Legacy Frax Dollar
FRAX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
FRAX (Legacy Frax Dollar) is the original fractional-algorithmic stablecoin of Frax Finance. The token has maintained a robust security profile with comprehensive audits from Trail of Bits, Certora, Zellic, and Chain Security, alongside an established bug bounty and no historical loss-of-funds exploits or severe depegs (trading near $0.99). However, the protocol has officially deprecated the legacy FRAX token in favor of successor products (frxUSD and Fraxtal), placing FRAX in maintenance and wind-down mode. Development and community attention have transitioned away from legacy FRAX, resulting in an insufficient data score (-1.0) for Community Support, which was excluded from the weighted average. In accordance with the deprecated token rule, market participants should avoid acquiring legacy FRAX and instead follow protocol-supported migration paths.
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 Legacy Frax Dollar (FRAX)
Legacy Frax Dollar (FRAX) is a deprecated stablecoin originally created by Frax Finance that has been officially superseded by the protocol's successor token, frxUSD. Deployed primarily as an ERC-20 token on Ethereum alongside implementations across multiple Layer 2 networks and sidechains, FRAX was designed as a fractional-algorithmic stablecoin. Its supply is elastic, adjusting through on-chain Algorithmic Market Operations (AMOs) and Chainlink USD price oracles rather than a fixed maximum supply cap.
Following the transition of the Frax Finance protocol toward frxUSD and infrastructure like Fraxtal, legacy FRAX operates in maintenance and wind-down mode. Active development, partner integrations, and protocol attention have shifted away from the legacy contract. On-chain governance processes, including proposal FIP-442 in March 2026, have focused on facilitating exits and winding down legacy positions for remaining token holders.
Security reviews for FRAX and related protocol contracts have been conducted by firms including Trail of Bits, Certora, Zellic, and Chain Security. While the protocol has not experienced realized loss-of-funds exploits or severe depegs, audits identified high-severity issues in governance multisig handling via FraxGovernorOmega and specific Fraxlend mechanics, which were addressed. A vulnerability in an external cross-chain bridging library used by the protocol was also responsibly disclosed with no financial loss. Primary risks associated with the token include its deprecated status, opaque backing composition, oracle reliance, governance concentration among core team members, and diminished secondary market trading volume.