What is FRAX math?

Could you elaborate on FRAX math in the realm of cryptocurrency and finance? For those less familiar with the intricacies of decentralized finance, FRAX math refers to the underlying algorithmic mechanisms that govern the FRAX stablecoin. How does this mathematical framework ensure the stability and liquidity of FRAX, while also providing a decentralized solution? I'm curious to know if FRAX math utilizes any unique or innovative techniques compared to other stablecoin protocols. Furthermore, how does FRAX math interact with external factors, such as market volatility and demand for the token, to maintain its pegged value?