Fraxswap is the permissionless, decentralized automated market maker (AMM) built by Frax Finance. It pioneered the time-weighted average market maker (TWAMM), which splits large orders into many tiny trades executed over time to minimize slippage and front-running. Traders use Fraxswap to swap FRAX, FXS and other ERC-20 tokens, while the Frax protocol itself uses it to run algorithmic monetary policy trustlessly on-chain.