Fraxtal Opens Mainnet to Users, Announces Snapshot for Rewards Points

Frax Finance, a well-known DeFi project on Ethereum, has officially opened access to its Fraxtal layer-2 mainnet to all users.

Previously, the platform only allowed mainnet access to select partner applications such as Safe, Chainlink, Axelar, and LayerZero.

Starting today, users can easily transfer ETH, CRV, sfxETH, and other assets from Ethereum to Fraxtal.

Developed using the OP Stack toolkit, Fraxtal is a strategic layer-2 partner of Optimism Superchain, along with other notable names like Base, Mode, Aevo, Lyra, and Zora.

Fraxtal aims to offer a platform with security levels equivalent to Ethereum, high transaction speeds, and optimized usage costs. Additionally, the project has ambitions to develop as a modular blockchain similar to Celestia or Manta Network.

Fraxtal employs a rewards points accumulation mechanism called FXTL for activities on the layer-2, including providing liquidity, interacting with smart contracts/dApps, and holding assets.

As previously announced, Frax will take a snapshot of veFXS token staking activities on the Ethereum mainnet at 06:59 AM on March 7, 2024 (Vietnam time). Eligible users will receive FXTL points, which can be converted into tokens in the future.

Furthermore, the project has introduced an incentive mechanism called Flox, which rewards users based on the gas fees they have spent using the network.

At the time of writing, the price of Frax Finance’s FXS token has not shown a significant reaction compared to the previous announcement of Fraxtal’s launch. The price is currently adjusting downward in line with Bitcoin’s early morning decline.