Frax Finance Unveils Fraxtal, an Innovative L2 Network – What Sets It Apart? Any Airdrop Events?

Frax Finance Unveils Fraxtal, an Innovative L2 Network - What Sets It Apart? Any Airdrop Events?

Frax Finance Unveils Fraxtal, an Innovative L2 Network - What Sets It Apart? Any Airdrop Events?

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L2 Blockchain Network Fraxtal
Fraxtal Introduces Block Space Incentive System – Flox
Staking FXS Airdrops FXTL Points
Frax Finance, a decentralized finance protocol on Ethereum, officially announced the launch of its modular Layer 2 blockchain network Fraxtal today.
According to the official announcement, Fraxtal, like other networks such as Base, is a Layer 2 network built on the OP Stack and is one of the early supporters of Optimism’s “Superchain” vision. Fraxtal will collaborate with several major Ethereum infrastructure providers, including Fraxscan developed by Etherscan, the smart contract wallet Safe, the oracle Chainlink, as well as partners such as Axelar network and LayerZero.
Currently, Fraxtal’s testnet and mainnet are open to selected launch partners, but regular users will have to wait a few days to connect to the network.
What sets Fraxtal apart is that it is the first blockchain network to have a “block space incentive” called Flox, which rewards accounts and smart contracts that interact with specific dapps in the block space based on the utilization of block space, according to the Flox algorithm. In simple terms, whenever a block is created and verified, accounts and smart contracts interacting in that block space with specific dapps will receive FXTL points as rewards. This not only encourages general users to interact on the chain but also provides economic incentives for ecosystem developers.
Furthermore, the official statement mentions that the Flox incentive mechanism is more advantageous than traditional “Gas refunds” or “sequencer fee sharing” mechanisms. Unlike mechanisms focused on reducing transaction costs, Flox rewards users and developers based on the actual usage of the blockchain, thus providing greater economic incentives for deploying and using smart contracts on Fraxtal.
Currently, Fraxtal is actively recruiting partners to join the ecosystem and states that teams willing to provide airdrops for FXS stakers will have their protocol contracts directly integrated into the Flox incentive algorithm! (FXS is expected to become the new gold standard.)
Additionally, the official statement mentions that they are exploring opportunities to incentivize builders creating valuable infrastructure and dapps on Fraxtal through a “RetroPG (Retrospective Public Goods) funding system.”
Lastly, the official announcement states that a large-scale FXTL point airdrop will be conducted for veFXS stakers on March 6, 2024, at 23:59 UTC, and the Flox mechanism will be activated in the following week (March 13), allowing deployed dapps and users bringing assets to Fraxtal to start earning FXTL points in every block they use on the chain.