Staked Frax Ether (sfrxETH) is the yield-bearing liquid staking token of Frax Finance, representing ETH staked through Frax's validators with rewards compounding into the token's value. It concentrates the staking yield into a single accumulating token while frxETH handles the liquid, non-yield leg. sfrxETH scores 62/100 (Tier 3) on the RWTS Trust Score: a functioning two-token staking design with reasonable liquidity, set against smart-contract risk, a smaller validator footprint than Lido or Rocket Pool, and dependence on Frax's broader protocol health. The yield tracks Ethereum staking rewards.
- Issuer / protocol
- Frax Finance
- Backing
- Staked ETH (Frax validators)
- Redemption / lock-up
- None (liquid)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 3 — Secured DeFi
- Contract
- 0xac3E…4f21
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 2.49% sits at -1% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 2.49%. Actual returns may vary. Not financial advice.
Frax-managed validator set; smaller than Lido but proven.
Methodology v1.0 · independent rating · published rubric · no issuer payments
Staked ETH on Ethereum PoS via Frax-operated validators; yield from consensus + execution rewards routed through Frax's two-token (frxETH/sfrxETH) architecture.
Frax publishes on-chain dashboards (facts.frax.finance); Beacon Chain validator balances directly verifiable; Chainlink PoR live for FRAX (parent protocol family); regular protocol metrics published.
sfrxETH redemption to ETH via Frax withdrawal queue (typically <7 days). Secondary market liquidity available on Curve and other DEXs. Right 5/8, route 5/7: two routes the issuer cannot close.
Multiple smart contract audits (Trail of Bits, Code4rena competitive audits, others); active bug bounty; financial reporting standard.
Frax Finance Inc. registered (Cayman Islands); Frax DAO governance; published terms and entity structure.
sfrxETH launched October 2022 (~30 months as of May 2026, just under the 3-year band). No material incidents specific to sfrxETH. Note: parent FRAX stablecoin briefly traded slightly below peg during March 2023 USDC depeg event but recovered fully within hours; sfrxETH was unaffected.
WITHDRAWAL_QUEUE_VARIABLEsfrxETH-to-ETH redemption uses Frax withdrawal queue; typically <7 days. Secondary market exit available via Curve.
Caveats document operational realities that don't change the dimensional score but shape practical use.
Beyond sfrxETH's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $95.42M indicates developing on-chain liquidity. Lock-up: None (liquid).
Is sfrxETH safe?
sfrxETH (Staked Frax Ether) scores 62/100 on the independent RWTS Trust Score, which places it in Secured DeFi (Tier 3). Tier 3 carries real DeFi exposure: the backing is sound but smart-contract and collateral risk are live, so size positions accordingly. Backing: Staked ETH (Frax validators). It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
10/15 · right 5/8 · routes 5/7If the issuer stopped cooperating tomorrow, could you get out?
Yes, by more than one independent route
- independent
frxETH then the Frax redemption queue
sfrxETH unwraps to frxETH permissionlessly; frxETH exits through a contract-based redemption queue.
- independent
Curve, Ethereum
88.5% of volume in one pool set, $395k of standing liquidity. Above the capacity floor.
Route 5, two independent routes. The Fraxtal-side venues carry 11.5% of volume between them, which clears the concentration threshold, but no Fraxtal pool could be verified above the $10k capacity floor, so they are not counted as separate routes.
This is the redeemability component of the Trust Score above, which stands at 62/100 (C+). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare sfrxETH
Head to head on the Trust Score with similar assets.