Frax Finance will deploy on-chain in Movement, providing $10 million liquidity.

2024-08-16 02:32:50

Abstract generation in progress

On August 16th, Movement announced that Decentralized Finance protocol Frax Finance plans to conduct native deployment on Movement Blockon-chain today. As a key part of this plan, Frax has committed to rewriting its entire Solidity codebase into Move language. Frax will introduce at least four new assets on Movement: Frax stablecoin, sFrax (staked Frax), frxETH (liquidity stakeToken pegged 1:1 to ETH), and FXS (stake and governance Token of the Frax ecosystem). Frax will also deploy Fraxlend, Frax CDP, and its stake contract on Movement. The two parties will work together to provide $10 million in protocolLiquidity and incentives for existing Frax users to participate in Cross-Chain Interaction with Movement. Frax plans to complete the deployment on the first day of the Movement Mainnet launch.

FRAX-1.62%

DEFI-3.87%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes