March 18, 2024: Fraxtal Geometry ๐๐ฟ
Frax L2 takes shape as Curve, DeFi, and memecoins join the chainโน
Help us by sharing this thread on ๐!
The Curve UI now supports Fraxtal, the fourteenth chain launched by Curve.
We presume the Fraxtal launch remains a work in progress, as a variety of pools exist but they remain largely unseeded and mostly lacking rewards. Worth keeping an eye though, as $crvUSD has already been bridgedโฆ
The only pool currently providing rewards is โMy Lucky Llama.โ
Weโve not done a ton of research into memecoins generally, so weโre not in a good position to weigh in on this specific project. However, we know that successfully investing in memecoins requires a lot of luck, something their project has right in their title.
We also know the team have been longtime participants in the Curve social channels, so weโd estimate the social credibility theyโve accumulated to date is greater than the value theyโd get from simply rugging the project.
Beyond that, we leave it to you to DYORโฆ
In fact, youโll find a fair number of memecoins hit Fraxtal alongside their launch. Flywheel profiled four:
It strikes us as unusual that so many Fraxtal memecoins are being built out by notably heavyweight brains from the Curve/Frax ecosystem behind their design, given that we tend to associate memecoins with the leftmost regions of the bell curve.
In our prior โFun Coin Summitโ Llama Party, we hosted RWA (aka Real World Abs), another memecoin launching on Fraxtal with intellectual horsepower behind it.
The RWA team explained to us that understood that every new L2 launch will inevitably see a variety of memecoins, several of them scams. There was therefore a conscious effort to support the Fraxtal launch by providing better offeringsโฆ or at least offerings that werenโt straight up rugpulls.
Incidentally, the RWA team has launched the first NFT projects on the chain.
The quick outburst of activity at the outset of the chain is extremely rational for anybody whoโs been paying attention. Fraxtal announced from the outset that they would include a blockspace incentive program called FLOX. Smart thinking to be quick to deploy to the chain before the program gets too crowdedโฆ
For those that are waiting for more seriously themed ponzi games, fear not. DeFi offerings are also heading onto Fraxtal. Weโve seen Curve already deploying, along with a fully robust set of Fraxswap offerings.
Near Protocol is joining soon
Having watched DeFi unfold on mainnet for several years, we suspect the lights have gone off and the party is over. Other than a short break this past weekend, gas prices have rendered the chain unusable for all but the largest whales.
The major Dencun upgrade was the official nail in the coffin. L2s have gotten comically cheap. For the median user, we advise you to find a few chains you like and emigrate the next time gas prices calm down.
And if youโre shopping for chains, why not pick the one with deep Curve synergies?
If you do decide to use Fraxtal, Frax hosts its own bridge, or you can use Axelarโs Squid router.
Once youโre on the chain, you can use Rabby, our favorite wallet for most tasks.
See you all soon!
