Odaily Planet Daily News: Stablecoin protocol Frax Finance releases Ethereum Layer2 network Fraxchain, dedicated to creating a smart contract platform that emphasizes decentralized finance. According to reports, Fraxchain will be a hybrid rollup, EVM-compatible L2 network that provides developers with an easy-to-code environment and provides users with the finality, security and decentralization provided by ZK rollup, which may be launched before the end of this year. Fraxchain's management will be led by holders of Frax Shares (FXS) tokens. The network will use stablecoin Frax and liquid pledge derivative FraxEther to pay transaction fees. Users will need to redeem their native assets on the chain or execute transactions through the frxETH bridge. In addition, Frax founder Sam Kazemian said that the fees generated by the Rollup network can be partially destroyed or redirected back to the Ethereum mainnet to be distributed to holders of FXS governance tokens.