Frax To Launch Ethereum Layer 2 Fraxchain
The Frax Finance team, well known for developing the Frax stablecoin, has revealed its plan to introduce a Layer 2 blockchain: Fraxchain.
According to the researchers, the network will be used to build a platform for smart contracts that places a heavy emphasis on decentralised finance. According to Sam Kazemian, founder of Frax, “Fraxchain essentially represents the culmination of the entire Frax ecosystem and all of the traction and usage we’ve gained.”
By the end of the year, the network should be operational. Owners of Frax Shares (FXS) tokens will be in charge of running Fraxchain. The network will charge transaction fees using the Frax stablecoin and Frax Ether, its liquid staking equivalent. In addition, Kazemian said, some of the roll-up network fees might be burned or diverted back to the Ethereum mainnet and distributed to FXS governance token holders.
(With inputs from Shikha Singh)
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