SFRXETH: Overview of Frax Liquid Staking Ethereum Derivative
SFRXETH (Frax Staked Ether) is a liquid staking derivative token developed by the renowned DeFi protocol Frax Finance. It aims to provide users with a convenient way to participate in Ethereum staking and earn yields through Frax ETH validators, without directly managing complex validator infrastructure. As an innovative component of the Frax ecosystem, SFRXETH complies with the ERC-20 token standard and is built on the Ethereum blockchain, while also being an ERC-4626 compliant vault token.
Core Mechanism and Yield Accumulation
The core mechanism of SFRXETH lies in its yield accumulation method. Users first need to send Ethereum (ETH) to frxETHMinter to mint frxETH, and then deposit the acquired frxETH into the sfrxETH vault to obtain SFRXETH. As Frax ETH validators continuously accumulate staking rewards, an equivalent amount of frxETH is minted and added to the sfrxETH vault. This means that over time, users can redeem more frxETH than initially deposited, thereby achieving growth in staking yields. The security of SFRXETH is enhanced by the collateralized nature of the Frax protocol and integrates Frax ecosystem components such as Fraxswap, Fraxlend, and Fraxferry to maintain its liquidity, lending capabilities, and cross-chain functionality.
Trading and Acquisition Methods for SFRXETH
SFRXETH tokens are primarily traded on decentralized exchanges (DEXs). Users can find SFRXETH trading pairs on DEXs that support the Ethereum and Fraxtal networks.
- Main Trading Platforms:
- Curve (Ethereum Network)
- Curve (Fraxtal Network)
- Fraxswap (Fraxtal Network)
- Popular Trading Pairs: On Curve's Ethereum network, RETH/SFRXETH is one of the more active trading pairs.
- Acquisition Process: Users first need to mint ETH into frxETH, and then deposit frxETH into the sfrxETH vault to obtain SFRXETH.
- Wallet Support: As an ERC-20 token, SFRXETH can be imported into Web3 wallets such as MetaMask for management and viewing.
Market Performance and Key Data
As of October 2, 2026, SFRXETH market data shows some discrepancies across different data platforms. The following are approximate ranges:
- Price: Fluctuates between approximately $3,122 and $3,882.
- Market Cap: Ranges from approximately $116 million to $591 million, with specific values varying by data source and calculation methodology.
- 24-hour Trading Volume: Ranges from approximately $2,000 to $680,000, indicating differences in liquidity across platforms.
- Circulating Supply: Approximately 37,000 to 152,000 SFRXETH.
- Total Supply: Approximately 88,900 SFRXETH.
- Max Supply: Unlimited.
- Launch Date: SFRXETH was launched on October 5, 2022.
Main Stakeholder: Frax Finance is the developer of SFRXETH and the operator of the Frax protocol.
