Frax Finance Embraces No-Code Interchain Tokens
Frax Finance has become one of the first platforms to adopt Axelar network’s Interchain Token Service (ITS), which is now live on the mainnet. The ITS allows any ERC-20 token issuer to create Interchain Tokens with ease. These tokens can move freely across up to 15 EVM-compatible blockchains while maintaining their fungibility and custom functionality. The integration of ITS into Fraxtal, Frax Finance’s new layer-2 solution, will enable seamless interoperability for builders joining at the ground floor.
Benefits of Interchain Token Service
The Interchain Token Service offers several advantages. Firstly, it is a no-code solution that automates permissionless multichain deployment and management. Secondly, it is trustless, running on open-source code via smart contracts on a public blockchain. Additionally, it ensures fungibility by providing canonical versions with the same address. Lastly, Interchain Tokens are customizable with features like yield, governance, and permissions while retaining their customizations when going cross-chain.
Positive Reception from Leading Projects
Frax Finance’s co-founder, Nader Ghazvini, expressed enthusiasm about integrating ITS into Fraxtal, stating that it allows the platform to continue pushing boundaries in DeFi and pioneering innovative solutions. Sergey Gorbunov, CEO of Interop Labs and co-founder of the Axelar protocol, also highlighted the importance of Interchain Tokens in scaling chain-agnostic applications in Web3.
Try Out Axelar’s Interchain Token Service Today
If you want to experience Axelar’s Interchain Token Service firsthand, you can visit interchain.axelar.dev or learn more at axelar.network/interchaintokens.
Hot Take: Frax Finance Leads the Way in Interoperability
Frax Finance’s adoption of Axelar network’s Interchain Token Service demonstrates its commitment to interoperability and innovation in the DeFi space. By integrating ITS into Fraxtal, Frax Finance is providing builders with seamless, no-code interoperability, paving the way for groundbreaking solutions in the future. With the ability to create Interchain Tokens, Frax Finance is at the forefront of scaling infrastructure for chain-agnostic applications. This move further solidifies Frax Finance’s position as a leader in the industry.
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