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Every protocol here carries a dated score and the share of it backed by independently verified evidence. Where that share is still thin the assessment says so, is marked Low-signal rather than given a risk band, and holds every unevidenced category at the neutral midpoint instead of assuming it safe. Every score and its reasoning are free to read; the underlying dependency, incident and audit records are part of a plan. Each reading here is fixed at the date beside it. Re-scoring never stops, but a changed reading reaches plan holders on the day it changes rather than this page, which is what a plan is for. How a score is built, how to read one, and how the rubric was tested against real exploits are all in the methodology.

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Scores run from 0, the safest reading, to 100, the riskiest, where 50 is the neutral midpoint every unverified category is held at. Red marks a protocol scoring 50 or above, the band called Elevated: worse than neutral on the evidence gathered. Amber marks one below it, called Moderate. The boundary is fixed. It does not move as coverage grows, and it is not fitted to any backtest result.

Frax Ether

Frax Ether official site N/A

Multi-Chain

:

  • Evidence: this reading is based on 100% of the scored weight, verified against named sources. Categories without verified data are held at the neutral midpoint at their full weight, never counted as safe.
  • Validation: measured against 2 comparable incidents/controls in this protocol's TVL, age and category bucket.

Published 2026-09-06. Up-to-date reading and 1 change since for subscribers. See plans

Why this rating
Audit profile10.0
3 audits/contests on record, most recent (Frax Security Cartel (Frax's own named audit-partner branding, not an independent third-party firm), 2024-03-01) has unread findings, scored as unknown, not assumed clean.
Governance attack surface7.5
Top 10 holders control 82.82%, adjusted figure may still include pooled custody (untagged exchanges, infrastructure contracts) due to tagging coverage limits; exclusions require positive identification.
TVL profile5.5
TVL is 80% below this protocol's own peak; TVL change (29%) is within a stable range.
Dependency risk3.8
No bridge or oracle dependencies on record, composable with 1 other protocol. Frax Ether's own frxETHMinter.sol source imports the canonical Ethereum deposit contract (IDepositContract) and an internal OperatorRegistry, but no Chainlink/AggregatorV3Interface or any price-feed import -- confirmed by reading the contract's own import list.
Show the evidenceFrax's own docs: 'When ETH is sent to the frxETHMinter, an equivalent amount of frxETH is minted' -- a fixed 1:1 mint/redeem mechanism, not price-oracle-derived. Frax Ether is a validator/staking product with minimal external price-oracle dependency; its main external dependency is the Ethereum protocol's own deposit contract, not a third-party DeFi protocol or bridge.
Code characteristics3.0
Admin key: 48h timelock in place, open source.
Historical incidents2.2
No known own or inherited incidents as of 6 September 2026.
Protocol age1.5
1413 days live, past the ~1yr floor; treated the same as any older protocol, not scored progressively safer with more age.
Bug bounty1.0
Has a bug bounty program, up to $10 000 000.
Team factors1.0
Doxxed team, track record: strong.
Assets held (2)

Available with a plan. See pricing.

Dependencies (2)

Available with a plan. See pricing.

Incident history (0)

Available with a plan. See pricing.

Audit history (3)

Available with a plan. See pricing.

Common questions about Frax Ether

Foreshock's independent reading of Frax Ether is Moderate risk, 35.5 out of 100, as of 6 September 2026. The largest single contributor to that reading is audit profile: 3 audits/contests on record, most recent (Frax Security Cartel (Frax's own named audit-partner branding, not an independent third-party firm), 2024-03-01) has unread findings, scored as unknown, not assumed clean. All nine scored categories are backed by verified evidence. This published reading is fixed at that date. Re-scoring never stops, and when a reading changes it reaches plan holders on the day it changes rather than this page. Foreshock publishes the reading and the reasoning behind it. It is not a verdict on whether to use this protocol, and it is not investment advice.

Is Frax Ether safe?
Foreshock does not answer that as a yes or a no. Its independent reading of Frax Ether is Moderate risk, 35.5 out of 100, as of 6 September 2026, led by audit profile: 3 audits/contests on record, most recent (Frax Security Cartel (Frax's own named audit-partner branding, not an independent third-party firm), 2024-03-01) has unread findings, scored as unknown, not assumed clean. The score and the reasoning are published in full so the reading can be checked rather than trusted.
Has Frax Ether been audited?
3 audits/contests on record, most recent (Frax Security Cartel (Frax's own named audit-partner branding, not an independent third-party firm), 2024-03-01) has unread findings, scored as unknown, not assumed clean. An audit describes the code at the time it was reviewed. It is not a statement that the protocol is safe today.
Who controls Frax Ether?
Admin key: 48h timelock in place, open source. Top 10 holders control 82.82%, adjusted figure may still include pooled custody (untagged exchanges, infrastructure contracts) due to tagging coverage limits; exclusions require positive identification.
Has Frax Ether been exploited before?
No known own or inherited incidents as of 6 September 2026. Foreshock records an incident against a protocol whether it originated there or was inherited from something it depends on.
When was this Frax Ether assessment last updated?
6 September 2026, and that date does not move on its own. A reading published here is fixed when it is published; re-scoring never stops, and a changed reading reaches plan holders on the day it changes rather than this page. Every category carries the date of the evidence behind it.
Also covered on Multi-Chain

This assessment follows Foreshock's published methodology. Exact category weights, scoring rules, thresholds, and aggregation logic are proprietary and not shown here. How to interpret this assessment

This reading will change.

This reading is fixed at the date above it, and it stays there. We keep re-scoring Frax Ether as the evidence moves, a new audit, a changed admin control, an incident, and this page is free to read and always will be. The updated reading is what a plan buys: you are told by email on the day it changes, instead of finding out the next time you happen to look.

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