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Initially released for ios,Motion Stills has been released for Android
Google explains:
For this release, we redesigned our existing iOS video processing pipeline to use a streaming approach that processes each frame of a video as it is being recorded. By computing intermediate motion metadata, we are able to immediately stabilize the recording while still performing loop optimization over the full sequence. All this leads to instant results after recording—no waiting required to share your new GIF.
It has a fast forward feature and enables cool GIF editing too
Motion Stills is available now for Android 5.1 devices and up.
Link here :-
https://play.google.com/store/apps/details?id=com.google.android.apps.motionstills