Research Report｜Fragmetric Project Overview & FRAG Token Valuation

I. Project Introduction

Fragmetric is the first native liquid restaking protocol on Solana and, since its launch in October 2024, has rapidly grown into a leading restaking infrastructure within the ecosystem. By pioneering the FRAG-22 multi-asset management standard, as well as innovative yield and governance models, Fragmetric has driven new levels of capital efficiency and security alignment for Solana.

Mirroring EigenLayer on Ethereum, Fragmetric establishes a unified security and incentive framework both within and beyond Solana. It aggregates users’ SOL and various LSTs (like JitoSOL, bbSOL, etc.), issues standardized tokens (fragAssets) for liquidity, and enables participation in off-chain consensus networks (NCN), earning additional rewards and greatly boosting asset utilization.

Governance is built on the FRAG token and FRAG² staking system, utilizing a time-weighted voting (FVT) model that empowers real community control. Members participate directly in node operator selection, treasury management, and protocol upgrades, delivering a truly decentralized, closed-loop system.

Fragmetric has surpassed $300M in TVL, attracted over 80,000 unique users, and secured deep collaborations with Switchboard, Ping Network, Orca, and other Solana core protocols. Its trajectory defines the new localized standard for the restaking (LRT) narrative on Solana, setting a blueprint for future protocol design in the sector.

II. Project Highlights

1. Restaking Trailblazer — Native to Solana
   Fragmetric is the first protocol built natively for restaking on Solana, not just ported from Ethereum. Its design fits Solana’s high-performance environment and account model, naturally suiting its parallelism and token standards. This delivers efficiency and enables deep integration with Solana’s nodes, oracles, DEXs, and more, serving both chain security and yield distribution within the local ecosystem.
2. FRAG-22: Unified Multi-Asset Yield Standard
   FRAG-22 is a modular asset management framework supporting SOL, local LSTs, and any SPL token for unified deposits and precise reward distribution (on and off-chain). This combines “restaking + yield aggregation + liquidity reuse” in one, lowering the barrier for users and providing developers with a robust base for complex strategies.
3. Deep NCN Integration Bolsters Security
   Fragmetric’s exclusive partnerships with decentralized consensus networks (NCNs)—like Switchboard and Ping Network—enable restaked assets to economically secure these networks, promoting transparency, censorship resistance, and robust defense. This “native assets securing external networks” model enhances Solana’s resilience and yields wider earning streams for users.
4. Seamless Liquidity + DeFi Participation
   By issuing liquid receipts like fragSOL, fragJTO, etc., users retain staking yields while simultaneously engaging in DeFi (Orca, Kamino, and more), unlocking lending, liquidity mining, and beyond. Fragmetric thus powers “yield stacking”—a leap over traditional locked staking in capital efficiency.

III. Valuation Outlook

Fragmetric, as Solana’s native liquid restaking protocol, leverages the FRAG-22 standard and NCN modularity to form a unified economic security layer for both Solana mainnet and external infrastructure (oracles, bridges, solver networks). Its key edge lies in standardizing LSTs with liquid restaking for increased capital efficiency, and building a real participation-driven security market via FRAG staking, the F-point model, and DeFi integration.

Currently, FRAG is priced at ~$0.09762 with a circulating market cap of only $19.1 million—an undervaluation compared to peer “restaking + LRT” projects. In Ethereum’s sphere, protocols like EigenLayer (EIGEN, ETHFI, PUFFER) are valued far higher. If Fragmetric sustains asset growth, NCN partnerships, and LRT token liquidity, significant multi-fold upside remains, especially as Solana’s LRT narrative matures.

IV. Tokenomics

Total Supply: 1,000,000,000 FRAG

Allocation:

• Core Contributors (20% / 200M): For the Fragmetric Labs team/advisors, with 1-year cliff and 2-year linear vesting.
• Investors (22% / 220M): Early backers and strategic investors (including Legion crowd sale), 10% immediate, 1-year cliff, 2-year linear vesting.
• Foundation (13% / 130M): For development, risk, audits, and protocol expansion; released quarterly over 4 years.
• Ecosystem/Community (30% / 300M): To drive development, eco growth, and user activities—⅓ immediate, rest quarterly over 4 years.
• Airdrop (15% / 150M): 8% for season 1; 7% reserved for future activities based on protocol contribution and engagement.

Utility:

1. FRAG² Staking for Governance:
   Stake FRAG to get FRAG² and Fragmetric Voting Tokens (FVT) for time-weighted governance (longer lock = more FVT). Vote on parameters, node selection, funding, upgrades, and incentives.
2. Boosted Yield & F Points:
   Staking FRAG into FRAG² grants extra incentives (beyond base rewards)—including more F-Point accrual in future LF(ra)G seasons—rewarding long-term participation and network security.
3. Ecosystem Grant Voting:
   FRAG stakers vote on ecosystem/grant funding, ensuring resources go to ecosystem-beneficial projects.
4. Economic Security Alignment:
   FRAG aligns incentives across all Fragmetric activity: governance and staking mechanics mean holders control protocol security and development—guaranteeing long-term decentralization and security for Solana’s restaking layer.

V. Team & Funding

Team:
Fragmetric is built and operated by Fragmetric Labs, whose core team has been deeply involved in Solana and decentralized infra. Co-founder Sang serves as both technical lead and key community figure, championing the "participant, not bystander" philosophy and SANG (Solana Network Guard) culture. Team members possess strong DeFi product, LST integration, off-chain infra, and security protocol expertise—enabling expansion to oracles, bridges, and consensus networks.

Funding:
Since 2024, Fragmetric has completed 3 funding rounds, raising $12M total:

• Feb 2024 (Seed): $7M from Hashed, Finality Capital Partners, Hypersphere Ventures, Flowdesk, Bitscale Capital, etc.
• Mar 2024 (Strategic): $5M from RockawayX, Robot Ventures, Amber Group, BitGo, etc.
• Nov 2023 (Angel): early backers include Anatoly Yakovenko (Solana co-founder), Lily Liu (Solana Foundation), Lucas Bruder (Jito CEO), and other Solana-native angels—a strong local and technical endorsement.

VI. Risk Disclosures

1. Complexity & Multi-Layer Exposure:
   While the FRAG-22 standard advances yield, its modular multi-layer design may pose a user understanding barrier, potentially leading to mismanagement or expectations mismatch. User assets may be exposed to multiple protocol/layer risks (LST, NCN, DeFi), compounding losses in the event of failure or attack.
2. Dependence on Solana LSTs & SOL Volatility:
   Fragmetric heavily relies on Solana liquid staking assets (LSTs, e.g., JitoSOL). LSTs might depeg from SOL or face liquidity crises, rapidly depressing fragAsset value and exposing stakers to principal volatility. Sharp SOL price swings also impact asset safety and returns system-wide.

VII. Official Links

• Website: https://fragmetric.xyz/
• Twitter: https://x.com/fragmetric
• Discord: https://discord.com/invite/fragmetric