Wrapped FRAX

Frax currently issues 3 stablecoins: frxUSD, FPI, and frxETH, along with numerous other non-stablecoin tokens. There are also multiple contract groups or "subprotocols" within it that integrate these tokens to provide utility and stability. Core concepts to understand the unified Frax Finance ecosystem include:

Stablecoins frxUSD – a USD pegged asset. FPI – 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. frxETH – a Liquid Staking Derivative (LSD) token pegged to ETH, and intended for use as a replacement for WETH in smart contracts. sfrxETH is the complementary ERC4626 token that accrues value from ETH staking rewards, MEV, etc. frxETH V2 allows anonymous validator pools that can use escrowed exit messages as collateral to borrow additional ETH.