Frax Finance will be deployed on the Movement chain, providing $10 million in liquidity

On August 16th, Movement announced that DeFi protocol Frax Finance plans to natively deploy on the Movement blockchain today. As a critical part of this plan, Frax has committed to rewriting its entire Solidity codebase in the Move language.

Frax will introduce at least four new assets on Movement: the Frax stablecoin, sFrax (staked Frax), frxETH (a liquidity staking token pegged 1:1 to ETH), and FXS (the governance and staking token of the Frax ecosystem). Frax will also deploy Fraxlend, Frax CDP, and its staking contract on Movement.

Both parties will work together to provide $10 million in protocol liquidity and incentives for existing Frax users to cross-chain to Movement. Frax plans to complete the deployment on the first day of the Movement mainnet launch.