Frax Finance (FXS) Launches Mainnet Layer-2 Fraxtal

After one month of deploying layer-2 for certain specific partners, Frax Finance has opened the mainnet layer-2 Fraxtal to ordinary users.

Azcnews Breaking

The well-known DeFi project on the Ethereum network, Frax Finance (FXS), has just officially launched access to the Fraxtal mainnet layer-2 for all users.

Previously, the platform only allowed certain partner applications such as Safe, Chainlink, Axelar, and LayerZero to “open” the mainnet.

From today, users can easily convert ETH, CRV, sfxETH, and other assets from Ethereum to Fraxtal.

Developed based on the OP Stack toolkit, Fraxtal is a strategic partner layer-2 of the Optimism Superchain, along with many other prominent names like Base, Mode, Aevo, Lyra, and Zora.

Interface Frax Finance
Interface Frax Finance

Fraxtal aims to provide a platform with security levels equivalent to Ethereum, with faster transaction speeds and optimized usage costs. Additionally, the project also aims to develop towards a modular blockchain approach similar to Celestia or Manta Network.

Fraxtal implements the FXTL reward accumulation mechanism for layer-2 activities, including liquidity provision, interaction with smart contracts/dApps, and asset holding.

As previously announced, Frax will snapshot the staking token veFXS activity on the Ethereum mainnet at 23:59 AM on March 6, 2024 (UTC). Valid users will receive FXTL airdrop points that can be converted into tokens in the future.

Additionally, the project introduces an incentive mechanism called Flox, which rewards users based on the gas fees they have spent on the network.

Related: SynFutures Launches V3 on Layer-2 Blast

FXS/USD Chart after the Announcement from Frax Finance

At the time of writing, the FXS token price of Frax Finance has not shown significant reaction following the announcement of the Fraxtal launch earlier. The price is adjusting downward in line with the Bitcoin downtrend this morning.

Chart

FXS/USDT on Tradingview at 09:50 AM on March 6, 2024.

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    Yoel Humbria

    Enfoque a mejorar todas transacciones y velocidad será una nueva experiencia e innovación para cada usuario me gusta…

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    Yoel Humbria

    Me gustaría saber qué otras sorpresas cómo estás se verán a futuro

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    Aminu

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