Frax Finance to Launch its Layer 2 Fraxtal in February with frxETH as Gas Token

Reported by Coindesk, Decentralized finance (DeFi) protocol Frax Finance is looking to roll out its layer 2 blockchain, Fraxtal, in February, CEO and founder Sam Kazemian said in a recent interview.

“The current timeline is the first week of February. Etherscan will support it on day 1 with Fraxscan, and a huge slew of projects will debut soon after launch. It will surely be one of the biggest rollup releases of the year,” Kazemian said.

The new offering will add to Frax’s existing product suite, which comprises FRAX, a fully collateralized algorithmic stablecoin, a lending platform, an automated market maker, an inflation-linked stablecoin, FPI, and the liquid staking token frxETH.

The decentralized stablecoin-focused decentralized exchange Curve has already proposed to deploy its exchange functionalities on Fraxatal.

Fraxtal will use rollups technology, which executes transactions off the Ethereum mainnet, batches the data, compresses it, and sends it back to the mainnet. Frax's liquid staking token frxETH will power layer 2 and act as a gas for the chain.