Back to the list

DeFi Project Frax Finance Announced a New Network Update!

source-logo  en.bitcoinsistemi.com 08 February 2024 13:53, UTC

Frax Finance, one of the leading players in the DeFi industry, announced that the Ethereum Layer 2 network Fraxtal has become operational. The network is enabled today on a restricted mainnet for select partner applications.

Frax Introduces Ethereum Layer 2 Network Fraxtal in Partnership with Key Apps

Fraxtal is an Ethereum compatible optimistic Rollup developed using OP Stack. Fraxtal will join the ranks of Optimism's Superchain ecosystem alongside Coinbase-backed Base.

Currently, access to Fraxtal is limited to launch partners. These include Safe, Chainlink Oracles, and decentralized infrastructure providers such as Axelar and LayerZero bridges.

It is expected that general users will also gain access to the chain in the coming days. The network will function as a platform for decentralized applications (dapps), with a particular focus on decentralized finance.

Frax, known for producing the decentralized Frax stablecoin and Frax Ethereum, is valued at over $1 billion in total. The project operates under the management of Frax Shares (FXS) tokens.

An airdrop snapshot will be available on March 6 for holders of the voted Frax Shares (FXS) token. These holders will receive Fraxtal (FXTL) points. However, the team did not clarify whether these points would be replaced with a separate token in the future.

*This is not investment advice.