While risk separation is excellent, it introduces complexity for users who must understand the differences between tokens and the scope of rights. frxUSD is demand
Investment View
The functional separation of frxUSD, sfrxUSD, FRAX, veFRAX, and FXB is sophisticated in design but complex. On-chain and off-chain balance: Realistic but centralization risk exists.
frxUSD has mature RWA reserves and regulatory design, but supply scale, Curve centric liquidity, and redemption dependence limit adoption.
Investment View
Investors should test frxUSD by crisis redemption at one dollar and liquidity depth, not just reserve quality.