f(x) protocol07
$fxn
MCAP2.20M
-9.54%

what's f(x) protocol?

f(x) Protocol is a decentralized finance (DeFi) protocol built on Ethereum that provides leveraged long and short positions on ETH and BTC with up to 7x exposure, featuring zero-stress leverage through progressive liquidation mechanisms to minimize risks. It introduces fxUSD, a decentralized stablecoin that generates sustainable yields from protocol fees and stability pools, offering users organic returns without traditional funding rates. The protocol emphasizes full decentralization, with no oracles, market makers, or human intervention, and has undergone multiple audits by firms like OpenZeppelin and Trail of Bits. Users can trade seamlessly while maintaining control of their assets, and the governance token FXN enables participation in protocol decisions and yield boosts. f(x) Protocol aims to reinvent DeFi by combining stablecoin utility with leveraged trading in a transparent, on-chain manner.

Snapshot

fxUSD/USDC and fxUSD/BNKR liquidity pools with 844% APR launched on HydrexFi.

contract

ethereum

1D ago
ONCHAIN METRICS

Provides 550% APR for the BANKR/fxUSD liquidity pool on bankrbot on Base.

ONCHAIN METRICS

Provides 15% APR for fxUSD in the Agentic Vault on Morpho and for fxUSD/USDC pair on HydrexFi on Base.

2D ago
VISIBILITY EVENT

Participates in a conversation with Ethereum Foundation, Curve, and Liquity about decentralized stablecoins on 2026-02-27 at 5pm UTC.

VISIBILITY EVENT

Cyrille Briere, a contributor at f(x) protocol, is scheduled to speak at Stable Summit IV in Cannes on March 27-28, 2026, covering decentralized stablecoin mechanics and sustainable yield design.

TECH EVENT

Launched fxUSD Agentic Stablecoin Vault with 9 Summits on Morpho, providing leverage and liquidity for AI-native assets.

3D ago
TOKEN ECONOMICS

Distributes 75 FXN tokens as rewards in the third epoch for fxUSD depositors in the Privacy Pools stablecoin pool.

4D ago
FINANCIAL EVENT

Airdropped shielding fees to users who routed fxUSD through RAILGUN_Project, with no claim required.

PARTNERSHIP

Added fxUSD to the default token list on FacelessPrivacy.

1W ago
PARTNERSHIP

Collaborates with Origin Protocol to offer stablecoin yield up to 147% APR.

PARTNERSHIP

Partnered with Heurist to integrate fxUSD into its x402 Facilitator for AI agent services and onchain AI payments on Base, enabling agent commerce where agents earn and spend in fxUSD.

PARTNERSHIP

Integrated with Merkl to offer up to 10% APR in FXN tokens on minted fxUSD.

2W ago
TOKEN ECONOMICS

Distributed January 2026 FXN token allocation to content creators and boosters via a vesting contract, with options to swap FXN to cvxFXN or sdFXN to earn during vesting.

VISIBILITY EVENT

Featured in a content creator's daily scroll video on February 10, 2026, alongside other DeFi protocols.

3W ago
MARKET ACTIVITY

Launched fxUSD/USDC and fxUSD/BNKR liquidity pools on HydrexFi, offering 21.4% APR for fxUSD/USDC and 406.66% APR for fxUSD/BNKR as of 2026-02-19.

1M ago
VISIBILITY EVENT

Participates in a joint event with Curve Finance, Liquity Protocol, and Leviathan News on 2026-01-29 at 3pm CET focused on trustless solutions on Ethereum.

ONCHAIN METRICS

The ETH/FXN liquidity pool on Curve Finance is yielding 49% APR on Convex Finance.

TEAM UPDATE

shares the same team as Aladdin DAO.

TECH EVENT

shipped key updates

2M ago
TECH EVENT

announced non-liquidatable perpetuals launching in Q1 2025

TECH EVENT

Enabled anonymous transactions for fxUSD token with FXN earning capability.

TECH EVENT

Added LTV display feature on the loan confirmation page.

TECH EVENT

Launched mainnet as a spot DEX on Mantle, supporting AMM V2 and V3 models and optimized for RWAs.

MARKET ACTIVITY

Added SCOR token trading pair and liquidity provision support on the platform.

PARTNERSHIP

Moved Booster activity to Echo Market platform.

Over 10,000 sdFXN tokens now farm yields on LiquidBoost platform. Inverse Finance migrates voting incentives to Votemarket.

Votemarket veFXN voting round distributes $26K in total rewards across 8 campaigns, with 6 active protocols providing voting incentives including MetronomeDAO, SmarDex, Alchemix, Asymmetry Finance, and Frax Finance.

fxMINT launches support for multiple isolated positions, each with its own loan-to-value ratio, allowing users to manage separate conservative and aggressive positions simultaneously at 0.2% borrowing cost per position.

fxMINT launches multiple isolated positions feature, allowing users to open separate positions with different LTV ratios while each position maintains independent risk parameters at 0.2% borrowing cost.

Zero-fee borrowing special renewed until end of the month.

Zero long position liquidations recorded on the platform since the 10.10 wick event and continuing to present.

Raacfi announces pmUSD, a gold-backed stablecoin built as a friendly fork of f(x) protocol, tokenized by Instruxi and Chainlink with Curve Finance integration for liquidity pooling.

f(x) Protocol deposits $500 USDC in voting incentives on Penpiexyz_io, offering vlPNP voters +23% APR for supporting the fxSAVE pool this epoch.

Deposits $500 USDC voting incentives on Penpie platform, giving vlPNP voters +23% APR for supporting fxSAVE pool this epoch.

fxSAVE product delivers APY above 10% on Equilibria platform using vePENDLE effect, accepting deposits in fxSAVE, fxSP, fxUSD, or Pendle LP/PT tokens with Hypernative Labs monitoring.

fxSAVE launches on Equilibria with vePENDLE integration and HypernativeLabs monitoring, offering 10%+ APY for deposits in multiple token formats including Pendle LP/PT.

3M ago

fxUSD dropped in size by $10-20m+ between October and November 2025 as part of a broader stablecoin market contraction that saw overall stablecoin market cap decline by 2%.

Protocol passes proposal to pair fxUSD with frxUSD on Curve Finance.

Team co-hosted event at EFDevcon in Buenos Aires with interview conducted; industry leader validates fxUSD as "one of the few actual crypto stables" in the space.

Deploys $29K across 4 campaigns on Votemarket for veFXN voters.

Zero opening fees on minting extended until end of 2025, significantly longer than the original 7-day promotional period launched on November 18, 2025.

Zero opening fees promotion on fxMINT extended until end of 2025 due to high demand, maintaining 0% opening fees, 0% interest, and 0.2% closing fees.

Season 2 of the f(x) Trading Challenge concludes with prize distribution of approximately 18,400 fxUSD across 100 winners, with claiming opening tomorrow.

Protocol runs 0% minting fee promotion for another 5 days when minting fxUSD and borrowing against ETH and BTC, maintaining 0% interest rate.

fxMint promotional offer this week eliminates opening fees, charging only 0.2% APY closing fee for minting fxUSD against ETH/BTC collateral with liquidation protection.

Protocol V2 crosses $1,000,000,000 in cumulative trading volume.

Issues $500 USDC incentives on Pendle Voting Market, providing vlPNP voters +37% APR for supporting the fxSAVE pool this epoch.

f(x) Protocol increases voting incentive APR to +37% for vlPNP voters supporting the fxSAVE pool this epoch with $500 USDC allocation on Penpiexyz_io.

fxMINT presented at EFDevcon as a solution for Ethereum Foundation and launches a 7-day promotional period with zero minting fees for borrowing against ETH and BTC collateral.

Protocol expands to Base chain. New Ambassador joins team after acquiring large FXN position.

Expanding to Base network; fxUSD launches on Base. Appointed Ambassador purchased FXN tokens.

HarborFi launches booster program with f(x) protocol team support and integration of f(x) liquidation protection mechanism.

Partnership with frxUSD (Frax) for a stablecoin pairing launches soon.

Partnership proposal with Frax Finance pairs fxUSD with frxUSD stablecoin for mutual growth.

Integration with VeloraDEX liquidity aggregator announced, enabling xPOSITION and sPOSITION trades to route through optimized paths.

New Curve Finance pool for ynRWAx/fxUSD goes live offering 11% ynRWAx APY, 5.4% base vAPY, 21-53% CRV tAPR, and up to 232% boosted APR through StakeDAO.

Over $50K in $FXN gauge incentives flow from 7 DeFi projects: Token Logic, Convex Finance, Asymmetry Finance, YieldNest Fi, SmarDex, Metronome DAO, and Alchemix Fi, with voting rounds active on StakeDAO and Trevee platforms.

f(x) Protocol allocates $500 USDC in voting incentives on Penpiexyz_io, offering 32% APR to vlPNP voters who support the fxSAVE pool.

$500 USDC incentive program launches on Penpiexyz_io Voting Market for $fxSAVE pool, providing 32% APR rewards to vlPNP voters.

Multi-project event in Cannes features the protocol with previous edition reaching 10x oversubscription, alongside Beefy Finance, Trevee, HyveXYZ, Silo Finance, and Odyssey Fi.

Airdrop announced for $FXN and $TIDE tokens.

Over 2,000 sdFXN minted through LiquidBoost last month, representing more than 10% of the FXN Liquid Locker total supply.

Integration with Euler Finance enables borrowing fxUSD at ~5.7% APY.

Protocol launches Limit Orders functionality for on-chain trading control.

A friendly fork of the protocol is about to launch.

Protocol allocates 500 USDC in bribes for fxSAVE pool, targeting vlEQB voters to direct PENDLE emissions and boost yields.

f(x) Protocol allocates 500 USDC in voting incentives for the fxSAVE pool to attract vlEQB voters and channel more Pendle emissions as a new voting epoch begins.

Harbor uses fxSAVE vault as the base to build leveraged tokens funded by collateral yield, representing a new integration of the protocol's infrastructure.

Harbor builds leveraged token infrastructure on top of fxSAVE vault, using it as collateral base for yield-funded leveraged tokens.

4M ago

fxMINT launches, enabling users to mint fxUSD directly against BTC and ETH collateral with zero ongoing interest costs and only a small one-time fee.

fxMINT launches, allowing users to borrow against WBTC/ETH collateral for a flat fee while maintaining asset exposure.

fxMINT is now live, enabling borrowing against WBTC/ETH collateral for a flat fee while users maintain exposure to their assets.

Protocol achieved zero liquidations on October 10 during a market event that wiped $20B+ elsewhere, with current metrics showing $329M TVL and 9.35% APY on fxSAVE vault.

The first Principal Token expires, requiring users to migrate positions to the new expiry offering 16% APY.

The Mirra no-code AI agent platform goes live for beta users, and FXN launches monetizable AI agents via x402 integration plus a new tweet monetization feature.

Negative interest rates persist for 1.5 months on Curve llamalend for fxSAVE holders borrowing crvUSD.

Trading challenge remains active with rewards distributed to top 3 participants and 97 randomly selected users who join the event.

Protocol deposits $500 in incentives on Penpiexyz_io Voting Market, offering vlPNP voters +36% APR.

The fxSAVE fee switch mechanism will activate, resulting in Concentrator no longer being included on a particular list.

$70K in $FXN gauge incentives flow from 7 protocols including Token Logic, Convex Finance, and Asymmetry Finance, with voting rounds active on StakeDAO and Trevee platforms.

Protocols deposit $42K across 6 campaigns on Votemarket to attract veFXN votes and strengthen fxUSD liquidity, with f(x) protocol participating alongside MetronomeDAO, Inverse Finance, SmarDex, and Alchemix.

$42K deposited across 6 veFXN campaigns on Votemarket this week from MetronomeDAO, f(x) Protocol, InverseFinance, SmarDex, and AlchemixFi.

f(x) Market launches on Euler Finance with supply and borrow functionality for fxUSD at up to 95% LTV, offering FXN and EUL token rewards, curated by Nine Summits.

f(x) Market launches on Euler Finance, enabling users to supply and borrow fxUSD while earning yields in $FXN and $EUL tokens, with borrowing available at up to 95% LTV.

Fee revenue reaches $914k in 27 days, exceeding all Q3 fees by 30%.

Beefy Finance joins as co-sponsor for the DeFi kick-off event at EFDevcon.

Partnership with Fluidkey results in fxUSD airdrop to their smart wallet users.

Current APY stands at 9.43%, with 30-day average at 10.93% and 90-day average at 12.66%.

The protocol recorded zero liquidations during a market-wide stress test that saw $19B liquidated across crypto markets.

A new fxSAVE pool launches on Pendle with maturity set for April 30, 2026, offering PT, YT, and LP opportunities.

Co-hosting DeFi kick-off event at EFDevcon in Buenos Aires on November 17 with Hyve_DA, Trevee_xyz, SiloFinance, and 0xOdysseyApp.

A new fxSAVE pool launches on Pendle [ETH] with expiry date 30-Apr.

Trading Challenge launches with 20,000 fxUSD total prize pool across 100 prizes, minimum $500 principal entry with zero funding fees.

Season 2 of the f(x) Trading Challenge launches Oct 21 through Nov 20 with 100 prizes including 8,000 fxUSD for first place, requiring $500 minimum principal to participate.

Season 2 of the Trading Challenge launches October 21 through November 20, offering 100 prizes with a top prize of 8,000 fxUSD for traders who open positions with at least $500 principal.

Sigma Money, a friendly fork of the protocol, announces 20% of SIGMA tokens will be airdropped to veFXN holders.

Approximately 25% of FXN token supply has been re-locked for another year.

Five voting campaigns launch on Votemarket for veFXN voters, including fxUSD Stability Pool and four liquidity pools pairing fxUSD with DOLA/fxSAVE, msUSD, USDaf/BOLD/USDC, and alUSD, with rewards starting Thursday.

Active Votemarket campaigns for veFXN voters include DOLA + fxSAVE, msUSD + fxUSD, fxUSD Stability Pool, and other pairs, with rewards distributed Thursday.

Five voting campaigns are live for veFXN voters on Votemarket including DOLA+fxSAVE, msUSD+fxUSD, fxUSD Stability Pool, USDaf+fxUSD+BOLD+USDC, and alUSD+fxUSD, with rewards collection starting Thursday.

AladdinDAO vests 491,230 FXN tokens for an additional 2-year period.