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ETH-based lending platform Unbound Finance recently announced a strategic partnership with Harmony blockchain. According to reports, the partnership is aimed at accelerating inter-blockchain operability and the general profitability of blockchains.
Unbound Finance is well-known as an ETH-based lending protocol designed to make use of the liquidity of Automated Market Makers (AMMs) as collateral. It is also well-known as a decentralized finance (DeFi) treasury for LP tokens.
Harmony blockchain, on the other hand, is a popular, open, decentralized tech platform for cross-chain decentralized applications (dApps). The partnership will help make DEXes built on Harmony blockchain to be fast and more capital efficient.
The partnership, as previously stated, will also help facilitate blockchain interoperability and profitability. Also, blockchains that make use of Unbound Finance’s native token (UND) via the Harmony blockchain multi-chain bridge will also enjoy increased profits.
Automated Market Makers and the DeFi Space
The decentralized finance (DeFi) space has continued to make waves in the blockchain and crypto space. Automated Market Makers (AMMs) have, furthermore, improved this still nascent space. Completely transforming the way decentralized finance can be utilized.
AMMs are also known for introducing trustlessness and permissionless to the fast-rising DeFi space. Therefore, serving as the foundation for the truly innovative decentralized finance (DeFi) space.
More on the Partnership
The partnership with Harmony blockchain will help Unbound design a money lego that is compatible with Harmony blockchain’s cross-chain bridge. The bridge is designed to facilitate asset transfer as well as create an enabling environment for crypto traders to grow their profits.
Thanks to the partnership, Unbound Finance (UND) users will have access to UND loans while using liquidity on AMMs as collateral. This, in essence, means that UND tokens can be used in several profit-making expeditions without any form of compromise to the profit gained on the collateralized funds. Some of these expeditions include trading on Harmony-supported decentralized exchanges (DEXes) like Openswap, SushiSwap, ViperSwap, and Mochiswap.
Speaking on the partnership, the co-founder of Harmony, Sahil Dewan, revealed that the entire Harmony ecosystem was elated by the partnership with Unbound Finance. He added that, together, both platforms will “[…] build a foundation for cross-chain yield generation and profitability providing a broad exposure to digital money users to endlessly leverage Automated Market Makers to their full potential.”
Dewan furthermore spoke highly of Unbound Finance, referring to the ETH-based lending protocol as “[…] a promising protocol with a powerful vision in the Defi sector.”
The CEO of Unbound, Tarun Jaswani, also revealed that the partnership will “[…] present a new paradigm in the fast-growing cross-chain crypto ecosystem bequeathing greater profit potential for digital currency investors and traders.”
According to reports, Unbound Finance’s native governance token (UNB) will also be available for trading on the Harmony blockchain network. This, in turn, will improve the usability of this token as well as provide UNB holders with the right to take part in making important decisions on the platform.
More on Unbound Finance
The ETH-based lending protocol is focused on creating the world’s first-ever truly decentralized stablecoin. The DeFi platform also makes use of AMM liquidity as collateral. These collaterals are also highly secure with zero risks of the liquidation of users’ funds.
The DeFi platform currently supports AMMs from top-notch platforms like Uniswap, Curve.fi, Mooniswap, etc. The platform also recently partnered with the popular NFT platform Enjin (ENJ) in a bid to bring UND tokens to its Efinity blockchain.