The Cream Finance decentralized protocol will be integrated with the Moonbeam smart-contracts platform on Polkadot. Users of the latter will be able to perform lending and borrowing operations.
1/ @CreamdotFinance 🍦 is coming to @Polkadot via Moonbeam! This integration will 🚀 boost the Polkadot #DeFi ecosystem by bringing lending & borrowing protocol to @MoonriverNW on @KusamaNetwork and, soon, Moonbeam on @Polkadot.
Read more 👇https://t.co/PCmDSTMN3C
— Moonbeam Network (@MoonbeamNetwork) September 2, 2021
In the first phase, similar functionality will appear in the related Moonriver Network project on Kusama, and subsequently on Moonbeam on Polkadot.
“Credit and borrowing protocols lie at the core DeFi-ecosystem. The integration will provide Moonbeam developers with the most important building block for creating new decentralized finance applications on Polkadot.”, — said Moonbeam founder Derek Yoo.
As a result, users will be able to hold Moonbeam and Moonriver tokens in Ethereum wallets and use them in the DeFi ecosystem of the second-largest cryptocurrency by market capitalization. In Polkadot, DeFi enthusiasts will gain access to assets from other parachains.
Prior to Cream Finance, teams from projects such as Equilibrium, Ocean Protocol, SushiSwap, Balancer, IDEX announced the Moonbeam integration with the Ethereum-compatible platform.
In 2021, this was the second hack on Cream Finance. In February, criminals exploited a bug in the Alpha Finance smart contract and stole tokens worth $37.5 million.
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