Frax Finance (FXS) Launches Mainnet Layer-2 Fraxtal

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.

In exactly 24 hours from now the official March 6th snapshot will be taken for $FXTL points based on veFXS balances of stakers on Ethereum mainnet! $FXTL balances will be viewable on Fraxtal on the same address that staked veFXS. Partner protocols such as @ConvexFinance,…

— Frax Finance ¤⛓️¤ (@fraxfinance) March 6, 2024

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.

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.

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