Frax Finance announces the launch of modular Layer 2 blockchain Fraxtal. The Fraxtal testnet and mainnet are open to select launch partners, and regular users will be able to connect to the chain in the next few days.
Fraxtal is a blockchain with a block space incentive mechanism (called Flox) that rewards blocks on a block-by-block basis based on blockchain usage. Accounts and smart contracts that use specific DApps on Fraxtal will be rewarded with FXTL points based on the Flox algorithm.
All incentive systems, liquidity rewards, new FXTL points, and airdrop snapshots will begin later this month to give launch partners and teams time to deploy their DApps and stake FXS.
Frax also stated that it will airdrop FXTL points on a large scale to veFXS stakers based on the veFXS balance at 23:59 UTC on March 6. The Flox mechanism will go live the second week after this airdrop.