When was FRAX invented?

Could you please elaborate on the origins of FRAX and inform me about when it was specifically invented? As a cryptocurrency and finance practitioner, I'm particularly interested in understanding the timeline and context surrounding the creation of this digital asset. FRAX seems to be gaining significant attention in the market, and I'm keen to know more about its inception and the motivation behind its development. Your insights would be greatly appreciated in order to enhance my comprehension of this emerging crypto token.