Frax Share
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About Frax Share
Analysis of 17 Apr 2026Frax Share (FXS), now rebranded to FRAX following the North Star hardfork completed in late December 2025, is the governance and gas token of the Frax Finance ecosystem. As of April 17, 2026, FRAX trades at approximately $0.42 with a market cap of ~$40M and 95M tokens in circulation from a fixed 100M maximum supply (99.68M total supply, minimal dilution).
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The FXS-to-FRAX rebrand was executed on December 30, 2025, with Binance completing the migration and listing FRAX/USDT on January 15, 2026. FRAX now serves as the native gas token for Fraxtal, the protocol's OP Stack-based Layer 2 network.
The broader Frax Finance ecosystem manages approximately $270M in protocol TVL across all chains, with frxUSD ($114M market cap) established as a day-one default stablecoin on Aave V4 and the base dollar pairing for onchain FX markets on Polygon and Curve. FIP-441, passed in January 2026, unified governance into a single-token FRAX-centric system with defined IP ownership and revenue sharing. veFXS has transitioned to veFRAX, preserving governance power and protocol revenue distribution.
Protocol annualized fees stand at $8.6M with $575K realized revenue, flowing to veFRAX stakers. However, Fraxtal L2 TVL remains at just $6-18M, falling dramatically short of the $100B target announced for 2026.