stablecoin collateral asset
FRAX
Frax is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
partialmedium
Exposure
$850.0M
Mapped usage across reviewed markets.
Deployments
4
Ethereum
Controls
4
Issuer, admin, wrapper, and redemption controls.
Market usage
2
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameFrax
IssuerFrax Finance
Typestablecoin
Canonical chainEthereum
BackingStablecoin backed by Frax protocol collateral, AMO strategy, and governance modules.
RedemptionRedemption and liquidity depend on Frax protocol mechanisms and market depth.
Review statuspartial
Deployments
Canonical chain and cross-chain deployment footprint.
| Chain | Role | Settlement | L2 stage |
|---|---|---|---|
| Ethereum | canonical | Ethereum L1 | Not applicable |
| Arbitrum One | deployment | Ethereum L1 | Stage 1 |
| OP Mainnet | deployment | Ethereum L1 | Stage 1 |
| Polygon PoS | deployment | Ethereum contracts + validator set | Not documented |
Protocol market exposure
Markets where this asset is accepted as collateral.
| Protocol | Market | Chain | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|
| Curve | Stablecoin pools | Ethereum | 0% | 0% | $1.90B | $0 | 52.0% |
| Frax Finance | FRAX stablecoin and lending | Ethereum | 72% | 78% | $900.0M | $520.0M | 63.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| medium | asset issuer | AMO strategy adds protocol dependency | Peg support can depend on active strategy management. | Frax backing and liquidity use protocol-managed modules. |
Dependency edges
Issuer, wrapper, backing, bridge, oracle, and protocol paths touching this asset.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | FRAX -> Arbitrum One | FRAX deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | FRAX -> OP Mainnet | FRAX deployment inherits OP Mainnet chain assumptions |
| medium | outbound | settles on | FRAX -> Polygon PoS | FRAX deployment inherits Polygon PoS chain assumptions |
| medium | outbound | governed by | FRAX -> Frax Finance | FRAX depends on Frax governance and AMO policy |
| low | outbound | settles on | FRAX -> Ethereum | FRAX deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Curve -> FRAX | Curve Stablecoin pools accepts FRAX as collateral or core liquidity |
| low | inbound | accepts collateral | Frax Finance -> FRAX | Frax Finance FRAX stablecoin and lending accepts FRAX as collateral or core liquidity |
Blast radius
Highest-severity mapped paths that could propagate asset risk.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | FRAX -> Arbitrum One | FRAX deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | FRAX -> OP Mainnet | FRAX deployment inherits OP Mainnet chain assumptions |
| medium | outbound | settles on | FRAX -> Polygon PoS | FRAX deployment inherits Polygon PoS chain assumptions |
| medium | outbound | governed by | FRAX -> Frax Finance | FRAX depends on Frax governance and AMO policy |
| low | outbound | settles on | FRAX -> Ethereum | FRAX deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Curve -> FRAX | Curve Stablecoin pools accepts FRAX as collateral or core liquidity |
| low | inbound | accepts collateral | Frax Finance -> FRAX | Frax Finance FRAX stablecoin and lending accepts FRAX as collateral or core liquidity |