Frax Finance Lends Support to Movement Ecosystem, Provides $10 Million in Liquidity

IconCryptoNewsTerminal Staff15 Aug, 2024

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Frax Finance Lends Support to Movement Ecosystem, Provides $10 Million in Liquidity

Frax Finance (FRAX), the algorithmic stablecoin project, has announced its deployment on Movement, a blockchain powered by the Move programming language. This integration brings sFrax, frxETH, FXS, and Frax's permissionless lending platform, Fraxlend, to the Movement ecosystem. To further support the adoption of Movement, Frax Finance is providing $10 million in liquidity. This will allow existing Frax Finance users to seamlessly join and benefit from Movement's growing network. Frax Finance's integration with Movement is a significant step towards expanding the interoperability and accessibility of decentralized finance (DeFi). Users can now leverage the benefits of both platforms, including Frax's stablecoin and lending services, and Movement's fast and efficient blockchain. This news follows Frax Finance's recent launch of its own chain, Fraxchain, which aims to become the "DeFi hub of the Cosmos ecosystem." The integration with Movement further solidifies Frax Finance's commitment to cross-chain collaboration and the growth of the broader DeFi landscape.

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