Table of Contents
Toggle
L2 Blockchain Network Fraxtal
Fraxtal Introduces Block Space Incentive System – Flox
Stake FXS Airdrop FXTL Points
Frax Finance, a decentralized finance protocol on Ethereum, officially announced the launch of its modular Layer 2 blockchain network, Fraxtal, today.
According to the official announcement, Fraxtal is built on the OP Stack and is one of the early supporters of Optimism’s “Superchain” vision, similar to other networks such as Base. Fraxtal will collaborate with several major Ethereum infrastructure providers, including Fraxscan developed by Etherscan, the smart contract wallet Safe, the oracle Chainlink, as well as partners like Axelar network and LayerZero.
Currently, the Fraxtal testnet and mainnet are now open to selected launch partners, but regular users will have to wait a few days to connect to the network.
What sets Fraxtal apart is that it is the first blockchain network with a “block space incentive” called Flox, which rewards accounts and smart contracts interacting with specific dapps in the block space based on the utilization level. In simple terms, whenever a block is created and verified, accounts and smart contracts interacting with specific dapps in that block space will receive FXTL points as rewards according to the Flox algorithm. This not only encourages general users to interact on the chain but also provides economic incentives for ecosystem developers.
Furthermore, the official statement mentions that the Flox incentive mechanism is more advantageous compared to traditional “Gas refunds” or “sorter fee sharing” mechanisms. Flox focuses on rewarding users and developers based on the actual usage of the blockchain, rather than solely reducing transaction costs, resulting in greater economic incentives for deploying and using smart contracts on Fraxtal.
Currently, Fraxtal is actively recruiting partners to join the ecosystem and states that teams willing to provide airdrops for FXS stakers will have their protocol contracts directly integrated into the Flox incentive algorithm. (FXS is poised to become the new gold standard.)
Additionally, the official announcement also mentions the exploration of opportunities to incentivize builders of valuable infrastructure and dapps on Fraxtal through a “RetroPG (Retrospective Public Goods) funding system.”
Finally, the official statement states that a large-scale FXTL points airdrop will be conducted for veFXS stakers on March 6, 2024, at 23:59 UTC. Following the airdrop, the Flox mechanism will be launched the following week (March 13), and users who have deployed dapps and brought assets to Fraxtal will start earning FXTL points in every block they use on the chain.
