FRAX is a permissionless DeFi protocol that offers a range of DeFi products and services. Its primary product is a partially-collateralised algorithmic stablecoin that enables liquidity systems and lending markets. 

FRAX also offers three other products:   

- FRAX Swap, an Automated Market Maker (like Uniswap) 

- FRAX Lend, a Lending Market (similar to Compound or AAVE) 

- FRAX Ether, an Ethereum Liquid-Staking Derivative (similar to Lido stETH) 

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