Frax Finance is a full suite DeFi solution, consisting of a Fraxlend isolated lending market, a FraxSwap AMM, a FRAX fully-collateralized stablecoin, a frxETH liquid staking derivative, and a FraxFerry bridge. Frax is governed by FXS token holders. Although the protocol first started as a fractional-reserve stablecoin, where excess FXS could be minted and sold in case of a FRAX de-peg scenario, the team has now shifted priority to full collateralization.