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A key component of Fraxchain will be its decentralized sequencers
Satheesh Sankaran/Shutterstock modified by Blockworks
Frax Finance, known for creating decentralized stablecoins, announced the launch of its own layer-2 blockchain. The introduction of Fraxchain is scheduled to take place by the end of 2023.
The Frax team is most well known for frxETH, a loosely pegged algorithmic ETH stablecoin that is partially collateralized.
According to Blockworks Research, frxETH has been the fastest-growing liquid staking product since its launch; it has grown from $0 to $378 million in less than eight months.
It also has a unique staking model that is made possible through sfrxETH — an ERC-4626 vault that accrues staking yield for frxETH validators.
“One key differentiator in the protocol’s staking model is the frxETH and sfrxETH dynamic, where liquidity provider incentives for frxETH entice holders to forgo staking for sfrxETH,” Blockworks Research said.
Fraxchain will be Frax Finance’s very own EMV-compatible layer-2. It will likely launch the chain before year’s end, Frax Finance’s founder Sam Kazemian said on the Flywheel DeFi podcast.
The solution will be a hybrid rollup consisting of both optimistic rollup architecture (used by Optimism and Arbitrum) and zero-knowledge proofs. It will also utilize frxETH as its gas token, giving the token more utility.
This will enable faster transaction finality and decentralized sequencer capabilities, Blockworks Research noted.
“The chain can elect to implement an EIP-1559 type mechanism where transaction fees can be burnt and this value can accrue to veFXS holders,” Blockworks Research said.
VeFXS (Vote-EscroweD FXS) is a token designed to earn long-term token holders yield. Users can lock in FXS tokens for up to four years and earn four times the amount of veFXS.
“VeFXS holders may also elect to introduce a bribe market for sequencers,” Blockworks Research said. “Frax is no stranger to bribe markets in DeFi and continues to hold the lion’s share of CRV and CVX, which enables the protocol to drive deep liquidity and incentives to its products.”
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