On August 16th, Movement announced that Frax Finance, a DeFi protocol, plans to deploy natively on the Movement blockchain today. As a key part of this initiative, Frax has committed to rewriting its entire Solidity codebase into the Move language.
Frax will introduce at least four new assets on Movement: Frax stablecoin, sFrax (staked Frax), frxETH (a liquidity staking token pegged to ETH1:1), and FXS (staking and governance token for the Frax ecosystem). Frax will also deploy Fraxlend, FraxCDP and its staking contracts on Movement.
Both parties will work together to provide $10 million in agreement liquidity and provide cross-chain to Movement incentives for existing Frax users. Frax plans to complete deployment on the first day of the Movement mainnet.
Frax Finance to Deploy on Movement Chain, Providing 10 million Dollar Liquidity
2024-08-16 02:34:48
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