Sam Kazemian, the founder and CEO of decentralized finance (DeFi) protocol Frax Finance, revealed in an interview with CoinDesk that Frax Finance plans to launch Layer 2 network Fraxtal in February.
Kazemian stated that the launch of Fraxtal is currently scheduled for the first week of February, with Ethereum blockchain browser Etherscan supporting the network through Fraxscan on the first day. He said:
“Frax’s existing product suite includes fully collateralized algorithmic stablecoin FRAX, lending platform, automated market maker (AMM), stablecoin FPI pegged to inflation index, and liquidity staking token frxETH. According to CoinGecko data, FRAX has a market cap of $647 million, making it the seventh-largest stablecoin globally.”
The frxETH token will power Fraxtal and serve as the gas fee payment token on the chain. Decentralized exchange Curve has already proposed deploying its exchange functionality on Fraxtal.
Kazemian anticipates that the debut of Fraxtal will make a splash, attracting at least hundreds of millions of dollars worth of crypto assets in the first month. He stated:
“Fraxtal’s blockspace incentive feature, called ‘Flox,’ sets it apart from other Layer 2 networks. Blockspace refers to the limited amount of data that can be stored in each block on the blockchain, and users and developers who use the blockchain and pay for blockspace can earn stable returns through this incentive program and the weekly FXTL score measurement system.”
