Frax Finance plans to launch Layer 2 chain Fraxtal in February

Sam Kazemian, founder of stablecoin protocol Frax Finance, said in an interview that his company is planning to launch the Layer 2 blockchain Fraxtal in February. “Based on the currently planned timeline, launch should be in the first week of February. Etherscan will support it with Fraxscan on day one, and a large number of projects will debut shortly after its launch.” The new product will support Frax’s existing product suite, which includes FRAX (fully collateralized algorithmic stablecoin), lending platform, automated market maker, inflation-linked stablecoin FPI and liquid staking token frxETH. Fraxtal will use Rollup technology, which executes transactions on the Ethereum mainnet, batches data, compresses the data, and sends it back to the mainnet. The Frax liquid staking token frxETH will power Layer 2 and act as the blockchain’s gas fee. CoinGecko data shows that FRAX has a market capitalization of US$647 million, making it the seventh largest stablecoin in the world. (CoinDesk)