Thala, a Move-based decentralized finance (DeFi) platform, announced today its deployment on Ethereum’s layer-2 (L2) blockchain Movement. Movement is the first L2 combining the Move programming language with the Ethereum Virtual Machine (EVM), and now will be powered by Thala’s decentralized exchange (DEX), stablecoin, liquid staking, and token launchpad services.
Thala’s Automated Market Maker DEX, Thala Swap, is at the heart of its offerings, providing efficient swaps and deep liquidity through various pool types. The Move Dollar ($MOD), an over-collateralized stablecoin, and $sthAPT, a liquid staking solution, are key components of Thala’s suite, which will now extend their functionalities to the M2 DeFi ecosystem.
“We are excited to announce our expansion to Movement and our deployment on Movement’s M2, the first MEVM (Move + EVM) ZK L2,” said Adam Cader, Co-Founder of Thala Labs. “By leveraging the existing Aptos codebase, which is already powering more than $200 million in TVL, we can tap into new EVM users and liquidity. This will help us capture more markets with the safety of Move.”
Moreover, Thala is incubating Move-focused DeFi projects, such as Aptos’ money market Echelon Markets, and they can potentially expand to Movement as both entities are “trategically aligned to grow the Move ecosystem”, according to the announcement.
“Thala is the leading Move DeFi protocol with a suite of apps designed to provide the best user experience: speed and security,” stated Rushi Manche, Co-Founder of Movement Labs. “With its expansion to the Movement network, Thala will be able to tap into the broader Ethereum and EVM liquidity base and grow its reach beyond just Move while serving as a core protocol for the Movement ecosystem,” he concludes.
Disclaimer: This article was crafted with the assistance of artificial intelligence (AI) tools.
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