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
Wang Yongli: Why did China resolutely halt stablecoins?
China is accelerating the development of the digital yuan, and its policy stance to resolutely curb virtual currencies, including stablecoins, has become fully clear. This approach is based on a comprehensive consideration of factors such as China’s global leadership in mobile payments and the digital yuan, the sovereignty and security of the renminbi, and the stability of the monetary and financial system.

Not just rate cuts? Former New York Fed expert: Powell may announce a $4.5 billion bond purchase plan
As the December FOMC meeting approaches, the market's focus has shifted from interest rate cuts to the possibility of the Federal Reserve restarting large-scale asset purchases.

AiCoin Daily Report (December 8)
Aevo Co-founder Criticizes the Industry: I Wasted 8 Years of My Life in Crypto
He believes the industry has lost its idealism and has turned into the largest and most participated super casino in human history, and he feels disgusted for having contributed to this casino.

