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{"actor":"system:backfill","investigation_id":"b2a2488c-8860-49d4-8e59-a9aae080be77","kind":"publish","page_slug":"fragmetric","published_at":"2026-06-01T04:17:42.986Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Fragmetric","sections":[{"content":"Fragmetric is a Solana-native liquid restaking protocol launched on mainnet in October 2024. It enables users to deposit SOL and supported Liquid Staking Tokens (LSTs) — including JitoSOL, mSOL, bSOL, and BNSOL — in exchange for fragSOL, the protocol's Liquid Restaking Token (LRT). The protocol is built on top of Jito's restaking infrastructure and uses Solana's Token-2022 program with transfer hooks to track time-weighted balances and distribute staking, MEV, and NCN (Node Consensus Network) rewards proportionally. Fragmetric describes its core innovation as the Normalized Token Program, which pools heterogeneous LSTs and maintains accurate conversion ratios to enable fair slashing and reward accounting across multiple assets. Additional products include fragJTO and fragBTC. By June 2025, the protocol reported over $300 million in TVL and more than 80,000 participants, though TVL appears to have declined substantially following the July 2025 FRAG token launch. The FRAG-22 standard developed by Fragmetric represents an asset tokenization framework extending Solana's Token-2022 for modular yield sourcing.","heading":"Protocol Overview","severity":"low","sources":[{"credibility":2,"name":"Introducing fragSOL: The New Standard of Liquid Restaking — Fragmetric Blog","type":"official","url":"https://blog.fragmetric.xyz/introducing-fragsol-the-new-standard-of-liquid-restaking/"},{"credibility":2,"name":"Fragmetric: Unlocking Composable Restaking with Solana's Token-2022 Standard — Shoal Research","type":"research","url":"https://www.shoal.gg/p/fragmetric-unlocking-composable-restaking"},{"credibility":2,"name":"Fragmetric on Solana — Solana Compass","type":"research","url":"https://solanacompass.com/projects/fragmetric"}]},{"content":"The founding team consists of at least three individuals publicly identified by first name or pseudonym. Sang Kim (LinkedIn: sangyeupkim) holds the title of Co-Founder and COO and is publicly identifiable; he attended Seoul National University, holds an AI Master's degree, served as president of Decipher (a blockchain club at Seoul National University), and contributed to prior Solana dApp development. He operates under the X handle @sangdotsol. The CEO co-founder is referred to as 'Zac' (or 'SolZac') and a third co-founder named 'Daniel' is mentioned in investor documentation; full legal surnames and LinkedIn profiles for Zac and Daniel have not been independently verified through public sources. Jiho Kang is identified as a team member via LinkedIn. The LinkedIn page for Fragmetric Labs lists the company as headquartered in Singapore (sg.linkedin.com/company/fragmetric-labs) and Delaware (kr.linkedin.com) with a team that has grown to approximately 14 members. The partial pseudonymity of the CEO and a third co-founder is a moderate risk signal, though the COO's identity is publicly disclosed and the investor roster includes firms with known KYC/AML diligence standards.","heading":"Team Transparency","severity":"medium","sources":[{"credibility":2,"name":"Sang Kim — Co-Founder & COO, Fragmetric Labs (LinkedIn)","type":"other","url":"https://kr.linkedin.com/in/sangyeupkim"},{"credibility":2,"name":"Our Investment in Fragmetric — Hashed Team Blog (Medium)","type":"news_article","url":"https://medium.com/hashed-official/our-investment-in-fragmetric-69ad02288199"},{"credibility":2,"name":"Fragmetric Labs (LinkedIn Company Page)","type":"official","url":"https://sg.linkedin.com/company/fragmetric-labs"},{"credibility":2,"name":"Jiho Kang — Fragmetric Labs (LinkedIn)","type":"other","url":"https://www.linkedin.com/in/kangjii/"}]},{"content":"Fragmetric has raised a total of $12 million across three funding events. An angel round was completed in November 2024. A $7 million seed round co-led by Finality Capital Partners and Hashed closed in February 2025, with additional participation from Presto, Hypersphere, Bitscale Capital, Halo Capital, and Flowdesk. A $5 million strategic round closed on March 24, 2025, at a reported $125 million valuation, led by RockawayX with participation from Robot Ventures, Amber Group, Hypersphere Ventures, and BitGo Ventures. Angel investors include Richard Ma (founder, Quantstamp), Anatoly Yakovenko (co-founder, Solana), Alan Curtis, and Bartosz Lipinski. The Solana Foundation provided an additional grant in April 2025. The investor roster includes established institutional crypto funds with track records of protocol diligence, which represents a positive signal for legitimacy.","heading":"Funding and Backers","severity":"low","sources":[{"credibility":2,"name":"Announcing Our $7M Seed Round Led by Finality and Hashed — Fragmetric Blog","type":"official","url":"https://blog.fragmetric.xyz/announcing-seed-round/"},{"credibility":2,"name":"Announcing Our Strategic Round Led by RockawayX — Fragmetric Blog","type":"official","url":"https://blog.fragmetric.xyz/announcing-our-strategic-round-led-by-rockawayx/"},{"credibility":2,"name":"Fragmetric Secures $5M Funding Led by RockawayX — CryptoNinjas","type":"news_article","url":"https://www.cryptoninjas.net/news/fragmetric-secures-strategic-funding-to-drive-solanas-restaking-revolution/"},{"credibility":2,"name":"Solana Restaking Protocol Fragmetric Secures $12M Funding — CoinGape","type":"news_article","url":"https://coingape.com/block-of-fame/pulse/solanas-restaking-protocol-fragmetric-secures-12m-funding-to-drive-decentralization-and-growth/"}]},{"content":"Fragmetric has undergone multiple independent security audits. Certora conducted a formal verification and manual audit of Fragmetric v1 from October 7 to October 21, 2024, using the Certora Prover. The audit identified several bugs in the smart contract code, including a critical-severity finding that withdrawals were only possible in SOL (not LSTs), and a finding that the claim_rewards function was unimplemented at the time of audit. Certora confirmed the logic for closed reward pools was rewritten following discovery. A second Certora audit of Fragmetric restaking v0.6.3 was conducted from May 22 to July 18, 2025; findings are documented in a public report. Quantstamp audited both the Fragmetric Liquid Restaking Program and the Fragmetric Restaking Program, with reports publicly available at certificate.quantstamp.com; the Solana Compass summary states all identified issues were addressed before mainnet launch in November 2024. Notably, Richard Ma, the founder of Quantstamp, is also an angel investor in Fragmetric — this relationship does not invalidate the audit but represents a potential conflict of interest that users should note. The core smart contract code is publicly available on GitHub under the fragmetric-labs organization.","heading":"Security Audits","severity":"medium","sources":[{"credibility":1,"name":"Certora Security Audit Report — Fragmetric v1 (Certora Reports)","type":"research","url":"https://www.certora.com/reports/fragmetric"},{"credibility":1,"name":"Certora Security Audit Report — Fragmetric Restaking v0.6.3","type":"research","url":"https://www.certora.com/reports/fragmetric-restaking-v0.6.3"},{"credibility":1,"name":"Quantstamp — Fragmetric Liquid Restaking Program Audit","type":"research","url":"https://certificate.quantstamp.com/full/fragmetric-liquid-restaking-program/e741c4bd-1e2e-4546-8377-2f0dded8976c/index.html"},{"credibility":1,"name":"Quantstamp — Fragmetric Restaking Program Audit","type":"research","url":"https://certificate.quantstamp.com/full/fragmetric-restaking-program/79bdc5ab-27d1-480e-bc8a-cf883ed0bb83/index.html"},{"credibility":2,"name":"Fragmetric Labs — GitHub Organization","type":"official","url":"https://github.com/fragmetric-labs"}]},{"content":"Fragmetric's restaking architecture introduces layered smart contract risk beyond standard liquid staking. Users' assets are exposed to slashing conditions enforced by NCNs (Node Consensus Networks) on Jito's restaking infrastructure. A technical analysis by Shoal Research identifies several structural risks: (1) external slashing enforcement — slashing policies are not natively handled by the Jito Restaking Program but must be implemented through custom program logic, creating operational complexity; (2) oracle dependency — Switchboard and Pyth Network are used as fallback pricing systems, and oracle failure or manipulation could affect fragSOL valuation; (3) multi-asset conversion risk — the Normalized Token Program must maintain accurate LST-to-SOL conversion ratios, and failures in this mechanism could affect fragSOL's backing; (4) current limited use of Token-2022 extensions, which may constrain future functionality. The protocol builds on top of Jito's restaking infrastructure, which has itself been audited by Certora, OtterSec, and Offside Labs, providing an additional layer of reviewed security. Fragmetric's architecture limits NCN whitelist participation, initially restricting DeFi integrations to Orca and Kamino. No exploits or fund losses have been reported as of the investigation date.","heading":"Smart Contract and Restaking Risk","severity":"high","sources":[{"credibility":2,"name":"Fragmetric: Unlocking Composable Restaking with Solana's Token-2022 Standard — Shoal Research","type":"research","url":"https://www.shoal.gg/p/fragmetric-unlocking-composable-restaking"},{"credibility":2,"name":"Understanding Node Consensus Networks — Jito Foundation","type":"official","url":"https://www.jito.network/blog/understanding-node-consensus-networks/"},{"credibility":2,"name":"Switchboard Launches Restaking on Jito with Fragmetric Vaults — Switchboard Medium","type":"news_article","url":"https://switchboardxyz.medium.com/switchboard-is-launches-re-staking-on-jito-with-fragmetric-vaults-69f57548068e"}]},{"content":"The FRAG governance token was officially announced in June 2025 with a fixed supply of 1 billion tokens. Token allocations are: Core Contributors (20%), Investors (22%), Foundation (13%), Ecosystem and Community (30%), and Airdrop (15%). Season 1 airdrop distributed 8% of total supply (80 million FRAG) to early participants including fragSOL, fragJTO, and fragBTC depositors, community contributors, TOPU NFT holders, and Mad Lads holders; the airdrop was fully unvested at launch. Core contributor tokens are subject to a 1-year cliff followed by 2 years of linear monthly vesting. Investor tokens have 10% immediate unlock followed by a 1-year cliff and 2 years of linear vesting. The FRAG token launched for trading on July 1, 2025 on Bybit, MEXC, Gate.io, Bitget, and Backpack. The token reached an all-time high of approximately $0.168 around launch and has since declined more than 98% to approximately $0.0014 as of early 2026, consistent with broader post-airdrop sell pressure commonly observed in similar LRT protocols. The initial circulating supply was 202 million tokens. The 22% investor allocation with a 10% immediate unlock means early investors could liquidate approximately 22 million tokens at launch, which is a recognized source of sell pressure.","heading":"FRAG Token and Tokenomics","severity":"medium","sources":[{"credibility":2,"name":"Announcing FRAG Token: Advancing the Future of Restaking on Solana — Fragmetric Blog","type":"official","url":"https://blog.fragmetric.xyz/announcing-frag-token/"},{"credibility":2,"name":"Fragmetric FRAG Token Launches on Major Platforms July 1 — AInvest","type":"news_article","url":"https://www.ainvest.com/news/fragmetric-frag-token-launches-major-platforms-july-1-2507/"},{"credibility":2,"name":"Fragmetric price today, FRAG to USD — CoinMarketCap","type":"other","url":"https://coinmarketcap.com/currencies/fragmetric/"},{"credibility":2,"name":"Solana Restaking Protocol Fragmetric Launches FRAG Token — MEXC News","type":"news_article","url":"https://www.mexc.co/news/solana-restaking-protocol-fragmetric-launches-frag-token-with-first-round-of-airdrop-accounting-for-10-of-total/20345"}]},{"content":"At its reported peak in mid-2025, Fragmetric cited over $300 million in TVL and more than 80,000 active participants, positioning it as a leading LRT protocol on Solana. Post-FRAG token launch, TVL declined materially; by late 2025 and early 2026, TVL on DeFiLlama is tracked with annualized revenue of approximately $257,000 and fees declining approximately 17% in a 7-day window. A competitor comparison from DWF Labs and Blockworks noted that Solayer, a competing Solana restaking protocol, had at one point reached over $500 million TVL before pivoting its product direction. Fragmetric competes primarily with Solayer, Renzo (ezSOL), and Kyros within the Jito restaking ecosystem. Chorus One is a noted operator partner. On-chain data shows active usage with daily transactions and signers tracked through DappRadar and DeFiLlama.","heading":"TVL and Market Position","severity":"low","sources":[{"credibility":2,"name":"Fragmetric TVL, Fees & Revenue — DeFiLlama","type":"on_chain","url":"https://defillama.com/protocol/fragmetric"},{"credibility":2,"name":"Fragmetric — DeFi Overview, TVL Analysis (DappRadar)","type":"on_chain","url":"https://dappradar.com/dapp/fragmetric"},{"credibility":2,"name":"Startups Hedge Their Bets on Unlaunched Solana Restaking Platforms — Blockworks","type":"news_article","url":"https://blockworks.com/news/lightspeed-newsletter-solana-restaking-startups"},{"credibility":2,"name":"Top Liquid Restaking Tokens to Watch on Solana — DWF Labs Research","type":"research","url":"https://www.dwf-labs.com/research/433-liquid-restaking-tokens-solana-overview"}]},{"content":"No exploits, hacks, fund losses, rug pulls, or regulatory actions against Fragmetric or Fragmetric Labs have been identified in publicly available sources as of the investigation date. The October 2024 Certora audit found pre-launch bugs including a critical issue affecting withdrawal paths, which were subsequently addressed before mainnet launch according to available documentation. A Brazilian-language YouTube video with a title alleging 'scam or amateurism' was identified in search results but appears to be commentary or opinion content rather than documentation of a specific incident; its claims have not been independently verified and the video has not been reviewed. No court filings, SEC actions, CFTC notices, OFAC listings, or law enforcement references to Fragmetric have been found.","heading":"Incidents and Adverse Events","severity":"low","sources":[{"credibility":1,"name":"Certora Security Audit Report — Fragmetric v1","type":"research","url":"https://www.certora.com/reports/fragmetric"}]},{"content":"Fragmetric has established integration partnerships across the Solana DeFi ecosystem. Chorus One, a major institutional staking operator, announced a partnership to support liquid restaking on Solana. Switchboard, a Solana oracle protocol, launched restaking vaults using Fragmetric's infrastructure. DeFi integrations include Orca and Kamino (initial whitelisted partners for F Points rewards), Exponent Finance, and RateX for yield-bearing fragAsset maturities. The protocol received grants and recognition from the Solana Foundation. Fragmetric also contributed tooling to the broader Solana ecosystem, including open-source Go clients for Anchor IDLs and Solana binary utilities published under the fragmetric-labs GitHub organization.","heading":"Ecosystem Integrations and Partnerships","severity":"low","sources":[{"credibility":2,"name":"Chorus One Partners with Fragmetric to Pioneer Liquid Restaking on Solana","type":"news_article","url":"https://chorus.one/articles/chorus-one-partners-with-fragmetric-to-pioneer-liquid-restaking-on-solana"},{"credibility":2,"name":"Switchboard Launches Restaking on Jito with Fragmetric Vaults — Switchboard Medium","type":"news_article","url":"https://switchboardxyz.medium.com/switchboard-is-launches-re-staking-on-jito-with-fragmetric-vaults-69f57548068e"}]}],"sources_used":[{"credibility":2,"name":"Fragmetric Official Website","type":"official","url":"https://fragmetric.xyz/"},{"credibility":2,"name":"Fragmetric Blog","type":"official","url":"https://blog.fragmetric.xyz/"},{"credibility":2,"name":"Fragmetric Docs — Tokenomics","type":"official","url":"https://docs.fragmetric.xyz/home/resources/FRAG/tokenomics"},{"credibility":2,"name":"Fragmetric TVL, Fees & Revenue — DeFiLlama","type":"on_chain","url":"https://defillama.com/protocol/fragmetric"},{"credibility":1,"name":"Certora Security Audit Report — Fragmetric v1","type":"research","url":"https://www.certora.com/reports/fragmetric"},{"credibility":1,"name":"Certora Security Audit Report — Fragmetric Restaking v0.6.3","type":"research","url":"https://www.certora.com/reports/fragmetric-restaking-v0.6.3"},{"credibility":1,"name":"Quantstamp — Fragmetric Liquid Restaking Program Audit","type":"research","url":"https://certificate.quantstamp.com/full/fragmetric-liquid-restaking-program/e741c4bd-1e2e-4546-8377-2f0dded8976c/index.html"},{"credibility":1,"name":"Quantstamp — Fragmetric Restaking Program Audit","type":"research","url":"https://certificate.quantstamp.com/full/fragmetric-restaking-program/79bdc5ab-27d1-480e-bc8a-cf883ed0bb83/index.html"},{"credibility":2,"name":"Our Investment in Fragmetric — Hashed Team Blog (Medium)","type":"news_article","url":"https://medium.com/hashed-official/our-investment-in-fragmetric-69ad02288199"},{"credibility":2,"name":"Announcing Our $7M Seed Round Led by Finality and Hashed — Fragmetric Blog","type":"official","url":"https://blog.fragmetric.xyz/announcing-seed-round/"},{"credibility":2,"name":"Announcing Our Strategic Round Led by RockawayX — Fragmetric Blog","type":"official","url":"https://blog.fragmetric.xyz/announcing-our-strategic-round-led-by-rockawayx/"},{"credibility":2,"name":"Fragmetric: Unlocking Composable Restaking with Token-2022 — Shoal Research","type":"research","url":"https://www.shoal.gg/p/fragmetric-unlocking-composable-restaking"},{"credibility":2,"name":"Fragmetric on Solana — Solana Compass","type":"research","url":"https://solanacompass.com/projects/fragmetric"},{"credibility":2,"name":"4pillars — Fragmetric: The New Standard of Restaking","type":"research","url":"https://4pillars.io/en/issues/fragmetric-the-new-standard-of-restaking-only-posible-on-solana"},{"credibility":2,"name":"Fragmetric Secures $5M Funding Led by RockawayX — CryptoNinjas","type":"news_article","url":"https://www.cryptoninjas.net/news/fragmetric-secures-strategic-funding-to-drive-solanas-restaking-revolution/"},{"credibility":2,"name":"Solana Restaking Protocol Fragmetric Secures $12M — CoinGape","type":"news_article","url":"https://coingape.com/block-of-fame/pulse/solanas-restaking-protocol-fragmetric-secures-12m-funding-to-drive-decentralization-and-growth/"},{"credibility":2,"name":"Chorus One Partners with Fragmetric","type":"news_article","url":"https://chorus.one/articles/chorus-one-partners-with-fragmetric-to-pioneer-liquid-restaking-on-solana"},{"credibility":2,"name":"Switchboard Launches Restaking on Jito with Fragmetric Vaults","type":"news_article","url":"https://switchboardxyz.medium.com/switchboard-is-launches-re-staking-on-jito-with-fragmetric-vaults-69f57548068e"},{"credibility":2,"name":"Announcing FRAG Token — Fragmetric Blog","type":"official","url":"https://blog.fragmetric.xyz/announcing-frag-token/"},{"credibility":2,"name":"Fragmetric price today — CoinMarketCap","type":"other","url":"https://coinmarketcap.com/currencies/fragmetric/"},{"credibility":2,"name":"Fragmetric Labs — GitHub Organization","type":"official","url":"https://github.com/fragmetric-labs"},{"credibility":2,"name":"Top Liquid Restaking Tokens on Solana — DWF Labs Research","type":"research","url":"https://www.dwf-labs.com/research/433-liquid-restaking-tokens-solana-overview"},{"credibility":2,"name":"Fragmetric Airdrop 100 Million FRAG — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/fragmetric-to-airdrop-100-million-frag-tokens-to-community-checker-goes-live"}],"summary":"Fragmetric (fragmetric.xyz) is a Solana-native liquid restaking protocol that issues fragSOL, fragJTO, and fragBTC as Liquid Restaking Tokens (LRTs) built on Jito's restaking infrastructure. The protocol raised $12 million across seed and strategic rounds from recognized institutional backers including Hashed, Finality Capital, and RockawayX, and has undergone multiple independent security audits by Certora and Quantstamp. Material risks include smart-contract complexity inherent to restaking, slashing exposure through Node Consensus Networks (NCNs), partial team pseudonymity, and significant FRAG token price depreciation following the July 2025 listing.","timeline":[{"date":"2024-08-29","event":"Fragmetric introduced fragSOL as the first Solana-native Liquid Restaking Token via partnership with Jito, announced on X.","source":"Fragmetric X / Official Blog","source_url":"https://x.com/fragmetric/status/1829172416561688729"},{"date":"2024-10-07","event":"Certora begins formal verification and manual audit of Fragmetric v1 smart contracts; audit period runs through October 21, 2024. Several bugs identified including a critical withdrawal issue.","source":"Certora Reports","source_url":"https://www.certora.com/reports/fragmetric"},{"date":"2024-10-01","event":"Fragmetric launches on Solana mainnet with fragSOL. Protocol reports 25,000+ unique addresses within weeks.","source":"Fragmetric Blog — Seed Round Announcement","source_url":"https://blog.fragmetric.xyz/announcing-seed-round/"},{"date":"2024-11-01","event":"Quantstamp completes audit of Fragmetric Restaking Program; all identified issues reported as addressed.","source":"Quantstamp Certificate","source_url":"https://certificate.quantstamp.com/full/fragmetric-restaking-program/79bdc5ab-27d1-480e-bc8a-cf883ed0bb83/index.html"},{"date":"2024-11-04","event":"Angel funding round completed.","source":"Crunchbase / Crypto-Fundraising","source_url":"https://crypto-fundraising.info/projects/fragmetric/"},{"date":"2025-02-07","event":"$7 million seed round closes, co-led by Finality Capital Partners and Hashed, with participation from Presto, Hypersphere, Bitscale Capital, Halo Capital, and Flowdesk.","source":"Fragmetric Blog","source_url":"https://blog.fragmetric.xyz/announcing-seed-round/"},{"date":"2025-03-24","event":"$5 million strategic round closes at $125 million valuation, led by RockawayX with participation from Robot Ventures, Amber Group, Hypersphere, and BitGo Ventures. Total funding reaches $12 million.","source":"Fragmetric Blog / CryptoNinjas","source_url":"https://blog.fragmetric.xyz/announcing-our-strategic-round-led-by-rockawayx/"},{"date":"2025-04-18","event":"Fragmetric receives grant from the Solana Foundation.","source":"Crypto-Fundraising / Tracxn","source_url":"https://crypto-fundraising.info/projects/fragmetric/"},{"date":"2025-05-22","event":"Certora begins second audit of Fragmetric Restaking v0.6.3; audit period runs through July 18, 2025.","source":"Certora Reports","source_url":"https://www.certora.com/reports/fragmetric-restaking-v0.6.3"},{"date":"2025-06-24","event":"Season 1 airdrop snapshot taken; 100 million FRAG tokens (10% of supply) allocated to community, with 80 million (8%) to LF(ra)G campaign participants.","source":"Fragmetric Blog / Solana Floor","source_url":"https://solanafloor.com/news/fragmetric-to-airdrop-100-million-frag-tokens-to-community-checker-goes-live"},{"date":"2025-07-01","event":"FRAG token lists on Bybit, MEXC, Gate.io, Bitget, and Backpack. Token reaches all-time high of approximately $0.168. Airdrop claims open July 2.","source":"AInvest / MEXC News","source_url":"https://www.ainvest.com/news/fragmetric-frag-token-launches-major-platforms-july-1-2507/"},{"date":"2026-02-13","event":"FRAG token reaches all-time low of approximately $0.00135, representing a decline of over 99% from ATH, driven by post-airdrop sell pressure and normalized restaking yields.","source":"CoinMarketCap","source_url":"https://coinmarketcap.com/currencies/fragmetric/"}]},"v":1}