What is Fraxtal? Explore the Frax stablecoin L2 and bridge with Squid

An Intro to Fraxtal

Before bridging to Fraxtal, let’s learn more about Frax’s new L2 on Ethereum.

What is Frax?

The Frax Protocol currently issues 3 innovative and decentralized stablecoins (FRAX, FPI, and frxETH), along with the subprotocols to support them (Fraxlend, Fraxswap, Fraxferry). The Frax Protocol infrastructure empowers Fraxtal.

What are Frax Stablecoins?

FRAX: USD pegged asset

FPI: The Frax Price Index (FPI) stablecoin, pegged to consumer goods and separate from any nation state denominated money

frxETH: FraxEther is pegged to ETH, used as a replacement for WETH in smart contracts

What is Fraxtal?

Fraxtal is the modular L2 blockchain built by Frax. Fraxtal is an EVM equivalent rollup with ‘fractal scaling’ and ‘modular components.’ As a modular rollup, Fraxtal is compatible for chain support and L3 deployment. Fraxtal has implemented a ‘use to earn; build to earn’ methodology.

What are Flox?

Flox are Fraxtal’s blockspace incentives that reward users for spending on gas and developers interacting with any Fraxtal ecosystem smart contract. The reward distribution is set in ‘epochs.’ Each new epoch, users who have spent on gas and devs who have interacted with smart contracts earn FXTL points that will eventually be converted into tokens. In the grand scheme of things, users rewards will amount to more than their gas fees, and the same goes for developers in terms of gas used by their dapps. Fraxtal Flox to token reward accumulation process:

Flox → FXTL Points → Tokens

Bridging Guide to Fraxtal

Interested in bridging to Fraxtal? Use Squid and directly swap into Fraxtal from any chain - swaps into Fraxtal are supported both from EVM and Cosmos chains! We’ve provided the steps below for swapping into Fraxtal from either Cosmos or EVM chains. Let’s dive in.

Swap into Fraxtal from any Cosmos chain

Step 1 - Go to app.squidrouter.com and check that you’re using Squid v1.

Step 2 - Click the ‘connect wallet’ button to connect a Cosmos supported wallet to Squid. Make sure you’ve selected a Cosmos chain under ‘From’ in order to properly connect to a Cosmos compatible wallet.

Note: Squid supports the following Cosmos compatible wallets: Keplr, XDEFI Wallet, Leap, Cosmostation, Fetch.ai, Metamask Cosmos Snap (Mystic Labs), Metamask Cosmos Snap (Leap Wallet).

Step 3 - After selecting your source chain and token, click the ‘Add Address+’ button to select the EVM compatible wallet address that you’ll be using on Fraxtal.

Step 4 - Then select Fraxtal as your destination chain, along with the token you’d like to receive on Fraxtal.

Step 5 - Choose the amount of your selected source token to swap into Fraxtal, review your order summary, then click ‘submit.’

Note: Make sure to confirm in your wallet alongside Squid if your wallet settings require any additional confirmations (ie switch network; give permission to use tokens; general confirmation).

Step 6 - After submitting, a ‘Processing’ message will appear and then a ‘Complete’ to confirm your transaction was successful. Congratulations, you now have tokens on Fraxtal!

Swap into Fraxtal from any EVM chain

Step 1 - Go to app.squidrouter.com and check that you’re using Squid v1.

Step 2 - Click the ‘connect wallet’ button to connect your wallet to Squid.

Step 3 - Once you’ve connected your wallet, click the chain labeled ‘From’ to search for or scroll to find and select the EVM chain you’re swapping from. You can also select the source token you’ll be using, if it’s different than the native source token.

Step 4 - Search for and select Fraxtal as your destination chain, along with the token you’d like to swap into.

Step 5 - Choose the amount of your selected source token to swap into Fraxtal, review your order summary, then click ‘submit.’ After submitting, a ‘Processing’ message will appear and then a ‘Complete’ to confirm your transaction was successful.