Frax announced the launch of its L2 network Fraxtal. 🔗👀
Frax Finance, the driving force behind the decentralized stablecoin Frax, has introduced its eagerly awaited Ethereum Layer 2 network, Fraxtal. Currently, this mainnet is exclusively available to designated launch partners.
Fraxtal, operating as an Ethereum-compatible optimistic rollup, leverages the OP Stack in its development. Seamlessly integrated into Optimism's Superchain ecosystem alongside Coinbase-backed Base, it promises heightened efficiency in decentralized finance (DeFi) operations.
The initial mainnet access is strategically limited to launch partners, encompassing notable names such as Safe, Chainlink oracles, Axelar, and LayerZero bridges.
🔹Upcoming Accessibility:
General users can anticipate gaining access to the Fraxtal network in the imminent days, marking a significant step towards broader adoption.
🔹Use Case:
Fraxtal positions itself as a decentralized applications (dApps) platform with a predominant focus on DeFi, offering a versatile and robust ecosystem for decentralized financial activities.
🔹Frax Ecosystem Overview:
The established Frax Finance ecosystem, recognized for its Frax stablecoin and Frax Ether, currently boasts a total value locked exceeding $1 billion. Governance is expertly managed through Frax Shares (FXS) tokens, ensuring community involvement in decision-making processes.
🔹Airdrop Announcement:
On March 6, an exciting airdrop snapshot is scheduled for holders of vote-escrowed Frax Shares (FXS) tokens. Holders are set to receive Fraxtal (FXTL) points, with further details pending clarification from the Frax Finance team regarding the potential exchange for a distinct token.
As Fraxtal unveils its Layer 2 scaling potential, enthusiasts are encouraged to stay tuned for forthcoming updates that promise to shape the decentralized landscape. The evolution of Fraxtal signifies a progressive stride toward a more scalable and efficient DeFi ecosystem on Ethereum.
