The fraction \( \frac{2}{4} \) can be simplified by dividing both the numerator and the denominator by their greatest common divisor, which is 2.
\[ \frac{2 \div 2}{4 \div 2} = \frac{1}{2} \]
Thus, the fraction equivalent to \( \frac{2}{4} \) is \( \frac{1}{2} \). Other equivalent fractions can also be found by multiplying both the numerator and denominator by the same non-zero number, such as \( \frac{4}{8} \), \( \frac{6}{12} \), or \( \frac{8}{16} \).