Legacy Frax Dollar wallet

What is Legacy Frax Dollar (FRAX)?

Legacy Frax Dollar is the original FRAX stablecoin, the one that began life as a fractional-algorithmic dollar: part of every token was backed by other stablecoins held by the protocol, the rest by the protocol's own governance token, with the ratio adjusting to market conditions. That design was later retired. Frax moved to full collateralization and then introduced a new dollar token, frxUSD, backed by fiat and tokenized treasury reserves. The old token was kept alive under the name Legacy Frax Dollar. It still targets one US dollar and still behaves as an ordinary ERC-20 wherever it circulates, but it is no longer the flagship product.

The ticker trap

The confusing part is the symbol. As part of the same rebrand, the governance token formerly called FXS took over the ticker FRAX and became the gas token of the Fraxtal network. So today "FRAX" can mean two different things: the legacy stablecoin described here, or the governance and gas token, which is not pegged to anything. When you add the asset in a wallet or receive it from someone, check the full name, not just the ticker, and make sure the token shows as Legacy Frax Dollar.

How it lives on-chain

The canonical contract is on Ethereum; the versions on other networks are bridged representations of that Ethereum supply. A balance on one network is a distinct token from a balance on another, and every transfer is paid for in that network's native coin, never in FRAX itself, so keep a little ETH, POL, AVAX or the equivalent alongside it.

Supported networks in Tangem (11): Arbitrum One, Polygon zkEVM, Optimism, Ethereum, BNB Smart Chain, Avalanche, Polygon POS, Aurora, Moonriver, Moonbeam, Fantom. Because the same ticker now appears on many networks and belongs to two different tokens, the Tangem app lists each network's Legacy Frax Dollar balance on its own and names the network an outgoing transfer will use, so you can compare it with what the recipient expects before you tap the card to sign. For a token whose main hazard is confusion rather than complexity, that kind of clarity is the reason to keep it here.