09m |
| Sep 30, 2026 | $37.48m |
| Oct 1, 2026 | $35.8m |
| Oct 2, 2026 | $38.23m |
| Oct 3, 2026 | $40.56m |
| Oct 4, 2026 | $40.35m |
| Oct 5, 2026 | $40.45m |
| Oct 6, 2026 | $41.96m |
| Oct 7, 2026 | $43.1m |
| Oct 8, 2026 | $42.75m |
| Oct 9, 2026 | $39.84m |
| Oct 10, 2026 | $39.66m |
| Oct 11, 2026 | $39.4m |
| Oct 12, 2026 | $39.43m |
| Oct 13, 2026 | $39.36m |
| Oct 14, 2026 | $38.33m |
| Oct 15, 2026 | $37.78m |
| Oct 16, 2026 | $37.54m |
| Oct 17, 2026 | $36.95m |
| Oct 18, 2026 | $36.49m |
| Oct 19, 2026 | $36.29m |
| Oct 20, 2026 | $36.15m |
| Oct 21, 2026 | $36.1m |
| Oct 22, 2026 | $36.16m |
| Oct 23, 2026 | $35.23m |
| Oct 24, 2026 | $34.87m |
| Oct 25, 2026 | $34.35m |
| Oct 26, 2026 | $34.99m |
| Oct 27, 2026 | $32.89m |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $7.61m |
| Dec 31, 2024 | $5.82m |
| Jan 31, 2025 | $4.98m |
| Feb 28, 2025 | $4.38m |
| Mar 31, 2025 | $3.54m |
| Apr 30, 2025 | $4.56m |
| May 31, 2025 | $4.22m |
| Jun 30, 2025 | $3.25m |
| Jul 31, 2025 | $3.83m |
| Aug 31, 2025 | $12.01m |
| Sep 30, 2025 | $6.47m |
| Oct 31, 2025 | $78.65m |
| Nov 30, 2025 | $99.91m |
| Dec 31, 2025 | $63.21m |
| Jan 31, 2026 | $57.91m |
| Feb 28, 2026 | $49.81m |
| Mar 31, 2026 | $57.65m |
| Apr 30, 2026 | $71.63m |
| May 31, 2026 | $66.24m |
| Jun 30, 2026 | $48.02m |
| Jul 31, 2026 | $44.58m |
| Aug 31, 2026 | $45.69m |
| Sep 30, 2026 | $37.48m |
| Oct 27, 2026 (latest) | $32.89m |
TVL at each year end, Dec 31, 2020 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2020 | $53.89m |
| Dec 31, 2021 | $1.341b |
| Dec 31, 2022 | $1.077b |
| Dec 31, 2023 | $17.93m |
| Dec 31, 2024 | $5.82m |
| Dec 31, 2025 | $63.21m |
Fees, revenue and holders revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Nov 2024 | $241,562 | $4,154 | $0 |
| Dec 2024 | $312,584 | $4,677 | $0 |
| Jan 2025 | $361,662 | $6,123 | $0 |
| Feb 2025 | $187,096 | $2,787 | $0 |
| Mar 2025 | $169,920 | $2,294 | $0 |
| Apr 2025 | $141,827 | $2,929 | $0 |
| May 2025 | $86,981 | $495.98 | $0 |
| Jun 2025 | $90,789 | $2,186 | $0 |
| Jul 2025 | $86,648 | $684.94 | $0 |
| Aug 2025 | $57,627 | $2,901 | $0 |
| Sep 2025 | $32,980 | $3,298 | $0 |
| Oct 2025 | $54,929 | $5,493 | $0 |
| Nov 2025 | $57,941 | $5,354 | $0 |
| Dec 2025 | $48,106 | $4,157 | $0 |
| Jan 2026 | $54,835 | $4,404 | $0 |
| Feb 2026 | $25,926 | $2,242 | $0 |
| Mar 2026 | $29,072 | $2,329 | $0 |
| Apr 2026 | $20,411 | $1,613 | $0 |
| May 2026 | $25,941 | $2,260 | $0 |
| Jun 2026 | $7,605 | $763.07 | $0 |
| Jul 2026 | $5,394 | $539.48 | $0 |
| Aug 2026 | $22,603 | $796.46 | $0 |
| Sep 2026 | $8,900 | $734.12 | $0 |
| Oct 2026 (to date) | $11,947 | $740.38 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/frax
Frequently asked questions
What is Frax's TVL?
As of Oct 27, 2026, Frax has $32.9m in total value locked. TVL has decreased 15.5% over the past 30 days.
What chains does Frax operate on?
Frax operates on 2 chains: Ethereum and Arbitrum. Ethereum holds the largest share at 100%.
How much has Frax generated in fees and revenue?
Over the past 30 days, Frax generated $13,816 in fees. Of that, $926.60 was protocol revenue. Based on the trailing year, the annualized rate is $339,259 in fees and $27,990 in revenue.
How does Frax's TVL compare to similar protocols?
Among Algo-Stables protocols tracked by DefiLlama, Frax ranks #1 by TVL. The category holds $43.67m across 97 protocols, and Frax accounts for 75.3% of that total. Similar protocols include Beanstalk, Mento V2, Basis Cash, Frax FPI, SPOT Cash, Finext Finance, OrderNChaos, XUSD Money, Generic.Money, and Spice Trade.
How many yield pools does Frax have?
DefiLlama tracks 30 Frax yield pools with an average APY of 0.8%.