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Kazemian expects Fraxtal Finance to make a massive start, attracting at least several hundred million dollars worth of crypto assets in the first month, and to have a major breakout.
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Decentralized finance (DeFi) protocol Frax Finance is home to one of the world’s largest stablecoins. CEO and founder Sam Kazemian made key announcements about Fraxtal, their planned 2.0 blockchain that is set to launch in February, in an interview.
Kazemian said, “The current timeline is the first week of February. Etherscan will support it with Fraxscan on day one, and many projects will launch immediately after launch. It will definitely be one of the biggest rollups launches of the year.”
The new offering includes additions to the existing product suite, which includes Frax’s fully collateralized algorithmic stablecoin, FRAX, lending platform, automated market maker, inflation-linked stablecoin, FPI, and liquid staking token frxETH. According to CoinGecko, as of the time of writing, FRAX’s market cap is recorded at $647 million, making it the seventh-largest stablecoin in the world.
Decentralized stablecoin-focused decentralized exchange Curve has already announced its intention to integrate its exchange functionality into Fraxtal Finance.
Layer 2 will be more useful because of Fraxtal Finance
Layer 2 is a secondary framework or protocol built on top of an existing blockchain, and is used to address bottlenecks and improve transaction speeds. Fraxtal Finance will use rollup technology, which executes transactions off of the Ethereum mainnet, collects data, compresses it, and sends it back to the mainnet. The liquid staking token frxETH, designed to reduce blockchain gas, will power Layer 2 and act as a gas for the chain.
Kazemian states that he expects Fraxtal to have a major breakout, attracting at least several hundred million dollars worth of crypto assets in the first month. He also said, “We expect to see at least a nine-figure total value locked in the first month, and over $1 billion in the first quarter. If our innovations are well-received, this will put us in the top 5 chains in short order.”
Kazemian emphasized that the block space incentive feature, called Flox, is a feature that distinguishes Fraxtal from other layer 2 solutions. Block space refers to the limited amount of data that can be stored in each block on the blockchain. Users and developers will continue to benefit from the incentive program by paying for block space and earning a fixed yield through the weekly FXTL point measurement system.