f(x) protocol13
$FXN
MCAP1.91M
+5.52%

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

f(x) protocol hosts HK blockchain week meetup; frxUSD is default stablecoin pair on Curve Polygon.

contract

ethereum

3H ago
VISIBILITY EVENTOfficial

Hosting a community meetup dinner in Hong Kong on 2026-04-19 during blockchain week.

1D ago
MARKET ACTIVITY

frxUSD became the default stablecoin pair with major non-US stablecoins in Curve Finance pools on Polygon, with DFB DeFi providing market making.

1W ago
ONCHAIN METRICS

fxUSD/USDC liquidity pool on SushiSwap offers 23% APR as of April 3, 2026.

3W ago
VISIBILITY EVENTOfficial

Hosted a fireside chat on AI in DeFi on March 20, 2026, with MgCapital and Nealon, and sponsored Scrolling with Ceazor Podcast during March 2026.

MARKET ACTIVITYOfficial

Launched on Katana DEX with fxUSD/USDC liquidity pool offering up to 60% APR.

MARKET ACTIVITY

Launched on Polygon network on 2026-04-06 with fxUSD-USDC liquidity pool on Sushi.

1M ago
VISIBILITY EVENT

Sponsors EthCC[9] in 2026 as SAPPHIRE-tier and participates in Palme de Defi, a side event at EthCC Cannes, on April 1, 2026, alongside DeFiLlama, Trezor, Liquity Protocol, and Spark.

TOKEN ECONOMICSOfficial

Charges a 1.1% borrowing rate for fxUSD against Lido wstETH on Base.

TOKEN ECONOMICS

Operates with zero token inflation for FXN.

ONCHAIN METRICS

Locking FXN and voting on gauges generates approximately 25% returns from protocol revenue and vote incentives.

ONCHAIN METRICS

Reached 530K TVL for fxUSD on Privacy Pools with 3% APR, making it the largest stablecoin pool and second-largest overall after ETH.

FINANCIAL EVENT

Launched incentive program on Morpho fxUSD/VVV market where users earn yield for supplying VVV and receive additional rewards for borrowing fxUSD.

PARTNERSHIPOfficial

Integrated with Open Gas program, providing zero gas costs for fxUSD minting, x/sPOSITION, Stability Pool deposits, or AI agents, and gas rebates for ETH/wBTC deposits, fxUSD/USDC stakes, or fxSAVE deposits in March and April 2026.

ONCHAIN METRICSOfficial

Integrated with Morpho's Agentic Stablecoin Vault on Base, providing 15% APR for fxUSD and for fxUSD/USDC on HydrexFi.

ONCHAIN METRICS

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

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 speaks at Stable Summit IV in Cannes March 27-28, 2026, as Gold Sponsor.

TECH EVENTOfficial

Launched fxUSD borrowing on Morpho Labs (Base) with 9 Summits. Supports AI tokens (VIRTUAL, BNKR, CLANKER) and cbBTC as collateral, with rates from 0.02% APY for AI tokens to 0.30% APY for cbBTC.

TOKEN ECONOMICSOfficial

Distributes 75 FXN tokens in third epoch rewards to fxUSD users on RAILGUN or 0xprivacypools for past month activity, with claims now available.

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.

PARTNERSHIP

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

PARTNERSHIPOfficial

Integrated x402 via Heurist AI for fxUSD AI agent, onchain, and machine-to-machine payments on Base; distributed 5,000 fxUSD in builder grants across 6 projects for payments, monetization, payroll, treasury, and yield.

PARTNERSHIPOfficial

Distributes rewards through Merkl for fxUSD minting and ETH-collateral fxMINT borrowing, offering up to 10% APR in FXN tokens until April 17, 2026.

2M ago
TOKEN ECONOMICSOfficial

Distributed FXN tokens for February content contributions and March Booster rewards to participants via a vesting contract, enabling swaps to cvxFXN or sdFXN to earn yield.

VISIBILITY EVENT

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

MARKET ACTIVITY

Launched fxUSD/USDC (21.4% APR) and fxUSD/BNKR (406.66% APR) liquidity pools on HydrexFi (APRs as of 2026-02-19), opened fxUSD/USDC Stability Pool, and deployed native bridge to Base for fxUSD transfers, adding pools on HydrexFi (12% APR) and Morpho (9% APR).

VISIBILITY EVENT

Joined Trustless Force alliance with Liquity Protocol (BOLD) and Curve Finance (crvUSD), participating in a joint event on 2026-01-29.

3M ago
ONCHAIN METRICS

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

TEAM UPDATE

Collaborates with AladdinDAO on FX100Perp, featuring up to 100x leverage and embedded liquidation protection.

TECH EVENT

shipped key updates

TECH EVENTOfficial

Launching non-liquidatable perpetuals in Q1 2025, offering up to 7x leverage on BTC and ETH with a position adjustment mechanism.

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.

PARTNERSHIPOfficial

Launched Booster rewards round for content creators on Echo Market.

Integrated StakeDAO's Liquid Locker system, enabling over 10,000 sdFXN tokens to farm yields from f(x) protocol voting power. Inverse Finance migrates voting incentives to Votemarket.

4M ago

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 LTV ratio and 0.2% borrowing cost per position. Charges 0.5% initial fee for minting fxUSD against ETH or wBTC collateral (added to debt) and 0.2% for repaying, with no ongoing interest.

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.

Official

Renews zero funding fees on leveraged positions until end of month, continuing a policy in place since November 8, 2025, for nearly 5 months as of April 3, 2026.

Official

Recorded zero long position liquidations since the 10.10 wick event, while other protocols experienced $403M in liquidations.

RAAC protocol introduced pmUSD, a precious metals-backed CDP stablecoin, as a friendly fork of f(x) protocol, tokenized by Instruxi and Chainlink with Curve Finance integration.

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

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

Official

Launches fxSAVE on Equilibria with vePENDLE integration, offering 10%+ APY for Pendle LP/PT deposits. Renewed Hypernative Labs partnership provides 24/7 threat detection.

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.

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.

Launched fxMINT to mint fxUSD against wBTC or eETH collateral, offering interest-free loans until end of 2025.

Official

Extended fxMINT zero opening fees promotion until end of 2025 (0% opening, 0% interest, 0.2% closing fees); offers fxUSD zero-interest borrowing for at least 115 days as of 2026-03-12. Charged funding fees 9.74% of the time since V2 launch; last event November 8, 2025, with average rate of 0.4436% when active.

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

Official

Charges 0% minting fee and 0% interest on fxUSD minting against ETH and BTC collateral for 5 more days; users receive rewards.

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.

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

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

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

5M ago

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

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

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.

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

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

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.

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

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

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%.