Demex Daily #86: Frax Finance Launches Fraxtal L2 Blockchain with Innovative Rewards

What’s Interesting Today:

Frax Finance launched Fraxtal, a Layer 2 blockchain on Ethereum using the Optimism stack, announcing an airdrop of $FXTL points for veFXS stakers with a snapshot due on March 6. Fraxtal introduces the Flox incentive system, rewarding utilization per block from March 13. It promises a user-friendly and cost-efficient experience, supported by partnerships with leading Web3 infrastructure projects. Fraxtal also plans a retroactive public goods funding model to support its ecosystem. Frax, a top 20 DeFi protocol with $1.4B TVL, is known for its FRAX stablecoin and frxETH, marking significant growth since its 2020 inception.

Polygon has released an open-source zkEVM prover that enables Ethereum-compatible chains to operate as zero-knowledge Layer 2 networks, streamlining transactions at a cost of $0.002-$0.003 each. This technology, which supports seamless upgrades to zkEVM Layer 2 and reduces the need for full nodes, is expected to enhance efficiency for users and developers, particularly benefiting optimistic rollups by addressing their withdrawal delay issues. Polygon's commitment to Ethereum's open-source ethos is emphasized by making this prover publicly available on GitHub.