Markets News Report
February 08, 2024

Frax Finance Launches Layer 2 Blockchain Fraxtal and FXTL Points System

Frax Finance Launced Layer 2 Blockchain Fraxtal and FXTL Points System

Non-custodial lending platform Frax Finance announced the launch of a modular Layer 2 blockchain, Fraxtal that incorporates blockspace incentives and provides block-by-block rewards based on the usage of the chain.

Fraxtal’s primary execution environment is an EVM rollup with OP stack equivalence. When deploying and utilizing the chain, users can have confidence in complete EVM equivalence and alignment with Ethereum’s standards and security. The deployment process on Fraxtal is designed to be familiar to the users, cost-effective, and straightforward.

Therefore, Fraxtal is set to launch with essential Ethereum infrastructure providers, such as Etherscan’s Fraxscan, and crucial decentralized applications (dApps) that users commonly anticipate, including Safe, Chainlink oracles, and bridges from Axelar NetworkLayer Zero, among others. Additionally, Fraxtal will be an early participant in the Optimism Superchain, joining Base and other contributors.

Frax Finance has announced plans to unveil incentive systems, liquidity rewards, new FXTL points, and the airdrop snapshot later this month to allow partners and teams to deploy their dApps and stake FXS with adequate preparation.

The Fraxtal testnet and mainnet are presently accessible to selected launch partners, with regular users expected to connect to the chain in the coming days. The Flox algorithm determines that accounts and smart contracts utilizing specific dApps on Fraxtal will receive FXTL points.

According to Frax Finance, FXTL points will be airdropped to veFXS stakers based on their veFXS balance at 7:59 on March 7, Beijing time. Following this airdrop in the second week, the Flox mechanism will be activated, allowing users to earn rewards from each block, marking a significant milestone.

Fraxtal’s Pioneering Force in Decentralized Finance

Introduced last year by Frax Finance, Fraxtal is designed to establish a smart contract platform with a significant focus on decentralized finance. The governance of Fraxtal is overseen by holders of Frax Shares (FXS) tokens. The network utilizes the Frax stablecoin and Frax Ether (frxETH), a liquid staking derivative of Frax, for transaction fees. Additionally, fees generated by the rollup network may be partially burned or directed back to the Ethereum mainnet, with distribution among stakers of the FXS governance token.

Frax Finance’s launch of Fraxtal represents a significant advancement in decentralized finance, offering innovative features and a user-friendly blockchain platform.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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