Integration Will Boost the DeFi Ecosystem by Bringing Lending and Borrowing Protocol to Moonriver on Kusama, Then Moonbeam on Polkadot
Singapore – September 2, 2021 – Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced an integration with C.R.E.A.M. Finance, a decentralized lending protocol for individuals and institutions to access financial services. C.R.E.A.M. Finance will be extending their lending and borrowing suite to the Moonbeam ecosystem, starting with Moonriver, the network’s sister parachain on Kusama. This integration joins the growing ecosystem of DeFi projects building on Moonbeam, offering a full suite of lending and borrowing services to the Polkadot community.
C.R.E.A.M. Finance is one of the most successful decentralized lending and borrowing protocols, with more than $1 billion USD in total value locked (TVL) on its platform. As the first lending and borrowing platform on Moonriver, C.R.E.A.M. Finance will help jumpstart the growth of the DeFi ecosystem on Moonriver by providing users with a diverse set of options for making their assets productive. C.R.E.A.M. Finance joins SushiSwap on Moonbeam as a powerful new source of liquidity and yield on Polkadot.
“The Polkadot ecosystem presents a new frontier in DeFi, which along with the strong Moonriver and Moonbeam community, makes it the leading EVM-compatible smart contract platform. We are looking forward to working with such strong partners as we enter the Polkadot ecosystem.” says Leo Cheng, co-founder at C.R.E.A.M. Finance.
Moonbeam is a smart contract parachain on Polkadot with a focus on maximizing Ethereum compatibility. For DeFi enthusiasts, this means they can hold Moonbeam and Moonriver tokens using existing Ethereum addresses in their MetaMask wallet and use other familiar tools and DApps. However, by being in a Polkadot-native environment, users will also be able to access assets from other parachains using the native cross-chain networking that is built into Polkadot.
C.R.E.A.M. Finance enables lending and borrowing solutions to increase capital efficiency for cryptocurrency assets. The integration with Moonbeam and Moonriver means the Polkadot and Kusama communities will be able to more efficiently utilise their assets; deposit as collateral to borrow or lend them to the platform. Users who lend can earn interest revenue, similar to a traditional savings account and those same users can further borrow against their deposits to advance their own goals in a way that is more tax efficient.
“Lending and borrowing protocols lie at the heart of a productive DeFi ecosystem,” says Derek Yoo, Founder of Moonbeam. “We are happy to partner with C.R.E.A.M. Finance to bring their protocol to users and assets on Polkadot. The integration not only provides a critical capability to the growing DeFi ecosystem on Moonbeam, it also provides builders on Moonbeam with a critical building block for creating new Polkadot-based DeFi applications.”
The Moonriver network is now live on Kusama after completing the final phase of its launch process. Balance transfers and EVM features have been enabled, and the network is fully functional. This means that 60+ projects in the Moonbeam ecosystem can start deploying to Moonriver. The C.R.E.A.M. Finance team will be fully deployed in Moonriver in the next upcoming weeks. MOVR token holders will be able to access C.R.E.A.M. permissionless, transparent, and non-custodial decentralized lending protocol.
For more information about the project, visit https://cream.finance/.
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by Q4 2021. Learn more: https://moonbeam.network/.
C.R.E.A.M. Finance is a decentralized lending protocol for individual and institutional access to financial services. It is a permissionless and blockchain agnostic protocol existing on Ethereum, Binance Smart Chain, and Fantom. Crypto Rules Everything Around Me, C.R.E.A.M. Official Learn more: https://linktr.ee/creamdotfinance.