Who and FRAX?

Could you elaborate on the entity known as "FRAX" and its significance in the cryptocurrency and finance industry? FRAX seems to be a topic of growing interest, yet its underlying principles and implications remain somewhat murky. What is FRAX's purpose? How does it function? How does it differ from other cryptocurrencies or financial instruments? What are the potential risks and opportunities associated with FRAX? Understanding its role and implications in the broader ecosystem would be highly valuable for those seeking to navigate the dynamic world of crypto and finance.