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Frax is a crypto protocol centered on FRAX, a stablecoin originally designed as a fractional-algorithmic stablecoin and later moved toward being fully collateralized.
The Frax ecosystem also includes related assets and products such as:
FRAX — the stablecoin
FXS — Frax Share, the governance/value-accrual token
sFRAX — staked FRAX product
frxETH / sfrxETH — Frax’s ETH liquid staking system
Fraxlend, Fraxswap, Fraxferry — lending, swap, and cross-chain infrastructure
The basic idea: Frax tries to create a decentralized dollar-pegged asset and a broader DeFi “monetary” ecosystem around it.