In Brief:
- C.R.E.A.M. Finance will be extending its lending and borrowing suite to the Moonbeam ecosystem, starting with Moonriver.
- The integration will let the Polkadot and Kusama communities more efficiently utilize their assets.
In an announcement on Thursday, Moonbeam said that it will partner with Cream Finance to bring its lending and borrowing services to Moonbeam.
Before migrating to Polkadot C.R.E.A.M. Finance, it will initially launch on Kusama’s Moonriver. The integration will help jumpstart the growth of the DeFi ecosystem on Moonriver. It will then integrate on Polkadot. Kusama and Polkadot users will be able to use Cream’s services to deposit digital assets as collateral or lend them out.
“Lending and borrowing protocols lie at the heart of a productive DeFi ecosystem,” said Moonbeam founder Derek Yoo. “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.”
Cream Finance, in June, launched its money market on the Ethereum layer 2 scaling solution Polygon network. Moonbeam, in March, announced it would connect the Balancer protocol with the Polkadot ecosystem. The other protocols that cross-chained with Moonbeam are Equilibrium, Ocean Protocol, SushiSwap, IDEX, etc.
Also Read: DeFi Protocol Cream Finance Loses $19M In Flash Loan Hack
