Cream Finance DeFi protocol will launch on Polkadot through collaboration with Moonbeam

Cream Finance DeFi protocol will launch on Polkadot through collaboration with Moonbeam

Cream Finance decentralized protocol is being integrated with Polkadot’s Moonbeam smart contract platform. Users of the latter will be able to carry out lending and borrowing operations.

ALSO READ: Alif received a company valuation of over $100 million.

DeFi-Protocol Cream Finance

At the first stage, similar functionality will appear in the related the Moonriver Network on Kusama, and later on Moonbeam on Polkadot.

«Lending and borrowing protocols are at the heart of the DeFi ecosystem. The integration will provide Moonbeam developers with a critical building block for creating new decentralized finance applications on Polkadot», said Moonbeam founder Derek Y.

Thanks to the initiative, users will be able to store Moonbeam and Moonriver tokens in Ethereum wallets and use them in the DeFi ecosystem, the second largest cryptocurrency by capitalization. At Polkadot, decentralized finance enthusiasts will be able to access assets from other parachains.

Moonbeam

Prior to Cream Finance, teams from projects such as Equilibrium, Ocean Protocol, SushiSwap, Balancer, IDEX announced integration with the Ethereum-compatible platform Moonbeam.

As a reminder, the developers of Cream Finance will reimburse affected users for the losses resulting from the recent attack using instant loans.

This is the second hacker attack on Cream Finance in 2021. In February, criminals exploited a bug in the Alpha Finance smart contract and stole $ 37.5 million worth of tokens.