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Frax Finance Team Unveils Strategy for Decentralized Finance-focused Layer 2 Blockchain, Fraxchain

June 16 (Cointime) - Frax Finance, the team behind the Frax stablecoin, has announced plans to launch Fraxchain, a Layer 2 blockchain focused on decentralized finance and smart contracts. Fraxchain will be governed by Frax Shares (FXS) token holders and will use the Frax stablecoin and Frax Ether for transaction fees. The network is expected to be ready by the end of the year and will incorporate a decentralized sequencer model, allowing for sequencer roles to be auctioned off and rotated. This feature sets Fraxchain apart from other Layer 2 solutions on Ethereum, which typically rely on a single sequencer.

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