sFRAX
staked FRAX
Frax's yield-bearing wrapper of FRAX — share-price grows with FRAX protocol revenue, primarily T-bill yield in v3.
sFRAX rate is set by Frax governance, anchored to the IORB (Interest On Reserve Balances) rate when available. Live since 2023; transitioned alongside FRAX v3 to fully-collateralised RWA backing.
Related terms
- FRAXA stablecoin issued by Frax Finance — historically fractional, now fully-collateralised in v3.
- FXSFrax Share — the governance + value-accrual token of the Frax Finance ecosystem.
- RWA (real-world assets)Tokenised off-chain assets — Treasuries, money-market funds, credit pools, real estate — used as on-chain collateral or yield products.
- T-bill (US Treasury bill)A short-duration (≤ 1 year) US government debt instrument — the primary reserve asset for major fiat-backed stables.