Frax Finance, a leading stablecoin protocol, has announced the launch of Fraxtal, a cutting-edge Ethereum Layer 2 blockchain. Developed on the Optimism (OP) stack, Fraxtal represents a significant advancement in the Layer 2 ecosystem, promising to offer a unique blend of efficiency and scalability.
Incentivizing Participation with FXTL Points Airdrop
In a strategic move to engage its community, Frax Finance will reward veFXS stakers with $FXTL points through an airdrop, with a snapshot scheduled for March 6. This initiative follows a slight 2% decline in FXS value over the past 24 hours, signaling a direct benefit for the protocol’s loyal supporters.
Flox: A Novel Blockspace Incentive System
Setting itself apart from other Layer 2 solutions, Fraxtal introduces Flox, an innovative blockspace incentive mechanism. Flox rewards dapps and users based on their activity and the overall utilization of the blockchain, starting from its activation on March 13.
Ecosystem Expansion and Partnerships
Fraxtal promises an accessible, cost-effective, and Ethereum Virtual Machine (EVM)-compatible experience for its users. It has already forged partnerships with leading Web3 infrastructure projects, including Etherscan, Safe, Chainlink, Axelar Network, and LayerZero Labs, to enhance its ecosystem further.
Supporting Public Goods with RetroPG
Fraxtal is committed to the growth of the Superchain ecosystem through initiatives like the Retroactive Public Goods Funding System (RetroPG). This program aims to fund infrastructure and dapp developers retroactively, fostering innovation and development on the platform.
A Leading Protocol with Significant TVL
Frax, ranked among the top 20 DeFi protocols with a total value locked (TVL) of $1.4 billion, according to DeFiLlama, continues to influence the decentralized finance space. Since its inception in late 2020, Frax has been known for issuing the FRAX dollar-pegged stablecoin. However, its recent growth is largely attributed to frxETH, its Ethereum liquid staking token, highlighting its evolving role and contribution to the DeFi ecosystem.
