sfrxETH is a staking derivative token issued by Frax Finance, representing frxETH that has been deposited into Frax’s Ethereum staking vault. It functions as a liquid staking token (LST) that accrues Ethereum consensus-layer staking rewards over time, allowing holders to maintain liquidity while earning yield without managing validators directly. While the token is observed on Base at address 0xac3e018457b222d93114458476f3e3416abbe38f, current on-chain data shows limited native DeFi activity on the Base ecosystem, with no recorded Aerodrome pools or vote-market participation. However, sfrxETH maintains an active presence on Ethereum mainnet, where it is traded in Pendle markets with approximately $3.48 million in total value locked and an implied annualized yield of roughly 4.21% for positions maturing in late December 2024. The token is governed and maintained by the Frax Finance protocol, which manages the underlying staking operations, reward distribution, and cross-chain bridging infrastructure.