What is the FRAX used for?

Could you elaborate on the intended purpose and application of FRAX in the cryptocurrency and finance landscape? I'm curious to understand how it functions and what specific roles or advantages it offers within this rapidly evolving ecosystem. With so many digital assets and protocols out there, it's essential to have a clear grasp of how FRAX specifically contributes to the field. I'm particularly interested in knowing if it's designed for stability mechanisms, decentralized finance applications, or some other innovative use case. Clarifying its purpose would greatly aid in assessing its potential value and significance.