Frax Finance Launches Fraxtal L2 Blockchain

The DeFi project Frax Finance has activated its own Ethereum-based Layer 2 network. Initially, Fraxtal is available to a limited number of “launch partners.”

It’s time for the Fraxtal launch thread! The most important & consequential release since the dawn of Frax itself in 2020. Fraxtal testnet & mainnet are here for select launch partners! https://t.co/O8o2WbQ1C7 will be the hub of Fraxtal documentation, L2 bridge UI, & other… pic.twitter.com/UEQwbu8TfI

— Frax Finance ¤⛓️¤ (@fraxfinance) February 8, 2024

The EVM-compatible protocol operates on Rollups technology and is built using the OP Stack. Fraxtal will become part of the Superchain Optimism ecosystem alongside Coinbase’s Base.

Initially, the blockchain supports key infrastructure solutions like Etherscan, as well as applications from major launch partners, including Safe, Chainlink oracles, and cross-chain bridges from Axelar and LayerZero.

Broader access to the network is expected to open in the “next few days.” Fraxtal will function as a platform for dapps focused on DeFi.

Frax Finance is the issuer of decentralized stablecoins Frax (FRAX) and Frax Ether (FRAXETH). The project is governed through Frax Shares (FXS) tokens.

On March 6, the team will take a snapshot of FXS staked for voting to allocate Fraxtal loyalty points (FXTL). These will later reward creators and users of certain applications.

The developers have not specified whether FXTL will eventually be converted into actual tokens.

Back in July 2023, Frax Finance founder Sam Kazemian announced the launch of the L2 blockchain.