Frax opens access to the layer 2 network Fraxtal. Plan Rewards Snapshot
DeFi project Frax Finance has opened a bridge to the new Ethereum Layer 2 network, Fraxtal, to facilitate fund transfers for individual users.
This move follows the limited mainnet launch of the network, initially available only to selected partner applications, including infrastructure providers such as Safe, Chainlink, Axelar, and LayerZero.
The expansion will allow users to deposit assets including ETH, CRV, sfxETH, and more from Ethereum to Fraxtal.
Developed as an Ethereum-compatible optimistic rollup using the OP stack, Fraxtal plans to become part of the Optimism Superchain ecosystem, collaborating with other players such as Coinbase-backed Base, Mode, Aevo, Lyra, and Zora. The network aims to serve as a dapp platform with a particular focus on decentralized finance.
Frax is the creator of the decentralized Frax stablecoin and Frax Ether, a liquid staking derivative that supports a total pegged value of over $1 billion.
Reward Snapshot
In a related development, the Frax team will be taking a snapshot of all Frax Shares (veFXS) stakers escrowed for voting on the Ethereum mainnet today. These participants will receive distributions in the form of Fraxtal (FXTL) points within a few days, which can be converted into new tokens.
The network will separately introduce a Flox incentive system that will encourage active participation by providing rewards based on the amount of gas users spend on the network.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
