f(x) Protocol

FXN Price

What is f(x) Protocol about?

f(x) Protocol is a decentralized stablecoin and leverage trading system on Ethereum. Its core product is fxUSD, an overcollateralized stablecoin backed solely by stETH and wBTC, with no off-chain custody.
Users can borrow fxUSD against stETH or wBTC collateral for a flat one-time fee, or open leveraged long and short positions on ETH and BTC, which loop fxUSD against the same collateral for up to 7x exposure. Both paths mint fxUSD against the same backing.
Yield is generated from two real sources: stETH staking rewards on the underlying collateral, and fees paid by borrowers and leverage traders. That yield flows to the Stability Pool, where users can deposit fxUSD or USDC to earn it. The yield is organic, with no FXN emissions or token inflation funding it.

What makes f(x) Protocol unique?

Most stablecoin protocols charge borrowers a variable interest rate that compounds over time, shrinking the buffer between their position and liquidation even in stable markets. f(x) replaces that with a flat one-time fee. Debt doesn't accrue, and borrowers aren't squeezed by rate volatility.
When markets move sharply, f(x) doesn't wipe out users with hard liquidations. Instead, the Liquidation Brake closes a small portion of the position to bring leverage back to a safe level, leaving the rest of the position intact. Users keep their directional exposure instead of starting from zero after a wick.
Yield to Stability Pool depositors comes from real protocol activity: stETH staking rewards on the underlying collateral, and fees from borrowers and leverage traders. There are no token emissions inflating the yield.
f(x) has completed multiple audits with Trail of Bits, OpenZeppelin, and Secbit, and runs continuous security monitoring with Hypernative.

History of f(x) Protocol?

f(x) Protocol was built by AladdinDAO and launched in 2023, conceived as a response to the Silicon Valley Bank collapse and the resulting USDC depeg. The goal was a fully decentralized, on-chain stablecoin that wasn't exposed to traditional banking risk.
The v1 release introduced the original dual-tranche design with variable-leverage tokens, splitting collateral risk between a stable side and a leveraged side.
v2.0 replaced the variable-leverage tokens with fixed-leverage long positions on ETH and BTC, giving users predictable leverage exposure with no funding rates and no hard liquidations. v2.1 extended the same model to short positions.
fxUSD has since been widely integrated into DeFi and expanded beyond Ethereum to Base, broadening its reach across the wider DeFi ecosystem.

What can your f(x) Protocol be used for?

FXN is the governance token of f(x) Protocol, with a max supply of 2,000,000.
The token follows a vote-escrow (ve) model: users lock FXN for a chosen duration to receive veFXN, which grants three rights:
Governance over the protocol's direction and parameters
The ability to direct FXN emissions across the protocol's pools and incentive programs
A share of 75% of all protocol revenue, distributed to veFXN holders
Longer lock durations grant proportionally more veFXN voting weight and a larger share of revenue.

Where can you buy f(x) Protocol?

FXN tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade f(x) Protocol is Curve (Ethereum), where the most active trading pair FXN/WETH has a trading volume of $54,133.21 in the last 24 hours.

What is the daily trading volume of f(x) Protocol (FXN)?

The trading volume of f(x) Protocol (FXN) is $56,744.39 in the last 24 hours, representing a 147.70% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for f(x) Protocol (FXN)?

f(x) Protocol (FXN) reached an all-time high of $219.95 and an all-time low of $10.23. It’s now trading -92.10% below that peak and 69.40% above its lowest price.

What is the market cap of f(x) Protocol (FXN)?

Market capitalization of f(x) Protocol (FXN) is $2,573,265 and is ranked #2159 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of FXN tokens (150 Thousand tokens are tradable on the market today).

What is the fully diluted valuation of f(x) Protocol (FXN)?

The fully diluted valuation (FDV) of f(x) Protocol (FXN) is $20,975,161. This is a statistical representation of the maximum market cap, assuming the maximum number of 2 Million FXN tokens are in circulation today. Depending on how the emission schedule of FXN tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of f(x) Protocol compare against its peers?

With a price increase of 5.30% in the last 7 days, f(x) Protocol (FXN) is outperforming the global cryptocurrency market which is down -4.30%, while underperforming when compared to similar Ethereum Ecosystem cryptocurrencies which are up 12.70%.

How to add f(x) Protocol (FXN) to MetaMask?

Adding f(x) Protocol (FXN) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import FXN as a token. You can copy FXN’s contract address (0x365accfca291e7d3914637abf1f7635db165bb09) and import it manually, or if you've installed MetaMask's chrome extension, add FXN to MetaMask with one click on CoinGecko.

Add FXN to MetaMask.