Fragmetric

Fragmetric is a liquid restaking protocol on Solana. Users deposit SOL, liquid staking tokens or JTO and get back a liquid "fragAsset" token. That token earns staking yield, MEV rewards and restaking rewards from networks secured through [[PROJECT:228]]'s restaking infrastructure.

Fragmetric calls itself Solana's first native liquid restaking protocol. Its first token, fragSOL, was announced on August 29, 2024 as the first Solana-native liquid restaking token (LRT) built on Jito's restaking vault receipt tokens. The protocol went live in October 2024. According to SolanaFloor, by mid-2025 it had passed $300 million in total value locked and more than 80,000 unique users. Fragmetric now describes its design as a general asset-management standard, called FRAG-22, rather than a restaking product alone.

How it works

Restaking lets assets that already secure Solana through staking also secure other services, known as Node Consensus Networks (NCNs), in return for extra rewards. Fragmetric sits on top of Jito's restaking protocol. It gathers user deposits, sends them to staking and restaking positions, and gives users one liquid token that represents their share.

The FRAG-22 standard rests on three parts:

• Multi-asset deposits. Users can deposit several kinds of token. The protocol normalizes them into a single fungible token so they can be managed as one pool. The Normalized Token Pool handles this. It converts different LSTs into a common token (nSOL for the SOL pool) held in a dedicated reserve, which keeps valuation and reward accounting consistent.
• Reward tracking through a transfer hook. fragAssets are Token-2022 tokens with a transfer hook. Each transfer triggers an on-chain recalculation, so the protocol records how much each holder owned and for how long. NCN rewards can then be split by holding time, even when the token changes hands often. Some rewards are claimed manually through Fragmetric's interface.
• A modular yield layer. Yield-source adapters connect the fund to strategies such as restaking vaults, liquidity pools and lending markets. Operator roles (fund admin, reward admin, yield operator, pricing operator) manage these connections under a documented permissions matrix.

Many DeFi protocols cannot handle Token-2022 tokens. To get around this, Fragmetric issues wrapped versions (wfragSOL, wfragJTO, wfragBTC) as standard SPL tokens pegged 1:1 to the underlying fragAsset.

Products

fragSOL. The main product. fragSOL accepts SOL and supported LSTs, including JitoSOL, mSOL, BNSOL and bbSOL. It earns from three sources:

• regular staking yield
• MEV tip rewards from helping secure TipRouter, Jito's first NCN
• restaking rewards from other NCNs

Rewards that can be redeposited into fragSOL compound automatically. Rewards in other tokens stay claimable.

fragJTO. fragJTO is Fragmetric's first LRT not based on SOL. Users stake Jito's governance token, JTO. The restaked JTO helps secure TipRouter and other NCNs. JTO-denominated rewards compound automatically, and other reward tokens are claimed manually.

fragBTC (wound down). fragBTC launched with [[PROJECT:1438]] and Zeus Network as a yield-bearing BTC product on Solana. Its yield came from SolvBTC.JUP, a delta-neutral strategy that provided liquidity to Jupiter's JLP pool. In June 2026, Fragmetric said fragBTC was being wound down. It reported delays while Solv processed redemptions of the underlying assets into zBTC. On July 1, 2026, Fragmetric said fragBTC withdrawals were fully available and asked remaining holders to withdraw.

NCN partners

Fragmetric's documentation lists four NCN partners:

• Jito Labs' TipRouter, which distributes MEV tips to SOL stakers
• the [[PROJECT:319]] oracle network
• Ping Network, a decentralized bandwidth DePIN project
• DePHY, a framework for DePIN networks

The docs mark the Switchboard, Ping and DePHY partnerships as exclusive to Fragmetric. Switchboard NCN rewards to fragSOL holders are paid in proportion to each holder's share of staked assets. The docs say these rewards come from Switchboard protocol fees and SWTCH subsidies.

DeFi integrations

Fragmetric's integration status page lists these integrations for the wrapped tokens:

• Liquidity pools: [[PROJECT:260]] and [[PROJECT:303]] (wfragSOL/JitoSOL, wfragJTO/JTO and wfragBTC/zBTC)
• Yield trading: Exponent and RateX
• Leveraged looping: NX Finance and Banx
• Bridging: the SOON bridge

FRAG token and governance

FRAG is the protocol's governance token. It has a total supply of 1 billion, allocated as follows:

• ecosystem and community: 30%
• investors: 22%
• core contributors: 20%
• airdrops: 15%, with 8% for Season 1 and 7% reserved for later
• the foundation: 13%

Contributor and investor allocations have a one-year cliff followed by two years of vesting. FRAG launched on July 1, 2025 with 202 million tokens in circulation. The airdrop went to participants in the F Points campaign and to holders of certain NFT collections. Holders can stake FRAG into FRAG² and receive FVT (Fragmetric Vote Token). Voting power grows with lock-up length and covers protocol parameters, node operator and fund manager selection, upgrades and grant allocations.

In June 2026, Fragmetric permanently ended its F Points program and retired all existing point balances. This caused community backlash and speculation that the protocol was closing. Fragmetric publicly clarified that it was not shutting down. It said fragSOL and core protocol operations continue, and FRAG buybacks are ongoing.

Security

The audits page lists reports from Certora and Quantstamp on the liquid restaking program. The latest Certora report is dated July 2025. Fragmetric asks for vulnerability reports by email at [email protected]. The docs do not describe a formal bug bounty program with set payouts.

Funding

Fragmetric raised a $7 million seed round in early 2025. A $5 million strategic round led by RockawayX followed in March 2025, with participation from BitGo, Amber Group, Robot Ventures and Hypersphere Ventures. That brought total funding to $12 million.

Place in the Solana ecosystem

Fragmetric was one of the first LRT issuers built on Jito's restaking protocol. Its main technical difference is the Token-2022 transfer hook, which tracks rewards per holder over time. Most liquid tokens can only represent a single exchange rate, so this lets Fragmetric pass on multi-token NCN rewards fairly. The trade-off is limited composability, which the wrapped wfrag tokens are meant to fix. As of September 2026, fragSOL and fragJTO remain live. fragBTC has been retired, and the F Points incentive program has ended.