The DeFi industry is firing on all cylinders despite the growing need for cross-chain support. For example, C.R.E.A.M. Finance, one of the leading DeFi protocols on Ethereum, is expanding to Polkadot. Through Moonbeam, the team won’t need to adjust the code to tap into a new set of users.
C.R.E.A.M. Finance Goes Cross-Chain
It was a matter of time until more DeFi protocols began to explore the potential ofc ross-chain solutions. Existing on one blockchain is excellent, but it also limits how much traction that protocol can gain. Even though C.R.E.A.M. Finance is still prevalent on Ethereum, it appears the total value locked for the project has hit a glass ceiling of sorts. Although the project has over $1 billion in TVL, it appears there is little future growth.
Despite the recent growth in TVL., protocols such as C.R.E.A.M. Finance must explore other blockchains. Expanding to Polkadot is a viable option, as that network notes a strong user growth in recent months. Moreover, it is relatively straightforward to build compatible dApps and smart contracts, depending on how the team wants to go about it.
In this instance, C.R.E.A.M. Finance will make use of Moonbeam. As an Ethereum-compatible smart contract platform for the Polkadot ecosystem, Moonbeam makes it easy for Ethereum-based solutions to tap into a new group of users. As a result, the full functionality of C.R.E.A.M. Finance will come to Polkadot, including the decentralized lending and borrowing suite. Before the migration to Polkadot occurs, however, C.R.E.A.M. Finance will launch on Moonriver.
For those unfamiliar, Moonriver is the Moonbeam sister parachain on Kusama, the developer-oriented network for projects launching on Polkadot. C.R.E.A.M. Finance Will be the first lending and borrowing platform on Moonriver, enabling a “jump start” to that ecosystem’s DeFi solutions. SushiSwap is another project available on Moonbeam, and more liquidity sources are likely to follow.
An Important Milestone For Moonbeam
Two of the biggest DeFi projects on Ethereum leverage Moonbeam to explore opportunities on the Polkadot network. That is a significant milestone for Moonbeam and its team. Connecting Ethereum to Polkadot can introduce substantial liquidity options and offer opportunities that weren’t accessible otherwise. Moreover, existing Ethereum addresses are compatible with Moonbean and Moonriver tokens. Additionally, users will have access to assets from other Polkadot parachains.
C.R.E.A.M. Finance co-founder Leo Cheng adds:
“The Polkadot ecosystem presents a new frontier in DeFi, which along with the strong Moonriver and Moonbeam community, makes it the leading EVM-compatible smart contract platform. We are looking forward to working with such strong partners as we enter the Polkadot ecosystem.”
As Moonriver is now live on Kusama, an important milestone has been reached by the team. In the current iteration, Moonriver supports balance transfers and EVM features. All 60+ projects in the Moonbeam ecosystem can deploy to Moonriver, including C.R.E.A.M. Finance. That process is expected to be completed in the coming weeks. Holders of the MOVR token can access the non-custodial decentralized lending protocol.