Frax Share (FXS)
Governance token for the Frax stablecoin system rebranding to frxUSD, but FXS faces dilution from veFXS migration and loss of direct fee accrual
Ranked 115th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
FXS scores 105 of 250 across the 25-variable framework, which places it 115th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on P/S Multiple 5/10, 38th of 251, Buyback and Burn 4/10, 40th of 251, Holder Concentration 4/10, 58th of 251 and Protocol Revenue 4/10, 60th of 251.
Against the same universe, FXS sits in the bottom third on Vesting Schedule 4/10, 181st of 251. These are the variables that would have to move for the verdict to change.
93.9% of eventual supply is already circulating, so vesting is not a live risk for FXS. Price has to be justified by demand rather than absorbed against a cliff.
FXS trades 99.28% below its all-time high of $42.80. Recovering that level is a 138.9x move, not a 99.28% one, which is the arithmetic most drawdown charts hide.
The framework score gained 7 points against the previous pass (98 to 105). Revisions of this size follow a change in the underlying variables, not a change in price.
$600.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 4 | 181st of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 4 | 40th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 4 | 114th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Fraxchain L2 launch and frxUSD institutional adoption
Principal risk
FXS → FRAX token migration and veFXS overhaul create high dilution and uncertainty for existing holders
Market and supply
FXS now trades as FRAX. The scoring pass ran under the old ticker, so the scores below are filed under FXS while the market figures track FRAX.
| Price | $0.3097 |
| Market cap | $29.0Mrank 648 |
| All-time high | $42.8012 Jan 2022 |
| Circulating supply | 93,609,324 |
| Eventual supply (total supply) | 99,681,496 |
| Dilution to full supply | 1.06x |
| Total value locked | $600.0M |
| Listed on | Binance, Bybit, Uniswap |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to FXS measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Frax Finance Docs] FXS is being deprecated in favor of a new FRAX governance token structure under Sam Kazemian's v3 redesign
- [DeFiLlama] Frax stablecoin TVL has held around $600M but growth has plateaued vs USDC/USDT dominance
- [CoinGecko] FXS down 98% from ATH of $42.37 set during 2022 DeFi peak
Common questions
- What is the Early Thunder score for Frax Share (FXS)?
- FXS scores 105 out of 250 on the 25-variable framework, ranking 115th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are FXS's strongest fundamentals?
- FXS ranks highest on P/S Multiple 5/10, 38th of 251, Buyback and Burn 4/10, 40th of 251, Holder Concentration 4/10, 58th of 251 and Protocol Revenue 4/10, 60th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the FXS thesis?
- FXS scores in the bottom third of the universe on Vesting Schedule 4/10, 181st of 251. The single risk carried on the scorecard is: FXS → FRAX token migration and veFXS overhaul create high dilution and uncertainty for existing holders
- How much FXS supply is still to enter circulation?
- 93.9% of eventual FXS supply is circulating today, leaving 1.06x the current float still to arrive. At a flat price per token that is 6.1% of fully diluted value ahead of current holders.
- How far is FXS from its all-time high?
- FXS trades 99.28% below its all-time high of $42.80. Returning to that high requires a 138.9x move from the level used in this scoring pass.
- Which tokens have a similar profile to FXS?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to FXS are API3 (99), BAL (95), GRT (121) and MASK (82). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for FXS?
- Fraxchain L2 launch and frxUSD institutional adoption
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.