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  • Frax Ecosystem Overview
  • FXS & veFXS
    • Frax Shares (FXS)
    • veFXS
    • Gauges
    • FXS Distribution
    • FXS Smart Contract & Addresses
  • GOVERNANCE
    • Frax Governance Overview
    • How It Works
    • Advanced Concepts
    • Fraxtal Snapshot Voting
  • FRAX V1 - ORIGINAL
    • Original Design
    • Staking Contracts
    • FRAX ABI & Token Addresses
    • Frax V1 Pool ABI & Addresses
    • Core Frax Multisigs
  • FRAX V2 - Algorithmic Market Operations (AMO)
    • AMO Overview
    • AMO Minter
    • Collateral Investor
    • Curve
    • Uniswap v3
    • FRAX Lending
    • Decentralization Ratio (DR)
  • FRAX V3 - 100% CR AND MORE
    • Overview
    • Fraxtal
    • AMOs
    • RWAs
    • sFRAX
    • FXBs
    • sFRAX Token Addresses
    • sFRAX & FXB Multisigs
  • Bridging
    • Fraxferry
    • LayerZero x Stargate
    • Fraxtal Bridge
  • Frax Price Index
    • Overview (CPI Peg & Mechanics)
    • Frax Price Index Share (FPIS)
    • FPIS Distribution
    • CPI Tracker Oracle
    • FPI Controller Pool
    • veFPIS
    • FPIS Conversion / FPIS Locker
    • FPI and FPIS Token Addresses
    • FPI Multisigs
  • Fraxswap
    • Overview
    • Technical Specifications
    • Fraxswap Contract Addresses
  • Fraxlend
    • Fraxlend Overview
    • Key Concepts
    • Lending
    • Borrowing
    • Advanced Concepts
      • Position Health & Liquidations
      • Interest Rates
      • Vault Account
    • ABI & Code
    • Fraxlend Multisigs
  • Frax Ether
    • Overview
    • frxETH and sfrxETH
    • Technical Specifications
    • Redemption
    • frxETH V2
    • frxETH V2 Technical Details
    • frxETH Code & V2 Addresses
    • frxETH and sfrxETH Token Addresses
    • frxETH Multisigs
  • BAMM
    • Overview
  • Frax Oracle
    • Frax Oracle Overview
    • How It Works
    • Advanced Concepts
    • Fraxtal Merkle Proof Oracles
  • Guides & FAQ
    • FAQ
    • Staking
    • Uniswap Migration / Uniswap V3
    • Fraxswap / FPI
  • Miscellany
    • All Contract Addresses
    • Bug Bounty
    • Miscellaneous & Bot Addresses
    • API
  • Other
    • Audits
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  • Summary
  • Details
  • Series Auctions
  • Minting & Redemptions: Origin chain vs. Bridged chain
  • Contracts
  • Operations Contracts
  • Core Contracts

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  1. FRAX V3 - 100% CR AND MORE

FXBs

Zero-coupon bonds that help stabilize the FRAX peg

PrevioussFRAXNextsFRAX Token Addresses

Last updated 7 months ago

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Summary

FXB tokens are simple, trustless tokens that resemble a that converts to the FRAX stablecoin upon maturity. FXB AMOs auction off FXBs at a discount to face value. This discount provides the equivalent of RWA yield to buyers without the assumption of RWA risk. They also help remove circulating FRAX and stabilize the peg, as users cannot sell FRAX that is locked (until maturity) in a FXB.

Details

FXBs are debt tokens denominated in FRAX stablecoins, not a claim on any other asset or collateral. FXB tokens are only convertible to FRAX stablecoins, they do not guarantee FRAX peg, FRAX value, or yield/interest denominated in any other asset except FRAX. FXBs do not entitle the holder to any asset offchain or onchain (other than FRAX stablecoins). Thus, FXBs are not redeemable for US Treasury Bills nor any real-world asset, are not directly backed/collateralized by them (or any specific asset), and do not have any utility except trustlessly converting to FRAX stablecoins at the pre-programmed maturity timestamp generated at their minting. This is important and not merely a semantic distinction because it directly defines the normative and economic property of FXBs. Frax Bond tokens only guarantee that they convert to FRAX on a one-to-one basis through smart contracts that issue them. FXBs allow the formation of a yield curve to price the time value of lending FRAX back to the protocol itself. Each FXB token is a fungible ERC20 token deployed from an onchain factory contract. At FXB minting time, FRAX stablecoins are transferred into the FXB contract for conversion on maturity. This prevents any external actions being necessary for the full FXB cycle to occur and entirely remains trustless. There can be multiple FXB series circulating at all times and no limit for the minimum or maximum maturity timestamp for FXBs deployed from the factory.

FXBs mature at the end of the day of their maturity date in UTC and have no expiration. For example, the 20261231 FXB is able to be burned back for its' corresponding FRAX as soon as 1893456000.

Series Auctions

Minting & Redemptions: Origin chain vs. Bridged chain

As mentioned, at FXB minting time, FRAX stablecoins are transferred into the FXB contract for conversion on maturity. An FXB can be broken down into two types, Origin and Bridged, referring to the chain the FXB is originally minted on. This differentiation is needed as the Origin chain, the chain the FXB was originally minted from, is where the FXB owner is able to burn their FXB for the equivalent FRAX after maturity. An FXB which, for example, originates on Fraxtal and is then bridged to Fraxtal, is considered Bridged, whereby the underlying FRAX remains on Fraxtal and the FXB must be bridged back to redeem the FRAX. Similarly, the FXB must be minted on the origin chain to contain the underlying FRAX.

Contracts

Operations Contracts

Contract
Ethereum
Fraxtal

FXB Factory

0xa8478781D9605E17c3b4c9C79e7127c4597116E4

Auction Factory (permission-less)

0xc9268c7F59850B26567b0f5d3Dcc317cEDC43490

FXB AMO

0x452420df4AC1e3db5429b5FD629f3047482C543C

AMO Operator (msig)

0x831822660572bd54ebaa065C2acef662a6277D40

AMO Timelock (msig)

0x831822660572bd54ebaa065C2acef662a6277D40

Core Contracts

Origin Chain

Ethereum

Maturity Date

December 31, 2024

Fraxtal
Ethereum
Arbitrum One

FXB

0xa71bB8c79dc8FfA90A6Dd711aA9Fbe5114c19cba

0xF8FDe8A259A3698902C88bdB1E13Ff28Cd7f6F09

Auction

0x36b3b471c7486Eb9583759681404c48d3c8CC813

Oracle

0x08a0748cF885F46e20fA30A50a035808eab293D3

Curve Pool

Origin Chain

Fraxtal

Maturity Date

December 31, 2025

Fraxtal
Ethereum
Arbitrum One

FXB

0xacA9A33698cF96413A40A4eB9E87906ff40fC6CA

Auction

0x6e6B61369A4f549FF3A7c9E0CFA5F7E8Ada5CD22

Oracle

Curve Pool

Origin Chain

Ethereum

Maturity Date

December 31, 2026

Fraxtal
Ethereum
Arbitrum One

FXB

0x8e9C334afc76106F08E0383907F4Fca9bB10BA3e

0x76237BCfDbe8e06FB774663add96216961df4ff3

Auction

0x334f19B2B6ab1B16eC65A7138dCEe22B60E1A60c

Oracle

0x2ec5D1C13fEF1C7029eE329a1D31B2180c9b3707

Curve Pool

Origin Chain

Fraxtal

Maturity Date

December 31, 2029

Fraxtal
Ethereum
Arbitrum One

FXB

0xF1e2b576aF4C6a7eE966b14C810b772391e92153

Auction

0xb29002BF776066BF8d73B3F0597cA8B894E30050

Oracle

Curve Pool

Origin Chain

Fraxtal

Maturity Date

December 31, 2055

Fraxtal
Ethereum
Arbitrum One

FXB

0xc38173D34afaEA88Bc482813B3CD267bc8A1EA83

Auction

0xfC9f079e9D7Fa6080f61F8541870580Ee7af7CF2

Oracle

Curve Pool

FXB series price discovery happens through a continuous gradual Dutch auction (GDA) auction system that has quantity and price limit set by the Frax team. This guarantees that FXB tokens are not sold for prices lower than the floor limit. Auctions happen through the FXB AMO contract and are trustless, permissionless, and non-custodial. New auctions can happen at any time by the and , initiated through the .

Why does this happen? When an FXB is originally created, it is done through the . This origin FXB contains the code to and . Once the FXB is bridged, the destination chain creates the FXB from the bridge . This bridged version can only be and (redeemed) by the bridge.

To trustfully import contracts to your local repository, refer to the .

Fraxtal Comptroller
Fraxtal AMO Operator
FXB AMO
FXBFactory
mint
burn
ERC20Factory
minted
burned
frax-template
0xaFa1705021f65418e746D8664f4B8A58271f6De4
0x2606C2BbE377EDa9e38FFf300D422Ca7cCAB1e5d
0xE6ed07952dC9993DD52c6d991Fa809C00eBE58a3
0x5f25218ed9474b721d6a38c115107428E832fA2
0xC4EB45d80DC1F079045E75D5d55de8eD1c1090E6
https://curve.fi/#/fraxtal/pools/factory-stable-ng-19/deposit
https://curve.fi/#/ethereum/pools/factory-stable-ng-44/swap
https://curve.fi/#/arbitrum/pools/factory-stable-ng-3/swap
https://curve.fi/#/fraxtal/pools/factory-stable-ng-22/deposit
https://curve.fi/#/fraxtal/pools/factory-stable-ng-17/deposit
https://curve.fi/#/ethereum/pools/factory-stable-ng-45/swap
https://curve.fi/#/arbitrum/pools/factory-stable-ng-4/swap
https://curve.fi/#/fraxtal/pools/factory-stable-ng-23/deposit
https://curve.fi/#/fraxtal/pools/factory-stable-ng-24/deposit
zero-coupon bond
FXB
FXB system economical flow
Complete transaction flow of FXB system