There are many Defi platforms launching recently in the market. There are many people who don’t know what is a Decentralized finance platform. It’s a cryptocurrency exchange platform that allows users to complete cryptocurrency transactions without relying on anyone.
Unlike the centralized exchanges available in the market, decentralized platforms facilitate you with landing and borrowing services according to the buyer/seller requirements. Although it’s not the only service you get for using Defi platforms.
Cream Finance integration with Polkadot blockchain using Moonbeam
C.R.E.A.M finance is also one of the most popular and successful Defi platform projects. With an outstanding $1Billion Total value locked amount on their platform. Its easy landing and borrowing system is one of the reasons behind its success.
They are about to start providing landing and borrowing features into the system. Cream finance has decided to integrate its lending and borrowing services to an intelligent Polkadot platform “Moonbeam”.
Moonbeam is an intelligent contract para chain mainly focusing on the compatibility with Ethereum based digital assets. This means it’s now possible for users to easily complete the tasks even with their Metamask wallet.
In one of the recent announcements from Moonbeam, they claimed that Cream finance is flexible enough to deploy on their ecosystem easily. This means Cream finance will provide integrated services starting with a para chain on Kusama, Moonriver, and then on Polkadot respectively.
The bright side is that Polkadot users will be able to use the Cream finance services. And easily deposit or store digital assets according to their needs. However, there are other benefits as well. This integration is also useful for building Defi applications based on Polkadots, providing the essential building blocks with OEMs on Moonbeam.
Landing and borrowing infrastructure
Landing and borrowing digital assets are fundamental features for any Defi platform. Therefore the CEO of Moonbeam founder Derek Yoo stated that “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.”
Decentralized finance is on a hype right now so it’s obvious that more and more people are searching for Defi platforms in the market. As a result, there are a lot of platforms reaching the Moonbeam company to launch their Defi project with the help of compatible environments from Polkadots and Kusama. Initiatives embrace cross-chain lending protocol Ocean Protocol, Equilibrium, Balancer, SushiSwap, IDEX, and others.
C.R.E.A.M finance was targeted by an individual hacker recently. Not to mention that it was a large-scale attack for stealing a total of $18.8 million dollars. With an exploit in the system known as “Flash loan”. So there are many security concerns still remaining regarding the service itself.