Users of Kusama and Polkadot will be able to deposit and borrow digital assets from the company through the usage of Cream. Ice Cream Finance will provide loan and borrowing services using Moonbeam, a Polkadot-based smart contract platform. Ice Cream Finance is a decentralized finance venture.
A statement released on Thursday stated that the Cream Finance parachain will be initially integrated into the Moonbeam network environment. Moonriver, Kusama, and Polkadot will be the first to get a glimpse of it. The Cream service will be available to customers who already save or borrow digital assets using Polkadot or Kusama, among other services.
According to Moonbeam developer Derek Yoo, “the lending and borrowing operations lie at the heart of a thriving DeFi ecosystem.” In addition to providing a vital building block for constructing new Polkadot-based DeFi apps, this integration not only enhances Moonbeam’s increasing DeFi ecosystem but also offers Moonbeam developers a necessary capability for expanding their existing DeFi applications.
Since then, a slew of new protocols has emerged on the Moonbeam and Polkadot networks, among them Kusama and Polkadot. In addition, the platforms have announced several protocol integrations. Some other projects are underway, including the Equilibrium cross-chain lending protocol, the Ocean Protocol, SushiSwap, Balancer, and the IDEX exchange.
The theft of $18.8 million in money from Cream Finance in recent weeks was the result of flash loan fraud. According to the proposal, the platform has a total value of more than $1 billion.