Movement announced that DeFi protocol Frax Finance has planned to deploy natively on the Movement blockchain. As a key part of this plan, Frax has committed to rewrite its entire Solidity codebase to Move.
Frax will introduce at least four new assets on Movement: Frax stablecoin, sFrax (staked Frax), frxETH (liquidity staking token pegged 1:1 to ETH), and FXS (staking and governance token for the Frax ecosystem). Frax will also deploy Fraxlend, Frax CDP and its staking contracts on Movement.
Both parties will work together to provide $10 million in protocol liquidity and provide 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.