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The y-axis of a Frost diagram represents the relative stability of different oxidation states of an element. It is plotted as the standard reduction potential (E°) relative to the most stable oxidation state, which is set to 0. The higher the value on the y-axis, the more oxidizing the species is. Therefore, the formula for the y-axis is simply the standard reduction potential (E°) of the species. The Frost diagram is a useful tool for predicting the relative stability of different oxidation states and for understanding the chemistry of elements.