Profile
FPI profile facts
Frax Price Index (FPI) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg CPI-denominated NAV.
- Collateral
- Legacy-FRAX-linked balances and AMO/liquidity positions. The design targets a 100% collateral ratio and describes FPIS sales when AMO yield falls short of CPI; that target does not establish a 100% liquid FRAX reserve composition.
- Peg mechanism
- The documented design applies the monthly CPI-U inflation input to an on-chain reference price and allows redemption into legacy FRAX through the Controller Pool. FIP-448 proposes freezing that reference price and disabling new minting during an orderly wind-down; the proposal alone does not prove completed execution.
- Jurisdiction
- United States
- Proof of reserves
- No proof-of-reserves entry in the static profile.
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
FPI quick answers
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What is Frax Price Index (FPI)?
FPI is Frax's inflation-referenced unit of account, backed by legacy-FRAX-linked balances and AMO positions; its LayerZero bridge mesh is retired. The static profile records its CPI-denominated NAV accounting mechanism as: The documented design applies the monthly CPI-U inflation input to an on-chain reference price and allows redemption into legacy FRAX through the Controller Pool.
Is FPI safe?
As of Oct 24, 2026, Pharos grades FPI C+ (63/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs FPI?
Pharos records FPI's reserves as of Aug 8, 2026 as 87% FRAX, 11.4% stkcvxFPIFRAX (staked Convex FPI/FRAX LP), 1.5% Fraxswap V2 FRAX/FPIS, and 1 smaller holding. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.
Can FPI be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.
How do you redeem FPI?
Under the route Pharos reviewed on Mar 23, 2026, any holder can redeem FPI for FRAX. Redemption settles atomically on-chain. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.
