DeFi Protocol Cream Finance To Launch On Polygon
Decentralized lending protocol Cream Finance is set to launch on the Ethereum layer 2 scaling solution network, Polygon.
Cream To Roll Out Ten Digital Assets At Launch
According to the announcement published by Cream, the integration with Polygon would enable users to lend and borrow ten digital assets, such as USDC, USDT, DAI, WMATIC, LINK, and five others.
The crypto lending firm also said its Polygon markets would be incentivized by $MATIC liquidity mining opportunities.
The integration of Cream to Polygon is the latest move by the firm in its expansion plans.
Cream is already being used on Ethereum, Binance Smart Chain, and Fantom. Users on these platforms can easily deposit collateral to borrow supported assets.
The DeFi protocol said the integration with Polygon, which has $8.64 billion in total value locked (TVL), will usher in faster transaction speeds, lower gas fees, and access to additional markets for its users.
Cream’s integration with the scaling solution comes after the firm introduced staking services last month. The company now enables users to stake native assets to its validator nodes in addition to its multi-chain money market services.
Founded in 2012 by Jeffrey Huang, Cream describes itself as a copy of the top lending platform Compound Finance. According to the platform, it also leveraged some codes from Balancer Labs.
But it hasn't been short of negative news. The protocol has had its share of attacks and losses. Earlier this year, the platform was hit with a DNS (Domain Name Service) attack alongside DeFi platform PancakeSwap.
In its postmortem report, Cream confirmed that its DNS was hijacked and its domain service provider, GoDaddy, compromised. However, the breach didn’t affect funds or smart contracts.
DeFi Projects Continue To Flock To Polygon
The Polygon network has had a meteoric rise this year. The demand for the Ethereum-compatible blockchain network has been visible among institutional investors and DeFi developers alike.
Cream isn’t the only platform that jumped on Polygon of late. Earlier this month, Kyber Exchange announced its integration with the platform, where it launched a $30M liquidity mining program.
In recent times, several DeFi protocols previously launched on Ethereum have shifted base into Polygon’s fast-rising ecosystem.
Meanwhile, the latest development that has emerged from Polygon is the introduction of a general-purpose blockchain network for standalone chains, sidechains, and other Layer-2 solutions called Avail.
Avail is meant to address the scaling challenges single chains on the network face in verifying transactions. Avail will provide them with the needed data guaranteed to make the tasks easier.