Posted: February 8, 2024 2:26 AM Updated: February 8, 2024 2:26 AM
Correction and fact check date: February 8, 2024, 2:26 AM
briefly
Frax Finance has launched Fraxtal, a modular layer 2 blockchain with block space incentives that rewards FXTL points based on chain usage.
Frax Finance, a non-custodial lending platform, announced the launch of Fraxtal, a modular layer 2 blockchain that integrates block space incentives and provides block-specific rewards based on chain usage.
Fraxtal’s default execution environment is the EVM rollup equivalent of the OP stack. When deploying and leveraging the chain, users can have confidence in full EVM equivalence and alignment with Ethereum standards and security. Fraxtal’s deployment process is designed to be user-friendly, cost-effective, and simple.
Fraxtal will therefore launch alongside essential Ethereum infrastructure providers such as Etherscan’s Fraxscan, as well as important decentralized applications (dApps) that users typically expect, including Safe, Chainlink oracles, bridges on the Axelar Network, and Layer Zero. Additionally, Fraxtal will become an early participant in the Optimism Superchain, joining Base and other contributors.
Frax Finance has announced plans to roll out its incentive system, liquidity rewards, new FXTL points and airdrop snapshots later this month to ensure partners and teams are properly prepared to deploy dApps and stake FXS.
The Fraxtal testnet and mainnet are currently accessible to selected launch partners, and regular users are expected to connect to the chain in the future. The Flox algorithm determines which 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 on March 7th at 7:59 PM Beijing time. After the second week of airdrops, the Flox mechanism will be activated, allowing users to earn rewards from each block, marking an important milestone.
Fraxtal’s pioneering force in decentralized finance
Launched by Frax Finance last year, Fraxtal is designed to build a smart contract platform focused on decentralized finance. Fraxtal’s governance is overseen by Frax Shares (FXS) token holders. The network utilizes the Frax stablecoin and Frax’s liquid staking derivative, Frax Ether (frxETH), for transaction fees. Additionally, fees generated on the Rollup Network can be partially burned or distributed back to the Ethereum mainnet by being distributed to FXS governance token holders.
The launch of Fraxtal by Frax Finance marks a significant advancement in decentralized finance, offering innovative features and a user-friendly blockchain platform.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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