Frax Finance launches the Ethereum Layer 2 network Fraxchain, expected to be ready by the end of this year

ChainCatcher news, stablecoin protocol Frax Finance has launched the Ethereum Layer2 network Fraxchain, which will focus on creating a smart contract platform that emphasizes decentralized finance. The network is expected to be ready by the end of this year. The governance of Fraxchain will be led by holders of the Frax Shares (FXS) token. The network will use the stablecoin Frax and liquid staking derivatives Frax Ether to pay for transaction fees. Additionally, Frax founder Sam Kazemian stated that fees generated by the Rollup network could be partially burned or redirected back to the Ethereum mainnet to be distributed to holders of the FXS governance token.

Fraxchain adopts a Layer2 Rollup model in its design, publishing the state root to the Ethereum mainnet to secure the network. Fraxchain will integrate decentralized sequencers. These sequencers are specialized nodes responsible for ordering transactions into batches within the Rollup network. They will be operated by any entity elected through governance voting. (source link)