Fragmetric

Fragmetric launched on Solana mainnet in October 2024 as the chain's first native liquid restaking protocol. Since then it has grown into something broader: a modular asset management platform built around its proprietary FRAG-22 token standard, designed to let any asset earn from multiple yield layers simultaneously while remaining liquid enough to use across DeFi.

The FRAG-22 Standard

Most liquid staking protocols issue a single receipt token backed by a single asset class. Fragmetric built something different. The FRAG-22 standard is a tokenization framework constructed on top of Solana's Token-2022 transfer hook mechanism. Every time a fragAsset moves between wallets, an on-chain recalculation fires automatically, updating reward balances in real time without requiring manual claiming of accrued staking income.

The key architectural breakthrough is multi-asset pooling. Under FRAG-22, a pool can accept deposits of different but economically related assets—several Solana liquid staking tokens, for example—normalize their values, and issue a single fungible receipt token that accurately tracks each depositor's share across every yield source the pool accesses. The standard also separates operational roles across fund admin, pricing operator, reward admin, and yield operator, so governance, pricing, and capital deployment can be managed independently without any single key having full control over user funds.

The practical result is a protocol that can plug modular yield sources in or out—liquid staking, restaking vaults, lending markets, liquidity pools—and immediately reflect those changes in the reward streams flowing to fragAsset holders. The FRAG-22 upgrade also reduced gas costs by 22% for complex multi-source strategies compared to earlier versions of the protocol.

Products

fragSOL is Fragmetric's SOL-denominated liquid restaking token and its flagship product. Users deposit SOL or any of several supported liquid staking tokens—including JitoSOL, BNSOL, bbSOL, jupSOL, RoXSOL, and dfdvSOL—and receive fragSOL in return. The underlying capital is converted into a blend of LSTs, then restaked through Jito's vault receipt token (VRT) system and delegated to Node Consensus Networks that pay operators for economic security services. fragSOL holders earn native staking yield, Jito MEV rewards, and NCN service rewards at once, without locking capital or running validator infrastructure themselves.

fragBTC is positioned as the first native yield-bearing BTC asset on Solana. Rather than sitting idle, wrapped Bitcoin deposited into Fragmetric is put to work across restaking and DeFi yield strategies, giving Bitcoin holders on Solana a path to earn returns on capital that would otherwise generate nothing. The launch addresses a structural gap: over a trillion dollars in Bitcoin has historically yielded zero while sitting in wallets or on bridges.

fragJTO extends the same multi-layer yield logic to JTO, the governance token of the Jito Network. Holders of JTO who would otherwise face a binary choice between governance participation and yield now get both through fragJTO, which routes JTO through restaking and DeFi integrations while keeping the underlying governance exposure.

All three fragAssets have wrapped equivalents—wfragSOL, wfragBTC, and wfragJTO—that strip out the transfer hook mechanics for compatibility with DeFi protocols that require standard SPL token behavior.

Node Consensus Network Integrations

Fragmetric's structural differentiation comes largely from its exclusive partnerships with Node Consensus Networks—the middleware protocols that pay restakers for providing economic security. Fragmetric holds the exclusive VRT provider position for Switchboard's oracle NCN and for Ping Network, and it serves as the exclusive restaking provider for DePHY's DePIN framework. These exclusive arrangements create yield sources unavailable to generalist staking protocols, and they position fragAsset holders to benefit directly as NCN infrastructure on Solana scales.

DeFi composability extends further through integrations with Orca for liquidity provision, Kamino for lending and yield optimization, and Loopscale for structured credit strategies. Depositing fragAssets into these protocols generates additional income on top of the restaking base layer, compounding the yield sources available to a single depositor.

The FRAG Token and Governance

FRAG is the protocol's governance token with a fixed total supply of one billion. At launch, approximately 202 million tokens entered circulation. The distribution allocates 30% to ecosystem and community programs, 22% to investors (subject to a one-year cliff and two-year vesting), 20% to core contributors on the same vesting schedule, 15% to airdrops across multiple seasons, and 13% to a foundation with quarterly vesting over four years. Approximately 169 million tokens (16.9% of supply) unlocked at genesis, with the schedule reaching roughly 293 million by year one and 600 million by year five.

Governance operates through FRAG-squared staking, where locking FRAG tokens produces Fragmetric Vote Tokens (FVT). Longer lock durations receive higher voting weight, giving long-term participants proportionally more say over operator selection, fund manager appointments, and ecosystem grants allocation. FVT holders also receive boosted F Point accumulation, linking governance participation to the protocol's loyalty reward system. The community operates under the SANG (SolanA Network Guard) identity, emphasizing collective responsibility for network security.

F Points are Fragmetric's on-chain loyalty currency, accrued by depositing fragAssets and participating in integrated DeFi protocols. Season 1 of the LF(ra)G campaign converted F Points into the initial FRAG airdrop, distributing 8% of total supply. Season 2, planned for Q3 and Q4 2025, expands incentives further across fragSOL and fragBTC depositors, with an additional 7% of supply reserved for future rounds.

Protocol Scale and Standing

By mid-2025 Fragmetric had attracted over 300 million dollars in total value locked and more than 80,000 participants—a growth trajectory that made it the largest and fastest-growing liquid restaking token on Solana by TVL. The protocol crossed 150 million dollars in TVL in April 2025, roughly six months after mainnet launch.

The team is based in Singapore and maintains a public GitHub presence under the fragmetric-labs organization, publishing open-source tooling for Solana developers including Go clients generated from Anchor IDLs, a forked Jito restaking implementation in Rust, and a merkle-based token distributor built for airdrop mechanics. The protocol has undergone external security audits, with the FRAG-22 architecture's modular structure designed to limit blast radius in the event of a yield source failure.

What Fragmetric Is Building Toward

Fragmetric's stated direction is away from the narrow definition of liquid restaking and toward a universal asset management layer on Solana. The FRAG-22 standard is designed to accommodate any asset class by treating yield source adapters as interchangeable modules. As NCN infrastructure on Solana matures and more protocols require economic security, the protocol's exclusive operator relationships position it to capture an expanding share of restaking demand without reengineering its core architecture.

For depositors, the practical implication is a platform where a single asset can simultaneously secure the network, support oracle infrastructure, provide DePIN collateral, and generate liquidity protocol fees—all reflected automatically in a single composable token that remains usable across the Solana DeFi ecosystem.