crypto-economy.com
C.R.E.A.M. Finance announced a new partnership with the Polkadot ecosystem that will result in bringing its services to Kusama and Polkadot. The DeFi platform works with Moonriver on Kusama and Moonbeam on Polkadot to bring its lending and borrowing protocol to these blockchains.
It’s a strategic step for expanding services to the attractive blockchains that are now hosting many big DeFi names. Polkadot and Kusama surely benefit from this new member that expands the DeFi offerings on the blockchains.
Comprehensive DeFi Services on Polkadot and Kusama
Moonbeam is an Ethereum-compatible smart contract platform on Polkadot. It helps projects migrate to Polkadot and Kusama with full support for their current members and issued tokens.
In the latest partnership, the platform will work with C.R.E.A.M. Finance to bring the lending and borrowing protocol to the Polkadot ecosystem. The partnership will start with Moonriver that works on Kusama, Polkadot’s canary network. It’s a sister parachain to Moonbeam that handles adding new Ethereum-compatible platforms to Kusama.
C.R.E.A.M. Finance will join other big DeFi names that are building on Moonbeam and plan to bring their products as well as users to this new ecosystem.
C.R.E.A.M. Finance, with more than $1B in TVL, is one of the most successful DeFi platforms in the industry. It will help the Moonbeam ecosystem complete its offerings to users by providing lending and borrowing options. The other big DeFi project on Moonbeam is SushiSwap that is now providing a good source of liquidity and yield on Polkadot.
The new partnership and integration surely help C.R.E.A.M. Finance grow faster and find more users for its protocol. Leo Cheng, the co-founder at C.R.E.A.M. Finance, said:
“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.”
Moonbeam mainly focuses on Ethereum compatibility on Polkadot. This parachain plans to bring as many big Ethereum projects as possible to Polkadot and Kusama. The compatibility helps this platform a lot in encouraging current users of Ethereum-based projects to migrate to the Polkadot ecosystem.
In simple terms, they can hold Moonbeam and Moonriver tokens in their Ethereum-compatible wallets and dApps while being able to benefit from Polkadot and Kusama services.
The addition of C.R.E.A.M. Finance now helps this platform offer more capital efficiency to users that surely makes them more loyal to Polkadot platforms.