Frax opens bridge access to Layer 2 network Fraxtal; plans reward snapshot today
Quick Take Fraxtal’s mainnet is now accessible to users through its official bridge. This follows Fraxtal’s restricted mainnet, initially for selected partner apps.
This move follows the network’s restricted mainnet launch , initially available only to selected partner applications, including infrastructure providers such as Safe, Chainlink, Axelar and LayerZero.
The expansion lets users deposit assets, including ETH, CRV, sfxETH, and others from Ethereum to Fraxtal.
Developed as an Ethereum-compatible optimistic rollup using the OP Stack, Fraxtal is set to become part of the Optimism Superchain ecosystem, aligning with other players like the Coinbase-backed Base , Mode, Aevo , Lyra and Zora. The network aims to serve as a dapps platform with a particular emphasis on decentralized finance.
Frax is the creator of the decentralized Frax stablecoin and liquid staking derivative Frax Ether, supporting a total value locked of over $1 billion.
Reward snapshot
In a related development, the Frax team is set to take a snapshot of all vote-escrowed stakers of Frax Shares (veFXS) on the Ethereum mainnet today. These participants will receive a distribution in the form of Fraxtal (FXTL) points in some days, which may convert into a new token.
The network will separately introduce what's known as the Flox incentive system that will reward users based on the amount of gas they spend on the network, encouraging active participation.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
This Week's Preview: BTC Falls Below 94,000, AI "Judgment Day" and Macro "Settlement Day" Both Looming
Bitcoin and Ethereum prices have declined as the market adopts a risk-off approach ahead of the upcoming Nvidia earnings report and the release of the Federal Reserve minutes. Nvidia's earnings will influence the AI narrative and capital flows, while the Fed minutes may reinforce a hawkish stance. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.
The Ali Qianwen app's initial launch faces a surge in traffic; the official response is "operating well, feel free to ask."
The public beta of the Qianwen app has been launched, with Alibaba introducing its personal AI assistant to the consumer market. The first day’s traffic exceeded expectations, and some users experienced service congestion. “Alibaba Qianwen crashed” quickly trended on social media, but the official response stated that the system is operating normally.
Another giant exits! The "Godfather of Silicon Valley Venture Capital" sells all Nvidia shares and buys Apple and Microsoft
Billionaire investor Peter Thiel has revealed that he has fully exited Nvidia, coinciding with rare simultaneous retreats by SoftBank and "Big Short" investor Michael Burry, further intensifying market concerns about an AI bubble.
How to evaluate whether an airdrop is worth participating in from six key dimensions?
Airdrop evaluation is both an "art and a science": it requires understanding human incentives and crypto narratives (art), as well as analyzing data and tokenomics (science).
Trending news
MoreCrypto prices
More
