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Frax Finance is also known as Frax, formerly known as Decentral Bank, is a fractional-algorithmic stablecoin Protocol. The project is "the world's first decentralized stablecoin with parts of its supply collateralized and parts algorithmic stabilized."

Through its fractional-algorithmic design, Frax aims to have the confidence and tight peg of over-collateralized models like MakerDAO as well as the trustless and scalable model of algorithmic stablecoins like Basis Cash
On November 16, 2020, the testnet was released for early users to experiment with and report bugs. The protocol officially launched on the Ethereum mainnet on Monday, December 21, 2020, at 0:00 UTC.
On Monday, December 21, 2020, one hour after launch at 1:00 UTC the total value locked (TVL) in Frax Finance was over $43 million. . As of Jan 13, 2021, a record 100 Million FRAX tokens have been minted, with a collateral ratio of around 85%.
On January 19, 2021, Frax Finance passed Wrapped Bitcoin (WBTC) to become the 5th most liquid token on Uniswap with over $130 million in liquidity.
On February 17, 2021, Frax Finance became the first algorithmic stablecoin to be listed on Binance. Binance listed Frax Shares in their Innovation Zone with FXS/BTC and FXS/BUSD trading pairs opening on February 18, 2021, 9:00 AM (UTC) and deposits opening earlier.
In January 2022, Frax Finance expanded its collaboration with Chainlink to bring the U.S. CPI data on-chain in support of the Frax Price Index.