coinjournal.net
- Users can leverage LayerZero’s Ultra Light Nodes (ULNs) to lend assets across any blockchain.
- The integration also means borrowing and lending on LEND Finance is easy and cost-effective, all with single click capability.
- LEND Finance says it settled on LayerZero after Multichain shuttered its operations.
Cross-chain lending protocol LEND Finance has announced an exclusive integration with omnichain interoperability platform LayerZero.
The LayerZero team said in a blog post that the decision to choose the “omnichain interoperability protocol,” was down to its innovative and lightweight cross-chain messaging. The original plan was to launch LEND with cross-chain protocol router Multichain, the platform that recently announced it was shuttering its operations.
As CoinJournal reported last week, Multichain said it had come to the unfortunate decision of shutting shop after events that left the team with funds and access to key servers. Multichain founder and CEO as well as his sister have reportedly been detained in China.
LEND, LayerZero to streamline cross-chain lending
In its announcement on Tuesday July 18, LEND Finance said the partnership “brings fresh possibilities to the complex field of cross-chain lending.”
Specifically, LEND will tap into LayerZero’s Ultra Light Nodes (ULNs) to make it easy and cost-effective for its users.
Exciting News! 🎉 @LEND_finance is proud to announce our integration with @LayerZero_Labs!
Their pioneering omnichain interoperability protocol takes cross-chain lending to a whole new level!
/1 🧵👇 pic.twitter.com/7gMq8BPJ0A
— LEND.finance (@LEND_finance) July 18, 2023
According to LEND Finance, the integration allows its users to borrow and lend assets on any chain. Users will also be able to move to the most favaourable rates with just one click. The functionality will increase efficiency of the lending and borrowing process, with ecosystem users getting the added benefit of maximized DeFi earnings.
For instance, borrowers can leverage LayerZero’s ULNs for cross-chain messages, with instant access to liquidity on any chain all made possible with a single-click functionality. The overall benefit of this is the streamlined lending process that also comes with security checks.