Chainwire, New York, USA, February 6, 2024
Frax Finance is one of the first companies to adopt codeless interchain tokens.
Axelar Network’s Interchain Token Service (ITS) is now live on mainnet and permissionless, allowing any ERC-20 token issuer to create interchain tokens with the click of a button.
Interchain tokens can move freely to any EVM-compatible blockchain of the issuer’s choice (currently up to 15), maintaining full fungibility and customization of the underlying asset. Smart contracts and developer toolset automate cross-chain deployment and supply management functions to minimize developer overhead.
Major projects already adopting interchain token services include Frax Finance, which is integrating ITS into its new Layer 2, Fraxtal.
“Integrating interchain token services from the beginning, Fraxtal L2 will provide seamless no-code interoperability for many builders participating on the ground floor.” said Nader Ghazvini, co-founder of Fraxtal and head of governance at Frax Finance. “Frax has always been pushing the boundaries of what is possible in DeFi, and integrating ITS provides a platform that will allow Fraxtal to continue delivering groundbreaking innovation well into the future.”
In a nutshell, interchain token services are:
- No code: Only Interchain Tokens fully automate permissionless multichain deployment and management.
- Not trusting others: Interchain tokens run on open source code through smart contracts on a public blockchain secured by a dynamic set of validators.
- Alternative: The issuer chooses a burn or lock and mint mechanism and obtains a full version with the same address.
- Function of: Interchain tokens can be customized with features such as yield, governance, and permissions. Go cross-chain without sacrificing customization.
Interop Labs is an early developer of the Axelar network and participated in the development of ITS smart contracts.
“Interchain token services leave behind the bad user and developer experiences that people take for granted about bridges.” said Sergey Gorbunov, CEO of Interop Labs and co-founder of the Axelar protocol. “The ability to create interchain tokens will be an important scaling infrastructure for Web3’s next generation of chain-agnostic applications.”
Users can try Axelar’s interchain token service today by visiting interchain.axelar.dev/ or learn more at axelar.network/interchaintokens.
Axelar Network Information
Axelar is a programmable Web3 interoperability platform that connects 50+ blockchains across the Internet infrastructure, a secure and scalable network for the world’s next super apps. With integrations from Uniswap to Microsoft, the Axelar Network enables scalable cross-chain solutions. Users interact with all assets with one click. Developers can span multiple blockchains as if they were building a single blockchain, supported by a simple API and a permissionless ecosystem of tools and service providers. Backers include Binance, Coinbase, Dragonfly, Galaxy, and Polychain. Discover what full-stack interoperability can do for your dApps. Learn more at axelar.network.
About Axelar Foundation
The Axelar Foundation is a non-profit organization established to support the growth and adoption of the Axelar Network, a decentralized interoperability network connecting multiple blockchain ecosystems. Learn more at axelar.foundation.
Introduction to Interop Labs
Interop Labs is a leading developer of blockchain interoperability technology used to scale next-generation Internet applications to billions of users on the Web3 infrastructure protocol. Interop Labs is the initial developer of the Axelar network. Learn more at interoplabs.io.
About Frax Finance
Stablecoin (FRAX) is named after its “split algorithm” stability mechanism. The ratio of collateral to algorithm will depend on the market price of the FRAX stablecoin. If FRAX trades above $1, the protocol lowers the collateral ratio. If FRAX is trading below $1, the protocol increases the collateral ratio.
Frax: This is a stablecoin targeting a tight band of about $1/coin.
Frax Stock (FXS): It is a governance token that generates fees, seigniorage revenue, and excess collateral value.
Frax Price Index (FPI): This is the second stablecoin in the Frax Finance ecosystem. FPI is the first stablecoin pegged to a basket of real consumer items defined by the US CPI-U average.
Frax Price Index Share (FPIS): As FPI’s governance token, it is also eligible to receive seigniorage from the protocol.
Frax Ether (frxETH)): A stablecoin loosely pegged to ETH, leveraging Frax’s successful playbook for stablecoins and onboarding ETH into the Frax ecosystem.
Staked Frax Ether (sfrxETH): This is a version of frxETH that generates staking profits. All profits generated by Frax Ether validators will be distributed to sfrxETH holders. By exchanging frxETH for sfrxETH, you can earn staking yields, which will be repaid when you convert sfrxETH back to frxETH.
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