Frax Price Index Share
FPIS
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
FPIS (Frax Price Index Share) is the governance and seigniorage token for the Frax Price Index ecosystem. Active Development received an insufficient data score (-1.0) because FPIS is officially deprecated and undergoing a formal protocol wind-down under governance proposal FIP-448, with Frax documentation confirming a scheduled phase-out by March 22, 2028, and eventual conversion to FXS. Community engagement has dissolved, marked by zero social sentiment scores and negligible governance activity. Market metrics demonstrate extreme distress, including a >99% drawdown from its all-time high, near-zero trading volume, and non-existent staking yields. While the underlying Frax protocol has a strong security and audit history with no exploits or legal actions identified, the token's planned obsolescence, ongoing dilution mechanism, and severe illiquidity make it unviable for investment. Under the deprecated token rule, the asset is designated as an Avoid.
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 Share (FPIS)
Frax Price Index Share (FPIS) is a deprecated governance and seigniorage token of the Frax Price Index (FPI) ecosystem that is scheduled to be phased out by March 22, 2028, and converted into Frax Shares (FXS). Created within Frax Finance, FPIS was designed to serve as the value-accrual and governance token for FPI, an inflation-indexed flatcoin developed to track purchasing power. The asset features a hard-capped maximum supply of 100,000,000 tokens and was structured to accrue treasury seigniorage yield from the underlying FPI protocol.
Governance of the token operates through the FPI Comptroller Multisig. FPIS-related smart contracts have undergone security evaluations by audit firms and security groups, including Trail of Bits and the Frax Security Cartel. Across its operational history, the FPIS system has recorded no known smart contract hacks, security exploits, or regulatory enforcement actions.
Despite its security record, the FPIS ecosystem has become dormant and is undergoing a formal protocol wind-down under governance proposal FIP-448. The token has suffered a price drawdown of over 99% from its all-time high of $14.20 to below $0.10, alongside negligible trading volume, depleted liquidity, and 0.00% staking yields. Additionally, the protocol incorporates a structural dilution mechanism where new FPIS may be minted and sold via algorithmic market operations when treasury yields underperform inflation metrics, contributing to severe value loss ahead of its planned conversion.