Decentralized finance (DeFi) protocol Frax Finance is preparing to launch its Layer 2 blockchain in a few weeks.
According to the statements of Sam Kazemian, CEO of Frax Finance, the team developed the Layer 2 blockchain. to launch in February is planning.
Kazemian, “In the current timeline first week of february determined. Etherscan, together with Fraxscan, will support this from day one, and many projects will be launched after the opening. “This will definitely be one of the biggest rollup openings of the year.” said.
Fraxtal, developed to solve congestion and transaction speed problems in blockchains. rollup technology uses. For gas fees on Fraxtal, Frax currently uses frxETH Liquid staking token named will be used.
Kazemian, “The value of the assets that will be locked on the platform in the first month at least 9 digits to be in the first quarter to exceed 1 billion dollars we are waiting. “Once people meet our innovations, this will easily place us among the top 5 chains.” said.
According to TradingView data, Frax Share (FXS) rose on a daily basis after announcements about the project were made. gained more than 3%. Frax Share is used for the governance of stablecoins and infrastructure protocols in the ecosystem.
of the Frax ecosystem algorithmic stablecoin FRAX, approximately 650 million dollars It is among the largest stablecoins by market value.