Frax Price Index
FPI
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Frax Price Index (FPI) is an officially deprecated, wound-down flatcoin protocol within the Frax Finance ecosystem. Following the passage of governance proposal FIP-448, active development permanently ceased, minting was disabled, the redemption price was frozen, reserves were merged into Legacy FRAX, and FPIS governance was migrated into FXS. Data gaps were noted in Active Development and Community Support (-1.0) due to the complete discontinuation of standalone operations and active community presence for FPI. Evaluated across the remaining sections, FPI exhibits critical weaknesses: structural dilution and a >99% collapse of its FPIS backstop token, a history of contagion depegging during the March 2023 Silicon Valley Bank crisis, negligible trading volume ($1k-$2.5k daily), and an unmaintained codebase. While Frax Finance and its historical audits by Trail of Bits provide institutional credibility, the project has no ongoing use case or engineering support. The proportional weighted average of the available section scores (Tokenomics: 2.0, Market & Use Case: 1.5, Team & Governance: 3.0, Security & Audit: 4.0) yields an overall score of 2.6/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Frax Price Index (FPI)
Frax Price Index (FPI) is a deprecated, wound-down token within the Frax Finance ecosystem that was officially retired following the passage of governance proposal FIP-448. Operating on the Ethereum blockchain with trading across decentralized venues such as Curve, Fraxswap, and Uniswap V3, FPI was designed as a Consumer Price Index (CPI)-tracking flatcoin. Rather than utilizing an elastic or rebasing supply mechanism, the protocol operated with a fixed token supply and an oracle-driven redemption price adjustment model backed by FRAX collateral.
Following low user adoption, the Frax community unanimously voted to sunset the project under proposal FIP-448. This decision permanently disabled minting, froze the redemption price, merged protocol reserves into Legacy FRAX, and migrated the governance of its companion token, Frax Price Index Share (FPIS), into Frax Shares (FXS). Active engineering and feature development have ceased entirely, leaving FPI as an unmaintained legacy asset with a small market capitalization of approximately $6.75 million to $14.7 million and low daily trading volume.
Throughout its operational history, FPI was impacted by several material negative events. In March 2023, the collapse of Silicon Valley Bank caused parent collateral asset FRAX to depeg to approximately $0.88, transmitting systemic stress that dragged FPI down to its all-time low. Additionally, the FPIS backstop token experienced severe structural dilution and a price collapse exceeding 99%. In November 2023, the Frax protocol experienced an infrastructure-level domain DNS hijacking, though smart contracts sustained zero direct exploit losses. As the codebase is permanently frozen and unmaintained, no further security patches or protocol updates are provided.