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

ChainCatcher message, Movement announces that the DeFi protocol Frax Finance plans to natively deploy on the Movement blockchain today. As a key part of this plan, Frax commits to rewriting its entire Solidity codebase in the Move language.

Frax will introduce at least four new assets on Movement: Frax stablecoin, sFrax (staked Frax), frxETH (a liquid staking token pegged 1:1 with ETH), and FXS (the staking and governance token of 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 offer 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.