Frax Finance launched the Ethereum Layer 2 network Fraxchain, which is expected to be ready by the end of this year

Stablecoin protocol Frax Finance launched the Ethereum Layer 2 network Fraxchain, which will work to create a smart contract platform emphasizing decentralized finance. The network is expected to be ready by the end of this year. The management of Fraxchain will be led by holders of Frax Shares (FXS) tokens. The network will use Frax, a stablecoin, and Frax Ether, a liquid collateralized derivative, to pay transaction fees. Additionally, Frax founder Sam Kazemian said that fees generated by the Rollup network can be partially burned or redirected back to the Ethereum mainnet to be distributed to holders of the FXS governance token. Fraxchain adopts the Layer2 Rollup model in its design, publishing the state root to the Ethereum mainnet to secure the network. Fraxchain will integrate a decentralized sequencer. These sequencers are specialized nodes responsible for ordering transactions into batches in the Rollup network. They will be operated by whatever entity is elected through a governance vote.