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Kusama and Polkadot users will be able to use Cream’s services to deposit or lend digital assets.
Cream Finance, a decentralised finance (DeFi) initiative, will introduce lending and borrowing services to Moonbeam, a Polkadot smart contract platform.
In a Thursday announcement, 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.
“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.”
Many protocols have announced interfaces with Moonbeam in recent months, increasing the number of alternatives for decentralised finance projects built on the platform using Kusama or Polkadot. Cross-chain lending protocol Equilibrium, Ocean Protocol, SushiSwap, Balancer, IDEX, and others are among the projects.
Cream Finance was recently the victim of a significant hack in which an attacker stole $18.8 million using a flash loan exploit. According to the project, the platform has a total value of more than $1 billion.