TechFlow news: The Frax Finance team, a hybrid algorithmic stablecoin protocol, has announced the launch of its Layer 2 blockchain, Fraxchain, aiming to build a decentralized finance smart contract platform. The network will integrate Frax stablecoin and Frax Ether, use FXS as its governance token, and is set to go live by year-end.
According to founder Sam Kazemian, "Fraxchain is the culmination of all the momentum and utility accumulated across the entire Frax ecosystem and its stablecoins."
In addition, revenue generated by the roll-up network may be partially burned or redistributed to participants using FXS as the governance token, or potentially redirected back to the Ethereum mainnet.
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