Frax Finance to Launch its Own Second-tier Ethereum Network

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The Frax Finance team plans to launch its own second-tier Ethereum network, Fraxchain, by the end of the year.

In a recent Flywheel DeFi podcast, founder Sam Kazemian revealed the protocol’s utilization of a hybrid technology comprised of Optimistic rollups and zero-knowledge proofs to create an EVM-compliant solution.

The protocol is most well-known for their issuance of three decentralized stablecoins—FRAX (pegged to the US Dollar), Frax Price Index (FPI), and FraxEther (frxETH)—as well as their governance token Frax Share (FXS).

All assets are planned to launch on the Fraxchain, and can be transferred to other blockchains via the Fraxferry cross-chain solution.