$FRAX
As of early February 2026, Frax Finance has undergone a massive structural transformation. The project has moved from being a single stablecoin protocol to a "full-stack stablecoin operating system," recently unifying its ecosystem under a single primary token.
Current Market Context (February 5, 2026)
The Token Merge: In early 2026, Frax completed a major migration where the governance token Frax Share (FXS) was rebranded and upgraded simply to FRAX (the "Ecosystem Token").
Price: The newly unified FRAX ecosystem token is currently trading around $0.76 – $0.85.
Stablecoin Status: The protocol's stablecoin, now often called frxUSD (the "digital dollar"), maintains its $1.00 peg, backed by high-quality collateral including U.S. Treasuries via partners like BlackRock.
Market Cap: The combined ecosystem valuation sits at approximately $72M, reflecting a period of consolidation after the major network upgrades.
2026 Core Growth Pillars
1. Fraxtal: The L2 Powerhouse
The biggest fundamental driver this year is Fraxtal, Frax’s own Layer 2 blockchain.
Native Gas: The upgraded FRAX token is now the native gas and commodity asset for the network.#FR #WhaleDeRiskETH ADPWatch #KevinWarshNominationBullOrBear #ADPDataDisappoints