Description
The Frax Finance Stablecoin Protocol, also known as Frax, is a stablecoin protocol that issues decentralized stablecoins and contains subprotocols to support them. Frax currently issues 3 stablecoins. FRAX, a USD pegged asset. The Frax Price Index (FPI) stablecoin, the first stablecoin pegged to a basket of consumer goods creating its own unit of account separate from any nation state denominated money. FraxEther (frxETH), pegged to ETH for use as a replacement for WETH in smart contracts. The Frax Protocol also has 3 subprotocols within it that integrate its stablecoins: Fraxlend, Fraxswap, and Fraxferry.