UPDATED: March 6, 2024, 3:10 AM EST
DeFi project Frax Finance opened a bridge to Fraxtal, its new Ethereum Layer 2 network, facilitating the transfer of funds for individual users.
This move follows the limited mainnet launch of the network, which was initially only available to select 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 others from Ethereum to Fraxtal.
Developed as an Ethereum-compatible Optimism rollup using the OP Stack, Fraxtal will become part of the Optimism Superchain ecosystem, aligning with other players such as Coinbase-backed Base, Mode, Aevo, Lyra, and Zora. The network aims to serve as a dapps platform with a particular emphasis on decentralized finance.
Frax is the creator of the decentralized Frax stablecoin and the liquid staking derivative Frax Ether, which supports a total value of over $1 billion.
Frax will take a snapshot of veFXS stakers
In a related development, the Frax team plans to take a snapshot today of all vote-stored stakers of Frax shares (veFXS) on the Ethereum mainnet. These stakers will later receive a payout in the form of Fraxtal (FXTL), which can be converted into a new token.
The network will separately introduce the so-called Flox incentive system, which will reward users based on the amount of gas they spend on the network, encouraging active participation.
