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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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Polygon provides a $300,000 grant to Folks Finance to promote cross-chain lending on the PoS network.
Odaily News Polygon has provided a $300,000 grant to the decentralized lending protocol Folks Finance to support its deployment of a cross-chain lending solution on the Polygon PoS network, aiming to integrate liquidity and simplify the multi-chain lending experience. According to the official introduction, Folks Finance adopts an innovative "hub-and-spoke" architecture, allowing users to collateralize assets on one chain and seamlessly borrow on another chain. The solution operates through three cross-chain communication protocols: Circle CCTP, Chainlink CCIP, and Wormhole, avoiding the asset security and operational complexity issues brought by traditional bridging. This funding will be distributed in three installments, with the first installment of 100,000 USD equivalent in MATIC tokens already issued. Polygon stated that after Aave reduced its deployment on the PoS chain, a gap emerged in the lending market, and this funding for Folks Finance is an important measure to fill that gap. Folks Finance has also launched the "Folks Points" incentive system to encourage user behavior within the protocol. In addition to Polygon, Folks Finance has previously received support from the Avalanche and Arbitrum foundations. (Cointelegraph)