Decentralized finance (DeFi) lending platform Cream Finance will be launching its money markets on Ethereum layer 2 scaling solution Polygon.
Cream Finance’s smart contract money markets allow users to borrow and lend supported assets.
In its announcement Tuesday, Cream said using Polygon, which has $8.64 billion in total value locked, will lead to faster transaction speeds, lower gas fees and access to additional markets for its users. At the time of the launch, which has not yet been specified, Cream’s users will be able to lend and borrow 10 digital assets, including USDC, USDT, DAI, WMATIC and LINK.
The Polygon network is growing: Institutional investors are pouring money into Polygon as demand for Ethereum-compatible blockchain networks grows, and DeFi developers and users are flocking to the platform in search of cheaper gas fees and fast block times. And Cream isn’t the only lending platform to join forces with Polygon. Earlier this month, Kyber Exchange said it would be using the platform.
In a tweet on Tuesday, Cream confirmed its Polygon markets will be "incentivized by $MATIC liquidity mining opportunities."
The announcement also confirmed that Cream’s assets on Polygon will be covered by Chainlink oracles.
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