frxUSD
Overview

Stake & Unstake frxUSD Overview

Stake frxUSD for sfrxUSD (Frax's savings product) to earn daily interest from tokenized institutional U.S. treasury fund reserves, Superstate's USCC, Ethena's USDe, and Sky's (formerly Maker) sUSDS. Learn more

What is sfrxUSD?

Staked Frax USD (sfrxUSD) is Frax's yielding stablecoin implemented as an ERC4626 token. When you stake your frxUSD, you receive sfrxUSD tokens that automatically accrue yield over time. sfrxUSD is fully redeemable for frxUSD at an increasing rate proportional to the yield mechanism, with no unstaking fees or price impact.

Key Features

  • No Lock-up Period: Stake and unstake at any time
  • No Fees: Zero staking or unstaking fees
  • Automatic Yield: Earn yield without manual intervention
  • Cross-Chain Support: Available on 20+ blockchain networks
  • ERC4626 Standard: Compatible with DeFi protocols and wallets

How Yield Works

sfrxUSD uses Frax's Benchmark Yield Strategy (BYS) to automatically allocate your staked frxUSD to the highest-yielding venue based on current market conditions:

Yield Sources

  1. Carry-Trade Strategies

    • Ethena (USDe)
    • Superstate (USCC)
  2. DeFi AMO Strategies

    • Aave
    • Curve Finance
    • Convex Finance
    • Compound Finance
  3. Real-World Assets (RWA)

    • Blackrock Treasury Bills
    • FinresPBC Treasury Bills

The system automatically switches between these strategies to ensure you always earn the highest risk-adjusted yield available in the market.

Supported Networks

sfrxUSD staking is available on 20+ blockchain networks, including:

  • Ethereum (mainnet)
  • Fraxtal (Frax's L2)
  • Arbitrum, Optimism, Base (L2s)
  • Polygon, Avalanche, BSC (L1s)
  • And many more...

For a complete list of supported networks and contract addresses, see Supported Networks and EIDs.

Getting Started

Choose the guide that matches your target network:

Ethereum Mainnet

Fraxtal

Other EVM Chains

Next Steps

Ready to start earning yield? Choose your network and follow the appropriate quickstart guide: