In beta, the protocol permits customers to natively deposit collateral on one chain whereas borrowing funds on one other.
Common liquidity protocol, Pike Finance has accomplished its mainnet launch, permitting customers to borrow, lend, leverage and earn throughout DeFi.
It at the moment helps Ethereum and Layer 2 networks Base, Optimism and Arbitrum. DeFi merchants can provide and borrow ETH, ARB, OP and USDC. Additional chains, comparable to Solana, Monad, and Polygon, might be built-in later this 12 months.
With interoperability a perennial impediment for the crypto business – a priority solely heightened as a result of inherent fragility of bridges – Pike goals to unite the fragmented blockchain ecosystem by aggregating liquidity throughout networks.
In response to the workforce, Pike allows native asset transfers with no need to utilize cross-chain bridges or wrapped belongings.
The protocol makes use of a triple structure powered by Wormhole, a blockchain communications enabler, which serves as a relay between protocols. Circle’s Cross-Chain Switch Protocol (CCTP) allows a burn and mint mechanism for USDC, together with Pyth Network oracles feeding real-time value information.
To guard the protocol and its customers through the beta launch, the workforce has enforced a provide cap per pockets. Customers can not exceed the next thresholds for deposits: 0.1 ETH on Ethereum, 100 USDC on the 4 supported chains, 10 OP, and 10 ARB.