In the course of the testing part, the protocol permits customers to deposit collateral natively on one chain whereas borrowing funds on one other chain.
Common liquidity protocol Pike Finance has accomplished its mainnet launch, permitting customers to borrow, borrow, leverage and earn earnings on DeFi.
It at present helps Ethereum and the layer 2 networks Base, Optimism and Arbitrum. DeFi merchants can supply and borrow ETH, ARB, OP, and USDC. Extra chains similar to Solana, Monad and Polygon will likely be built-in later this 12 months.
Since interoperability is a long-standing impediment within the cryptocurrency business (an issue solely exacerbated because of the inherent fragility of bridges), Pike goals to unify the fragmented blockchain ecosystem by aggregating liquidity on the community.
In line with the crew, Pike permits native asset switch with out utilizing cross-chain bridges or wrapping property.
The protocol makes use of a triple structure powered by blockchain communications enabler Wormhole, which acts as a relay between protocols. Circle’s Cross-Chain Switch Protocol (CCTP) offers USDC with a destruction and minting mechanism, whereas the Pyth Community oracle offers real-time value knowledge.
To guard the protocol and its customers throughout the beta launch, the crew carried out a provide cap on every pockets. Consumer deposits could not exceed the next thresholds: 0.1 ETH on Ethereum, 100 USDC, 10 OP and 10 ARB on the 4 supported chains.
