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- 1 The decentralized finance Frax has launched its much-awaited Ethereum Layer 2 Network termed ‘Fraxtal.’
- 2 Fraxtal is limited, but constant development is in the process to boost its presence and integration.
- 3 The South Korean financial authorities have launched a criminal investigation against OKX, a leading cryptocurrency exchange.
Frax, a decentralized finance, has launched its much-awaited Ethereum Layer 2 Network termed ‘Fraxtal’; the mainnet was earlier restricted, and the activation was done on February 08, 2024, for some selected partner applications.
Fraxtal is an Ethereum-compatible optimistic rollup designed by using OP Stack, it will be the part of Superchain ecosystem with a base backed by Coinbase, one of the leading global cryptocurrency exchanges.
As of now, Fraxtal is limited and constant development in progress to boost its presence and integration. The network is supposed to work as a decentralized application (dApps) and will be available for users in the coming days.
Frax stablecoin and Frax Ether are the most popular products linked to the Frax ecosystem; it has a total lock value of $1.043 Billion (when writing).
Frax Share (FXS) has shown significant growth in the past few hours, and when writing, it was trading at $9.18. Similarly, its market capitalization and trading volume fell significantly.
Fraxtal aims to offer a user-friendly and cost-effective deployment process similar to Etherscan. The Frax ecosystem has announced that it is working on the process of launching incentive schemes, liquidity rewards, and other never-before features.
In the same ‘X’ post, the firm noted that a large airdrop of $FXTL points to veFXS stakers based on veFXS balance on March 06, 2024 2024, 11:59 pm UTC. The week after this airdrop on March 13, the Flox mechanism will go live & the fun begins.”
“Dapps that have taken the time to deploy in the four weeks prior & users that have brought assets to Fraxtal will start earning FXTL points every block they use the chain.”
Other Market Updates
The South Korean financial authorities recently launched a criminal investigation against OKX, a leading cryptocurrency exchange. A report compiled by a national firm highlights the exchange’s involvement in unlawful activities in the country.
OKX is among the leading cryptocurrency exchanges globally, but the ranking of CoinMarketCap on February 07, 2024, shows that the exchange lost its third position and slipped to number 6.
In the past 24 hours, the market capitalization of the crypto industry has grown significantly, and when writing, it was $1.71 Trillion. Bitcoin price showed strong positive momentum, broke the resistance of $44k, and is trading at $44,776(as of writing).
Similarly, the second most talked about and third most traded token of the crypto market, Ethereum, surged 2%, exchanging hands above $2,400. BitTorrent (BTT) is the topper of the daily gainer list.
Market observers believe ETH prices are being strongly influenced by the hype around Ether spot ETFs.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
