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Cream Finance To Bring Lending Services To Moonbeam On Polkadot

Cream Finance, the decentralized finance (DeFi) project, will bring its lending and borrowing services to a smart contract platform Moonbeam on Polkadot.

It has been reported that Moonbeam said Cream Finance would be integrating with its ecosystem, starting with a parachain on Kusama, Moonriver, and then on Polkadot. Kusama and Polkadot users will be able to use Cream’s services to deposit digital assets as collateral or lend them out.

Derek Yoo, the founder of Moonbeam, said:

“Lending and borrowing protocols lie at the heart of a productive DeFi ecosystem. 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.”

However, the number of options for decentralized finance projects building on Moonbeam through Kusama or Polkadot has grown in recent months as many protocols announced integrations with the platform.

Projects include cross-chain lending protocol Equilibrium, Ocean Protocol, SushiSwap, Balancer, IDEX, and others. Cream Finance was recently the target of a major hack, in which an attacker used a flash loan exploit to steal $18.8 million.

Thus, according to the project, it has more than $1 billion in total value locked on the platform.

Source: Cointelegraph



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