Frax Finance to Launch its Layer 2 Fraxtal in February with frxETH as Gas Token

Frax Finance to Launch its Layer 2 Fraxtal in February with frxETH as Gas Token

Reported by Coindesk, Decentralized finance (DeFi) protocol Frax Finance is looking to roll out its layer 2 blockchain, Fraxtal, in February, CEO and founder Sam Kazemian said in a recent interview.

“The current timeline is the first week of February. Etherscan will support it on day 1 with Fraxscan, and a huge slew of projects will debut soon after launch. It will surely be one of the biggest rollup releases of the year,” Kazemian said.

The new offering will add to Frax’s existing product suite, which comprises FRAX, a fully collateralized algorithmic stablecoin, a lending platform, an automated market maker, an inflation-linked stablecoin, FPI, and the liquid staking token frxETH.

The decentralized stablecoin-focused decentralized exchange Curve has already proposed to deploy its exchange functionalities on Fraxatal.

Fraxtal will use rollups technology, which executes transactions off the Ethereum mainnet, batches the data, compresses it, and sends it back to the mainnet. Frax's liquid staking token frxETH will power layer 2 and act as a gas for the chain.

Source

DeFi

Layer 2

In This Article

Related News
Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum
Sony’s Soneium debuts its first music NFT collection with crypto record label Sony’s Soneium debuts its first music NFT collection with crypto record label
Corn raises $8.3 million in community funding to push Bitcoin’s use on its Ethereum Layer 2 Corn raises $8.3 million in community funding to push Bitcoin’s use on its Ethereum Layer 2
Sony’s Layer-2 Blockchain 'Soneium' Goes Live Sony’s Layer-2 Blockchain 'Soneium' Goes Live
Polkadot-based Phala Network launches Ethereum Layer 2 rollup Polkadot-based Phala Network launches Ethereum Layer 2 rollup
Latest News More More
2 Days Ago 0xbow unveils ‘Privacy Pools,’ a new blockchain privacy tool drawing from Vitalik Buterin’s research
March 27 Ethereum edges closer to deploying Pectra on mainnet with successful upgrade on Hoodi testnet
March 27 MEXC Extends DEX+ Platform to Binance Smart Chain Users
March 25 Binance suspends employee for allegedly profiting off of insider information
March 25 BlackRock launches bitcoin ETP in Europe following US success
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open