Stake DAO FXN
SDFXN
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SDFXN (Stake DAO FXN) is a liquid locker receipt token representing veFXN within Stake DAO's yield and meta-governance ecosystem. The protocol demonstrates solid technical maintenance and active on-chain governance execution with regular proposal cadence into mid-2026 (Active Development: 8.5/10; Team and Governance: 6.5/10). However, the asset suffers from severely constrained market demand, an illiquid micro-cap valuation under $500,000, and negligible 24-hour trading volume (Market and Use Case: 2.5/10; Community Support: 3.0/10). Tokenomics are reliant on the underlying FXN asset and upstream gauge dynamics without independent supply sinks (Tokenomics: 5.5/10). On the security front (5.0/10), Stake DAO experienced a private key compromise on Arbitrum on May 27, 2026, leading to the drainage of ~43.78 ETH (~$91,000). While this operational failure impacted protocol security, the loss did not exceed the $1M qualifying red-flag threshold and SDFXN contracts were not directly breached. Overall, SDFXN is a functional but niche and illiquid wrapper token.
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 Stake DAO FXN (SDFXN)
Stake DAO FXN (SDFXN) is a liquid locker receipt token deployed on the Ethereum blockchain as part of the Stake DAO protocol. It serves as a tradeable liquid wrapper for vote-escrowed FXN (veFXN), the governance asset of the f(x) Protocol. By depositing FXN into Stake DAO's Liquid Locker smart contracts, users receive SDFXN, which allows them to retain liquidity and access protocol-boosted yields and meta-governance voting mechanisms without locking their assets directly on the underlying platform.
SDFXN operates without independent inflation or deflation mechanics, deriving its utility and economic value from the underlying FXN token and Stake DAO's gauge voting framework. The asset functions as a micro-cap wrapper token with a circulating supply of approximately 32,000 tokens and a market capitalization of under $500,000. It experiences low gauge voting participation and limited liquidity, with 24-hour trading volumes typically constrained between $134 and $3,500. While on-chain governance executes regular proposals, the project exhibits a transparency limitation regarding team leadership, as no named founders or core executives are publicly identified in project documentation.
Stake DAO maintains audit documentation from firms including ChainSecurity, Omniscia, Trust Security, and Pashov Audit Group, though specific audit scopes do not explicitly confirm individual coverage for the SDFXN contract. On May 27, 2026, the broader Stake DAO protocol suffered a security breach on Arbitrum due to a compromised deployer private key. The attacker forged a LayerZero message to mint roughly 5.44 trillion vsdCRV tokens, draining 43.78 ETH (valued at approximately $91,000). While SDFXN smart contracts were not directly breached during the event, the incident exposed operational security vulnerabilities within the protocol stack.