Moonbean Brings Popular Ethereum DeFi Protocol C.R.E.A.M. Finance To Polkadot And Kusama
Decentralized protocols need to achieve maximum efficiency. one way of doing so is by expanding their presence across multiple blockchains. With the help of Moonbeam, C.R.E.A.M. Finance is coming to Polkadot and Kusama.
Another Ethereum DeFi Project Migrates
Even though Ethereum remains the go-to blockchain for most decentralized finance projects, it has numerous shortcomings. The ongoing scaling issues create high transaction fees for all participants. That will lead to users paying far more than they should to access financial services they may otherwise never be able to benefit from. It is far from an ideal situation and one that may not be resolved for some time to come.
As these issues persist, various Ethereum DeFi projects have begun exploring other options. For C.R.E.A.M. Finance, that alternative option is bringing its services to the Polkadot and Kusama blockchains. Kusama is the “development playground” for projects looking to bring their technology to Polkadot. In addition, it allows for some tweaking and fine-tuning, should that be necessary.
C.R.E.A.M. Finance is exploring Kusama and Polkadot with the help of Moonbeam. As an Ethereum-compatible protocol, Moonbeam makes it very straightforward for existing Ethereum projects to bring their code to Polkadot, as the protocol is fully EVM-compatible. Moreover, C.R.E.A.M. Finance can benefit from Moonbeam’s sister parachain Moonriver to bring its decentralized borrowing and lending to the Kusama ecosystem.
As C.R.E.A.M. Finance represents over $1 billion in total value locked, the expansion through Moonbeam can introduce new liquidity sources. Moreover, it helps grow the decentralized finance (DeFi) ecosystem on these two blockchains. Decentralized finance is about unifying ecosystems, and going the cross-chain route is an excellent way of achieving that goal.
Another Feather In The Moonbeam Cap
C.R.E.A.M. Finance Is the latest Ethereum DeFi solution to tap Moonbeam for a cross-chain migration. Sushiswap, one of the biggest decentralized exchanges, took the plunge earlier. Both teams can explore new liquidity and yield solutions on Polkadot. As Polkadot’s parachain network can bring several dozen ecosystems together, DeFi projects need to establish a presence early on.
Moonbeam founder Derek Yoo comments:
“Lending and borrowing protocols lie at the heart of a productive DeFi ecosystem. We are happy to partner with C.R.E.A.M. Finance to bring their protocol to users and assets on Polkadot. 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.”
Over 60 projects exist within the Moonbeam existence. Thanks to the recent launch of Moonriver on Kusama, all these projects can benefit from balance transfers and EVM features. It is expected that C.R.E.A.M. Finance will complete its launch on Moonriver over the coming weeks. Additionally, holders of the MOVR token can access the DeFi protocols non-custodial decentralized lending solutions.
As Moonbeam makes it easy for developers to deploy existing Solidity smart contracts and DApp frontends with minimal changes, more projects may explore this option moving forward. The parachain-based nature of Polkadot provides shared security and cross-chain integration. That can be very beneficial to a project like C.R.E.A.M. Finance. Moonbeam is expected to launch on the mainnet in Q4 2021.