FRAX/USD price feed

The name has moved. In 2025 the Frax protocol renamed its governance token to FRAX, while the original FRAX stablecoin gained a designated successor called frxUSD. Two unrelated assets now answer to one name: a governance token trading far from a dollar plus a stablecoin trading near one. This page prices the stablecoin, the asset that traded under this name for years.

Public quote pages diverge accordingly. The same search can return a number near a dollar or a number far from it, depending on which asset a page resolved behind the scenes. A feed cannot fix the naming; it can state exactly what it measures. This one measures the stablecoin, from its own pools, at a stated block, with the full composition open below.

What those pools pay is the number above. FRAX has spent long stretches trading slightly under its dollar mark, which the feed reports as a market fact, not a grade. What a deviation means for a given book is the holder's reading to make; the feed's job is to make the number checkable.

The composition has told the migration story by itself. Venues pairing the old dollar directly with its successor have carried live weight in this book, which makes the handover a traded fact rather than a roadmap item; anyone who wants to know how the transition actually goes can read it straight from the data layer.

The rest of the book quotes against other dollar tokens, with the mix shifting as liquidity providers reposition around the migration. Concentration, where it occurs, is stated rather than smoothed: weights are published, so a reader always knows how much of the level any single venue is setting.

Geography follows history for a legacy stablecoin: the market tends to stay where the asset's years were spent, picking up whatever else genuinely trades at the margin. The data layer records the current spread; the prose does not need to guess at it.

The specs are modest because the market is, which is precisely what the page should say. Depth within one percent of the mid measures in the hundreds of thousands of dollars per side; weekly volume runs in the low millions. Real numbers for a real book, stated at their size, so a mark taken from this feed carries its context with it.

Quiet pairs have quiet blocks. When no fresh print has arrived, the feed serves the last computed value labeled as forward filled rather than inventing motion. Delayed data called delayed is part of the product: a risk system should always know which kind of number it is holding.