TechFlow reports that Movement has announced DeFi protocol Frax Finance plans to make a native deployment 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: the Frax stablecoin, sFrax (staked Frax), frxETH (an ETH-pegged liquid staking token), and FXS (the staking and governance token of the Frax ecosystem). Frax also plans to deploy Fraxlend, Frax CDP, and its staking contracts on Movement.
Both parties will jointly contribute $10 million in protocol liquidity and provide incentives for existing Frax users to bridge to Movement.
Frax aims to complete deployment on the Movement mainnet by day one of its launch.
