Frax Finance Launches Fraxtal on March 6th, Eyes veFXS Snapshot and 99.1% CR

The Frax Finance ecosystem has launched its new Layer 2 network, Fraxtal, which is now live and trackable on GeckoTerminal. This modular rollup blockchain, described as utilizing a 'fractal scaling' roadmap, operates as an EVM rollup leveraging the OP stack for its smart contract platform and execution environment. The network is witnessing growing activity, particularly with the anticipation of the March 6th veFXS snapshot, which will determine $FXTL points for stakers on the Ethereum mainnet. This snapshot is part of Frax's strategy to engage its community and reward participants, with partner protocols such as ConvexFinance being involved. Additionally, the $frax Collateral Ratio (CR) update shows a significant achievement with a 99.1% ratio, hinting at the potential redistribution of protocol fees to $fxs holders.