Frax Finance Launches Fraxtal: A Revolutionary Ethereum Layer 2 Blockchain

4 views 4:36 am 0 Comments February 16, 2024

Multifaceted stablecoin protocol Frax Finance has unveiled its latest venture, Fraxtal, an Ethereum Layer 2 blockchain constructed using the OP stack. The platform aims to stand out in the competitive Layer 2 landscape through its unique blockspace incentive system, Flox, providing rewards on a block-by-block basis tied to chain utilization.

Frax Announces Airdrop and VeFXS Snapshot for Fraxtal Launch

Frax has declared an airdrop of $FXTL points to veFXS stakers, with a snapshot scheduled for March 6. Despite a 2% dip in FXS over the past 24 hours, the platform anticipates heightened activity with the introduction of Fraxtal.

Flox Mechanism Activation and User Rewards on the Horizon

Fraxtal’s differentiation strategy is further emphasized by the activation of the Flox mechanism on March 13. Subsequently, decentralized applications (dapps) successfully deployed on Fraxtal and users bridging assets to the platform will commence earning FXTL points with every block.

Fraxtal promises users a seamless, cost-effective, and Ethereum Virtual Machine (EVM)-equivalent experience. The platform has forged partnerships with leading Web3 infrastructure entities, including Etherscan, Safe, Chainlink, Axelar Network, and LayerZero Labs.

Commitment to Superchain Ecosystem Growth: RetroPG System Introduced

In line with its dedication to expanding the Superchain ecosystem, Fraxtal plans to implement a retroactive public goods funding system (RetroPG). This initiative aims to incentivize infrastructure and dapp builders on the platform, fostering innovation and growth within the Fraxtal ecosystem.

Frax: A DeFi Powerhouse with Impressive Total Value Locked

Frax, positioned among the top 20 DeFi protocols, boasts a total value locked (TVL) of $1.4 billion, according to DeFiLlama. Established in late 2020, the protocol is renowned for issuing the FRAX dollar-pegged stablecoin. However, its recent growth surge is attributed to frxETH, the Ethereum liquid staking token offered by the platform.

The introduction of Fraxtal signifies a significant stride in Frax’s journey, bringing forth a cutting-edge Layer 2 solution with unique incentives. The collaboration with key industry players and the commitment to ecosystem growth through RetroPG showcase Fraxtal’s commitment to advancing the decentralized finance landscape. As the platform prepares for the upcoming airdrop and Flox activation, the industry eagerly awaits the impact of this pioneering Ethereum Layer 2 blockchain.