Ask about Frax FPI · freeTotal Value Locked$94,358
TVL by Chain
Ethereum$94,358
Key Metrics
Fees 30d$0.01
Fees 30d by chain
Ethereum$0.01
Fees 7d$0
Ethereum$0
Fees 24h$0
Ethereum$0
Cumulative Fees$6.6m
Ethereum$6.6m
Revenue 30d$0.01
Revenue 30d by chain
Ethereum$0.01
Revenue 7d$0
Ethereum$0
Revenue 24h$0
Ethereum$0
Cumulative Revenue$3.43m
Ethereum$5.5m
Market Cap$2.67m
$FPIS Price$0.092
Fully Diluted Valuation$9.24m
$FPIS Volume 24h$68.51
CEX Volume$0
DEX Volume$82.11(119.85% of total)
Protocol Information
The Frax Price Index (FPI) is the second stablecoin of the Frax Finance ecosystem. FPI is the first stablecoin pegged to a basket of real-world consumer items as defined by the US CPI-U average. The FPI stablecoin is intended to keep its price constant to the price of all items within the CPI basket and thus hold its purchasing power with on-chain stability mechanisms.f locking the asset.
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: Fees paid by users.View code on GitHubRevenue: Revenue from fees, after expenses.View code on GitHubCompetitors
Frax FPI history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Feb 28, 2023 to Oct 27, 2026.
All-time high TVL: $33.43m on May 23, 2023. All-time low TVL: $94,102 on Jul 24, 2026.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $94,542 |
| Sep 29, 2026 | $94,407 |
| Sep 30, 2026 | $94,490 |
| Oct 1, 2026 | $94,522 |
| Oct 2, 2026 | $94,532 |
| Oct 3, 2026 | $94,452 |
| Oct 4, 2026 | $94,521 |
| Oct 5, 2026 | $94,465 |
| Oct 6, 2026 | $94,570 |
| Oct 7, 2026 | $94,437 |
| Oct 8, 2026 | $94,432 |
| Oct 9, 2026 | $94,345 |
| Oct 10, 2026 | $94,408 |
| Oct 11, 2026 | $94,478 |
| Oct 12, 2026 | $94,487 |
| Oct 13, 2026 | $94,535 |
| Oct 14, 2026 | $94,292 |
| Oct 15, 2026 | $94,155 |
| Oct 16, 2026 | $94,407 |
| Oct 17, 2026 | $94,354 |
| Oct 18, 2026 | $94,349 |
| Oct 19, 2026 | $94,453 |
| Oct 20, 2026 | $94,373 |
| Oct 21, 2026 | $94,330 |
| Oct 22, 2026 | $94,243 |
| Oct 23, 2026 | $94,371 |
| Oct 24, 2026 | $94,389 |
| Oct 25, 2026 | $94,341 |
| Oct 26, 2026 | $94,272 |
| Oct 27, 2026 | $94,340 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $996,266 |
| Dec 31, 2024 | $1.16m |
| Jan 31, 2025 | $847,942 |
| Feb 28, 2025 | $577,364 |
| Mar 31, 2025 | $674,013 |
| Apr 30, 2025 | $802,282 |
| May 31, 2025 | $918,749 |
| Jun 30, 2025 | $700,317 |
| Jul 31, 2025 | $1.01m |
| Aug 31, 2025 | $860,764 |
| Sep 30, 2025 | $723,855 |
| Oct 31, 2025 | $465,761 |
| Nov 30, 2025 | $337,815 |
| Dec 31, 2025 | $275,372 |
| Jan 31, 2026 | $342,154 |
| Feb 28, 2026 | $274,755 |
| Mar 31, 2026 | $219,156 |
| Apr 30, 2026 | $230,332 |
| May 31, 2026 | $209,375 |
| Jun 30, 2026 | $163,250 |
| Jul 31, 2026 | $94,236 |
| Aug 31, 2026 | $94,273 |
| Sep 30, 2026 | $94,490 |
| Oct 27, 2026 (latest) | $94,340 |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $17.5m |
| Dec 31, 2024 | $1.16m |
| Dec 31, 2025 | $275,372 |
Fees and revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue |
|---|---|---|
| Nov 2024 | $52,652 | $19,864 |
| Dec 2024 | $87,169 | $42,208 |
| Jan 2025 | $101,777 | $43,761 |
| Feb 2025 | $76,391 | $28,535 |
| Mar 2025 | $0 | -$24,555 |
| Apr 2025 | $60 | -$10,171 |
| May 2025 | $3,056 | -$6,760 |
| Jun 2025 | $2,211 | -$7,302 |
| Jul 2025 | $83 | -$14,438 |
| Aug 2025 | $49 | -$17,422 |
| Sep 2025 | $0 | -$13,879 |
| Oct 2025 | $21 | -$27,778 |
| Nov 2025 | $22 | -$15,666 |
| Dec 2025 | $52 | -$12,023 |
| Jan 2026 | $38 | -$16,108 |
| Feb 2026 | $145 | $145 |
| Mar 2026 | $399 | $399 |
| Apr 2026 | $0 | $0 |
| May 2026 | $0 | $0 |
| Jun 2026 | $6,533 | $6,533 |
| Jul 2026 | $3.73 | $3.73 |
| Aug 2026 | $0 | $0 |
| Sep 2026 | $1.69 | $1.69 |
| Oct 2026 (to date) | $0.01 | $0.01 |
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-fpi
Frequently asked questions
What is Frax FPI's TVL?
As of Oct 27, 2026, Frax FPI has $94,358 in total value locked. TVL has decreased 0.1% over the past 30 days.
What chains does Frax FPI operate on?
Frax FPI operates on Ethereum. Ethereum holds the largest share at 100%.
How much has Frax FPI generated in fees and revenue?
Over the past 30 days, Frax FPI generated $0.01 in fees. Of that, $0.01 was protocol revenue. Based on the trailing year, the annualized rate is $7,196 in fees and -$42,918 in revenue.
What is the FPIS token price and valuation?
FPIS is currently trading at $0.092. Its circulating market capitalization is $2.66m, ranking it #2,487. Its fully diluted valuation is $9.21m. Supply currently stands at 28.93m circulating, 100m total supply, 100m maximum supply.
How has FPIS performed recently?
FPIS is down 2.3% over the past 7 days and down 5.3% over the past 30 days. Its all-time high is $14.20, reached on Apr 13, 2022. The token is currently 99.4% below that level.
How does Frax FPI's TVL compare to similar protocols?
Among Algo-Stables protocols tracked by DefiLlama, Frax FPI ranks #7 by TVL. The category holds $43.67m across 97 protocols, and Frax FPI accounts for 0.2% of that total. Similar protocols include Frax, Mento V2, Basis Cash, SPOT Cash, XUSD Money, Generic.Money, Spice Trade, TiTi Protocol, OpenDAO, and Fei Protocol.