DeFiPunk'd

fx Protocol

Dual-Token Stablecoin

TVL $121.9M
Type Dual-Token Stablecoin
Chain Ethereum
View on DeFiLlama ↗
Control criteria
Upgradeability Upgradeable Bug bounty Governance forum Docs fxprotocol.gitbook.io
About

f(x) Protocol is a DeFi system on Ethereum that splits yield-bearing assets (wstETH, WBTC) into a fully-collateralized stablecoin (fxUSD) and a fixed-leverage trading position (xPOSITION/sPOSITION) offering up to 7x long or 6x short exposure. Users can mint fxUSD against stETH or WBTC for a flat one-time fee, deposit into a stability pool to earn stETH staking rewards plus trading fees, or open leveraged ETH/BTC perpetual positions with a 'Liquidation Brake' rebalancing mechanism that avoids hard liquidations. The protocol is governed by FXN token holders via veFXN vote-escrow and managed by an AladdinDAO community multisig; it has shipped three generations (v1 variable-leverage, v2.0 fixed-leverage, v2.1 with short positions).

Risk analysis

One card per dimension, sorted by severity. Only Verifiability and Autonomy carry automated signals in Phase 0. See methodology for scope.

Audit a dimension yourself · DEFI@home Contribute an LLM-run assessment — any model, any dimension. Three agreeing runs merge automatically into the public record.

DEFI@home is a distributed audit network modeled on SETI@home: instead of CPU cycles, it crowdsources LLM reasoning. Paste a slice prompt into Claude, ChatGPT, Gemini, or any browsing-capable model, and submit the JSON output as a pull request. The quorum bot merges it once ≥3 independent runs (from different models) reach the same grade — no single model, and no single contributor, can move the needle alone. How it works →

  • Address discovery 63 addresses on file · 2 runs Submit run ↗
  • Verifiability Unverified Submit run ↗
  • Control Unverified Submit run ↗
  • Ability to exit Unverified Submit run ↗
  • Autonomy Unverified Submit run ↗
  • Open Access Unverified Submit run ↗
  • Audit all 5 dimensions · one prompt Submit run ↗
  1. Verifiability tentative
    Open source + 5 audits

    Protocol publishes a GitHub repository and has at least one audit on record. This is a coarse Phase-0 signal only: auditor reputation, scope, and post-audit review coverage are not yet weighted.

    Run your own prompt Submit run ↗
4 dimensions not yet assessed (Control, Ability to exit, Autonomy, Open Access)
  1. Control unknown Unverified
    Not yet assessed

    Who holds admin privileges, how contracts can be upgraded, and how quickly. No automated heuristic grades this at Phase 0; a real assessment arrives when onchain discovery reads roles, owners, and timelocks.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  2. Ability to exit unknown Unverified
    Not yet assessed

    Whether users can exit on their own terms if the team disappears or acts adversarially. Requires per-protocol review; not available at Phase 0.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  3. Autonomy unknown Unverified
    No Phase-0 autonomy signal

    Neither the category heuristic nor the forkedFrom signal fires for this protocol. A real autonomy graph (oracles, bridges, fallbacks, governance-mutable dependencies) arrives with Phase-2 onchain discovery.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  4. Open Access unknown Unverified
    Not yet assessed

    Whether the protocol depends on privileged operators, whitelists, geo-restrictions, or off-chain infrastructure. This is not a signal DeFiLlama carries in a usable form; crawler-based detection lands in a later phase.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗

Stage

Preview of the Phase-3 maturity framework. DeFiPunk'd will adopt DeFiScan v2's stages verbatim; the section is rendered below in its intended shape so the structure is visible today.

fx Protocol has not yet been assessed under the DeFiScan v2 stage framework.
The walkaway test is the central criterion. Once stages land, protocols reach Stage 1 only if users can exit in the presence of malicious operators even when the emergency council disappears.
Scope of assessment
Stages are assessed per-protocol against DeFiScan v2's criteria: governance structure, upgradeability path, timelock durations, emergency-council scope, and the walkaway test. The analysis depends on onchain discovery (roles, owners, timelocks) and deeper review of deployed contracts — neither of which DeFiPunk'd automates at Phase 0.
Stage 0 requirements pending
Governance is largely off-chain, contracts are upgradeable with short or no timelock, and the protocol depends on a multisig or team with full discretion. At Phase 0 DeFiPunk'd does not automatically evaluate these; the assessment lands with crawler-based onchain discovery.
Stage 1 requirements pending
Users can exit or opt out on their own terms even if the team disappears. Upgrades run through a meaningful timelock with an emergency security council clearly scoped. The walkaway test is the headline criterion.
Stage 2 requirements pending
Protocol is fully permissionless and immutable, or upgrades require a supermajority of token holders with a long timelock and no emergency override. This is the terminal stage of the DeFiScan v2 framework.
Learn more about DeFiScan v2 stages →
Stages are an opinionated assessment of maturity, not a rating of security or safety. A protocol can sit at Stage 2 and still carry substantial technical or economic risk; the framework exists to incentivize decentralization, not to rank protocols.

Contract surface

Every contract in scope for this protocol — pooled from DeFiLlama's TVL adapter (mechanical) and DEFI@home discovery submissions (LLM-curated). Verified-source flags come from Etherscan + Sourcify; owner / multisig metadata is read on-chain when available. Reviewer audit context, not a slice score. A lending protocol's adapter set will list third-party collateral tokens alongside its own contracts; attribution is the grader's job.

  • 74addresses
  • 12verified source
  • 7proxies
  • 0of 2 owners are Safes

TVL adapter pinned at 683d369. Sourcecode fetched 2026-05-06. Control fetched 2026-08-27.

ethereumTransparentUpgradeableProxy0x2508…cd24TVLproxy
ethereumAaveV3Strategy0xfd3a…f5c8TVL
ethereumAaveV3Strategy0x376a…aa0cTVL
ethereumTransparentUpgradeableProxy0x65c9…a3beTVLproxy
ethereumGauge Controller0xe60e…7f37TVL + discgovernance
ethereumTransparentUpgradeableProxy0x004e…0568TVLproxy
ethereumInitializableImmutableAdminUpgradeabilityProxy0x98c2…6f5cTVLproxy
ethereumInitializableImmutableAdminUpgradeabilityProxy0xc035…e0c2TVLproxy
ethereumTransparentUpgradeableProxy0x1d20…37baTVLproxy
ethereumFiatTokenProxy0xa0b8…eb48TVLproxy0xfcb1…ae3a
ethereumWBTC0x2260…c599TVL0xca06…beb7
ethereumWstETH0x7f39…2ca0TVL
Ethereumadmin (GaugeControllerOwner)0x1ca7…dadbdiscovery
Ethereummultisig (community management)0xc405…e23fdiscoverymultisig
Ethereummultisig (f(x) treasury)0x26b2…7bbfdiscoverymultisig
Ethereumoracle (ChainlinkTwapOracleV3 ETH/USD)0x460b…1230discoveryoracle
Ethereumoracle (ChainlinkTwapOracleV3 stETH/USD)0xd24a…4a77discoveryoracle
Ethereumoracle (FxChainlinkTwapOracle BTC/USD)0x8201…c690discoveryoracle
Ethereumoracle (FxStETHOracleV2)0x83bd…3d20discoveryoracle
Ethereumoracle (FxWBTCOracleV2)0x4f83…fba8discoveryoracle
Ethereumoracle (SpotPriceOracle)0xc231…9abcdiscoveryoracle
Ethereumother (f(x) protocol Deployer EOA)0xfa47…efcadiscoveryfactory
Ethereumother (FeeDistributor wstETH)0xd116…5681discovery
Ethereumother (fxUSD implementation FxUSDRegeneracy)0xf729…a9b1discovery
Ethereumother (FxUSDRebalancer)0x78c3…bf05discovery
Ethereumother (ManageableVesting FXN)0x0e4f…4ceddiscovery
Ethereumother (Market fCVX/xCVX)0x8e38…e25ediscovery
Ethereumother (Market feETH/xeETH)0x267c…d65fdiscovery
Ethereumother (Market fezETH/xezETH)0x6951…40dediscovery
Ethereumother (Market ffrxETH/xfrxETH)0x714b…bb42discovery
Ethereumother (Market fstETH/xstETH)0xad9a…6155discovery
Ethereumother (Market fWBTC/xWBTC)0x56b8…0175discovery
Ethereumother (Market v1 fETH/xETH)0xe7b9…08dbdiscovery
Ethereumother (OFTAdapter fxUSD Ethereum)0xa07d…a438discoverybridge
Ethereumother (PlatformFeeBurner wstETH)0x6440…c3dbdiscovery
Ethereumother (PlatformFeeSplitter)0x0084…d703discovery
Ethereumother (ProxyOFT arUSD Ethereum)0xec48…e539discovery
Ethereumother (ProxyOFT fETH Ethereum)0xc608…e763discovery
Ethereumother (ProxyOFT FXN Ethereum)0x8081…3b32discoverybridge
Ethereumother (ProxyOFT xETH Ethereum)0x535f…c833discovery
Ethereumother (RebalancePool Gauge fCVX)0xb515…d692discovery
Ethereumother (RebalancePool Gauge fETH)0x9710…2e28discovery
Ethereumother (RebalancePool Gauge fezETH)0xb2e4…4e91discovery
Ethereumother (RebalancePool Gauge fstETH)0xf422…35eddiscovery
Ethereumother (RebalancePool Gauge fWBTC)0x4e6a…9908discovery
Ethereumother (RebalancePoolRegistry fstETH market)0x86e9…df39discovery
Ethereumother (RebalancePoolRegistry v1 stETH)0x4eef…9d38discovery
Ethereumother (TokenMinter FXN)0xc8b1…1defdiscovery
Ethereumother (Vesting FXN)0x2290…0bdbdiscovery
Ethereumother (VotingEscrowHelper)0xd766…ba02discovery
Ethereumother (VotingEscrowProxy)0x1145…7fa1discovery
Ethereumpool (BoostableRebalancePool.wstETH v1)0xc6de…40bddiscovery
Ethereumpool (BoostableRebalancePool.xETH v1)0xb87a…a9f9discovery
Ethereumpool (fxUSD Stability Pool Diamond facet)0x3363…c708discovery
Ethereumpool (RebalancePool.wstETH fstETH market)0x9ad3…29b7discovery
Ethereumtoken (arUSD ERC4626)0x07d1…5f9adiscoverytoken
Ethereumtoken (btcUSD)0x9d11…a20ediscoverytoken
Ethereumtoken (cvxUSD)0x9f0d…9269discoverytoken
Ethereumtoken (fETH v1)0x5380…3726discoverytoken
Ethereumtoken (fstETH)0xd6b8…a23ddiscoverytoken
Ethereumtoken (FXN governance token)0x365a…bb09discoverygovernance
Ethereumtoken (fxUSD stablecoin, EIP-1967 proxy)0x0857…d8f6discoverytoken
Ethereumtoken (rUSD)0x65d7…7d18discoverytoken
Ethereumtoken (veFXN voting escrow)0xec6b…d469discoverygovernance
Ethereumtoken (xETH v1)0xe063…3ae2discoverytoken
Ethereumtoken (xstETH)0x5a09…eff5discoverytoken
Ethereumvault (ReservePoolV2)0xb592…2631discoveryvault
Ethereumvault (stETHTreasury v1 fETH/xETH)0x0e5c…fbb0discoveryvault
Ethereumvault (Treasury fCVX/xCVX market)0xdfac…fcd2discoveryvault
Ethereumvault (Treasury feETH/xeETH market)0x781b…3885discoveryvault
Ethereumvault (Treasury fezETH/xezETH market)0x3896…241ediscoveryvault
Ethereumvault (Treasury ffrxETH/xfrxETH market)0xcfee…2359discoveryvault
Ethereumvault (Treasury fstETH/xstETH market)0xed80…df1fdiscoveryvault
Ethereumvault (Treasury fWBTC/xWBTC market)0x63fe…0f83discoveryvault

Protocol Info

Links

[defillama] Source: DeFiLlama [:] Source: DEFI@home quorum
Twitter
@protocol_fx

Security

[:] Source: DEFI@home quorum
Audits
3 audits
Bug bounty
unknown
Security contact
unknown

Technical

[:] Source: DEFI@home quorum
Voting token
FXN Ethereum: 0x365AccFCa291e7D3914637ABf1F7635dB165Bb09
Upgradeability
Upgradeable

Provenance

[defillama] Source: DeFiLlama
Review status
listed
Updated
2026-09-07 11:30 UTC