Cream Finance, a DeFi startup, will extend its loan and borrowing services to Moonbeam platform. Users on Kusama and Polkadot will be able to use Cream’s services to deposit digital assets as collateral or lend them out.
Cream Finance will be integrated into the Moonbeam ecosystem starting with its parachain on Kusama, Moonriver, and subsequently Polkadot, according to a Thursday release.
Cream’s services will allow Kusama and Polkadot users to deposit digital assets as collateral or lend them out.
Moonbeam founder Derek Yoo stated, “Lending and borrowing mechanisms are at the heart of a thriving DeFi ecosystem.”
“The integration not only adds to Moonbeam’s burgeoning DeFi ecosystem, but it also gives developers a vital building piece for creating new Polkadot-based DeFi applications.”
Many protocols have announced interfaces with Moonbeam in recent months, increasing the number of alternatives for decentralized finance, or DeFi, projects built on the platform through Kusama or Polkadot.
Equilibrium, the cross-chain lending protocol, 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 via a flash loan exploit. According to the project, the platform has a total value of more than $1 billion.