Status: Active (Season 2) | Chain: Solana | Token: FRAG (Live)
| Quick Stats | |
|---|---|
| Funding | $12M ($7M seed + $5M strategic) |
| Backers | Hashed, Finality Capital, Robot Ventures, RockawayX, 44 total investors |
| Points | F Points (Season 2 — 4% of FRAG supply) |
| Products | fragSOL, fragBTC, fragJTO |
| NCN Partners | Switchboard Oracle, Ping Network |
What is Fragmetric?
Fragmetric is a liquid restaking protocol that transforms staked SOL into a productive asset across multiple networks. Founded by Sang and Daniel, the team originally planned to build their own restaking protocol but pivoted to building on Jito after seeing Jito’s scale and developer quality — a pragmatic move that gave Fragmetric access to Jito’s $2.92B TVL infrastructure.
When you deposit SOL or LSTs (JitoSOL, mSOL, bSOL) into Fragmetric, two things happen:
- You receive fragSOL — a liquid restaking token you can use across Solana DeFi
- Your assets get restaked via Jito to secure NCNs, earning you additional rewards
The technical innovation is Fragmetric’s use of Solana’s Token-2022 Transfer Hook. Unlike Ethereum restaking protocols where you manually claim rewards through Merkle proofs, Fragmetric automatically distributes NCN rewards on-chain whenever fragSOL transfers between wallets. No claiming, no intermediary tokens, no forced selling of reward tokens.
Fragmetric was selected as one of only three Vault Receipt Token (VRT) providers for Jito Restaking alongside Renzo (ezSOL) and Kyros (kySOL). This exclusive position means fragSOL holders get direct access to NCN rewards that most Solana stakers miss entirely.
Beyond Restaking: FRAG-22
Fragmetric has evolved beyond pure restaking with the FRAG-22 standard — a universal asset management framework built on three pillars:
- Unified multi-asset deposits — Normalize various token values using on-chain stake pool data
- Real-time multi-reward distribution — Track holders and calculate rewards entirely on-chain
- Modular yield integration — Support any yield source (LP, lending, structured products)
This positions Fragmetric as an on-chain asset manager, not just a restaking protocol.
Dual Earning: Fragmetric + NCN Rewards
The real alpha with Fragmetric is dual earning. Beyond F Points, fragSOL holders automatically receive rewards from NCNs that Fragmetric secures:
Switchboard Oracle ($SWTCH): Fragmetric is the exclusive VRT provider for Switchboard’s NCN. Your fragSOL secures Switchboard’s decentralized oracle network, and you earn $SWTCH tokens in return.
Ping Network ($PING): Through DePHY integration, fragSOL holders earn $PING from securing the Ping NCN.
Jito TipRouter: MEV rewards flow through Jito’s TipRouter to fragSOL holders.
These rewards are distributed automatically via Transfer Hooks — no need to claim or harvest. They just appear in your wallet when fragSOL moves.
fragBTC: Bitcoin Restaking on Solana
Fragmetric also offers fragBTC — the first native yield-bearing BTC on Solana. It works through Solv Protocol’s SolvBTC.JUP, which generates yield from Jupiter’s JLP Pool.
fragBTC earns F Points too. The default multiplier for holding fragBTC is 1x, but wrapping and providing LP bumps it to 2x. The wfragBTC/SOL pair on Orca has the highest multiplier in the entire system at 40x.
Comparison: Solana Restaking Protocols
| Protocol | Token | Built On | TVL | Key Feature | Airdrop |
|---|---|---|---|---|---|
| Fragmetric | fragSOL | Jito VRT | $20-50M | Transfer Hook rewards, FRAG-22 | Season 2 active |
| Solayer | sSOL | Own protocol | Higher | SWQoS bandwidth, endogenous AVSs | Season active |
| Kyros | kySOL | Jito VRT | ~$49M | Jito VRT provider | No token yet |
| Renzo | ezSOL | Jito VRT | N/A | Cross-chain LRT (also on Ethereum) | REZ token live |
Fragmetric’s unique advantage is the Transfer Hook mechanism — all rewards distributed on-chain automatically, unlike Ethereum LRTs that force token liquidation. Solayer takes a different approach with stake-weighted quality of service (SWQoS) rather than true NCN restaking.
Risks & Considerations
Let’s be real about what could go wrong:
- Token performance — FRAG launched in July 2025 and now trades at ~$2M FDV. The token is down 98% from its all-time high. Season 2 rewards may or may not offset this decline.
- TVL decline — Peak TVL exceeded $300M but has dropped significantly. Lower TVL could mean fewer NCN partnerships and reduced protocol relevance.
- Smart contract risk — The Transfer Hook mechanism is novel and less battle-tested than traditional staking approaches. Token-2022 is newer than SPL tokens.
- Jito dependency — Fragmetric is entirely built on Jito Restaking. Any issues with Jito’s infrastructure directly affect fragSOL.
- Team communication — Post-TGE, the team acknowledged slow communication. They’ve since published a roadmap, but trust needs to be rebuilt.
- NCN ecosystem maturity — Solana’s restaking ecosystem is still early. Only a handful of NCNs are live, limiting the reward streams available.
The $12M in backing from Hashed, Finality Capital, and 42 other investors provides some reassurance, and the technical architecture has been praised by Four Pillars in two separate deep-dive analyses. But the token price speaks for itself — DYOR.
FAQ
Is Fragmetric legitimate?
Fragmetric raised $12M at a $125M valuation from 44 investors including Hashed, Finality Capital Partners, Robot Ventures, and RockawayX. It’s one of only three VRT providers selected by Jito for their restaking platform, alongside Renzo and Kyros. The protocol has been analyzed by Four Pillars in two published research pieces. That said, the FRAG token has lost over 98% of its value since launch.
How much can I earn from Season 2?
Season 2 allocates 4% of total FRAG supply (40 million tokens). Your share depends on your F Points relative to all other farmers. With FRAG currently at ~$0.002, the total Season 2 pool is worth roughly $80,000 at current prices — but this could change significantly if the token recovers. Using DeFi strategies with 30-40x multipliers maximizes your allocation.
What’s the difference between fragSOL and wfragSOL?
fragSOL is the liquid restaking token you receive when depositing SOL. wfragSOL (wrapped fragSOL) is the version needed for DeFi integrations on Orca, Kamino, and other platforms. You wrap/unwrap through the Fragmetric app for free.
Can I withdraw anytime?
Yes. fragSOL is liquid — you can unstake or swap it on DEXs at any time. There’s no lock-up period for the base deposit. DeFi strategies may have their own lock conditions depending on the platform.
How does Fragmetric compare to Solayer?
Both are restaking protocols, but they differ significantly. Fragmetric builds on Jito Restaking and uses Transfer Hooks for automatic on-chain reward distribution from real NCNs. Solayer built its own restaking infrastructure focused on stake-weighted quality of service (SWQoS) — giving protocols better bandwidth rather than NCN security rewards. Different approaches, both with active points campaigns.
What wallets work with Fragmetric?
Phantom, Solflare, and Backpack all work. Backpack gives a 1.3x F Points multiplier through a partner boost, making it the recommended choice for farming.
Verdict
Fragmetric offers a legitimate restaking opportunity on Solana with genuine technical innovation — the Transfer Hook mechanism and FRAG-22 standard are recognized by serious analysts. The dual-earning angle (F Points + NCN rewards from Switchboard and Ping) gives fragSOL holders more yield layers than standard liquid staking.
Best for: Solana stakers who want exposure to the restaking narrative with active farming rewards and are comfortable with the risk of a token that’s declined significantly post-launch.
Not for: Those looking for proven, stable returns or who aren’t comfortable with the smart contract risks of a relatively new protocol.
The token performance has been rough, but the underlying protocol metrics (80K+ users, exclusive Jito VRT status, institutional partnerships like DFDV Korea) suggest the team is still building. Season 2 is a chance to accumulate at the bottom — or another round of farming that underdelivers. Time will tell.
