Frax Finance Targets $100B Value Locked in Singularity Roadmap

📆 22/03/2024 03:33:00
📰 CoinDesk

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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Frax’s singularity road map sets a target of $100 billion in TVL for its layer 2 Fraxtal and plans to launch 23 new layer 3s.

The road map proposed launching 23 layer 3s within a year and new assets like frxNEAR, frxTIA and frxMETIS. The existing assets, FRAX, sFRAX, frxETH, and the new ones will be issued on Fraxtal going forward, the proposal floated by founder Sam Kazemian and other contributors added. FXS is the governance and utility token of the Frax ecosystem. FXS holders who lock their tokens receive veFXS, which can be staked on the Ethereum mainnet and Fraxtal.

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