Frame.xyz, a Layer2 platform focused on NFT transactions created by ERC-721 author @0xCygaar, has announced the completion of a new round of funding and opened up an airdrop for users who have transacted NFTs on the Ethereum mainnet in the past two years.
Today, Frame.xyz announced on X that it has successfully completed a new round of funding. While the specific amount has not been disclosed, several heavyweight investors have participated, including Electric Capital, 9gag founder Ray Chan, prominent entrepreneur Luca Netz, and former Sushiswap CEO 0x Maki.
Frame, created by ERC-721 author @0xCygaar, stands out for its tight integration with Ethereum and innovative use of Arbitrum Nitrostack. These technologies allow Frame to offer lower transaction fees and faster block times while maintaining compatibility with Ethereum’s Virtual Machine (EVM).
Furthermore, Frame’s Palette protocol, another core feature, supports and protects creators’ rights. The protocol provides an unpermissioned platform at the client level, allowing users to freely create markets. This fosters a more open and liberated market environment for creators. Additionally, Frame has introduced a Creator Fund that supports ecosystem participants using Gas fees from the Layer2 network, ensuring creators receive appropriate rewards through royalties.
Frame plans to launch its mainnet and native token $FRAME on January 31, 2024, following its testnet launch in November of this year. According to the official website, anyone who has transacted NFTs on the ETH network in the past two years has the opportunity to receive an airdrop of $FRAME tokens. As per the official process, users can link their wallet to their Twitter account, share Frame posts on Twitter for protocol verification, and view the amount of $FRAME tokens available for claiming. Currently, claiming is limited to checking balances, with distribution to wallets planned for the future.
