ChainCatcher reported that Movement announced that the DeFi protocol Frax Finance plans to be deployed natively on the Movement blockchain today. As a key part of this plan, Frax promised to rewrite its entire Solidity codebase into the Move language.
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.
The two 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.
