DeFi projects, including the recently prominent Frax Finance, announced the launch of the Ethereum Layer 2 network Fraxtal. The mainnet, which currently hosts certain partner applications and has a limited structure, was activated today.
Activation of Fraxtal
Fraxtal operates as an Ethereum-compatible Optimistic Rollup developed using the OP Stack. It will serve as part of the Optimism’s Superchain ecosystem, alongside the Coinbase-supported Base network.
As of the time of writing, Fraxtal is hosting a limited group including decentralized infrastructure providers such as Safe, Chainlink Oracles, Axelar, and LayerZero bridges.
Investors outside this group are expected to gain access to the chain in the coming days. The network aims to function as a dapps platform focusing on decentralized finance during this period.
To briefly mention Frax, it is the issuer of the decentralized Frax stablecoin and Frax Ether, holding a value of over 1 billion dollars. The project progresses tied to the Frax Shares (FXS) tokens.
A snapshot will be taken on March 6th, and this will determine the future of Frax Shares (FXS) token holders with Fraxtal (FXTL) points awarded by vote. The team remains silent on whether the points obtained after the calculation will be exchanged for a new token.
FRAX Current Status
With only a 0.15% increase, the price is just below $0.9988, indicating to investors that it does not maintain the $1 peg typical for a stablecoin.
On the other hand, its market value also saw a 0.15% increase, positioning just under $650 million. Despite the announcement, the altcoin’s trading volume fell by 15.79%, amounting to only $10 million. This suggests a decline in investor interest in the altcoin over the last 24 hours despite the announcement.