FujiDAO, a mortgage aggregator platform that identifies the very best charges on a number of blockchain protocols, introduced at this time it has expanded its capabilities throughout chains because of its integration with Connext.
With Connext, builders have entry to trust-minimized cross-chain communication to make blockchains composable. The Connext Bridge utility is constructed on high of Connext’s nxtp protocol. Connext Bridge helps asset switch between L2s and Ethereum Digital Machine appropriate chains.
The FujiDAO workforce designed a system that allows customers to bypass the excessive charges on mainnet by providing a 1-click beam of their debt place (collateral + debt) to a brand new desired chain the place they may take pleasure in cheaper borrowing charges. Connext is used to bridge the belongings and knowledge through xcalls:
“Connext is a superb match for the implementation of our cross-chain lending aggregation engine due to the minimized belief assumptions of their safety mannequin. We additionally love how all of the complexity is abstracted in easy xcalls so we will concentrate on our enterprise logic. We first met a part of the workforce at ETHAmsterdam and have had a fruitful collaboration since then. It’s thrilling to work with top-notch applied sciences, but it surely’s equally necessary to have an awesome expertise with the folks behind these applied sciences.”
– Boyan from FujiDAO
Connext + FujiDAO Advantages
- Can work together from any chain, borrow on any chain, and use collateral on any chain.
- Will have the ability to add collateral on chain A and borrow one other asset on chain B with the very best charge throughout a number of lending platforms because of FujiDAO’s routing system that selects the very best platform to make use of.
- Customers can already provide ETH as collateral and borrow DAI, USDC, or USDT and use the platform on Ethereum and Fantom, and shortly have the ability to transfer throughout chains seamlessly.
FujiDAO’s goal is to make borrowing extra accessible to customers and change into a bit of infrastructure that may make the market extra liquid and fluid. The protocol achieves this by continually monitoring borrow markets and, each time there’s a higher charge, it robotically refinances the entire pool of debt.
As defined of their documentation, “some great benefits of Fuji in comparison with interacting immediately with a base protocol embody…”
- Price optimization – decrease the curiosity paid by debtors
- Economics of scale – pooling funds collectively scale back the transactional prices by sharing mounted prices
- Time-saving – elimination of fixed consideration customers have to pay to search out optimum charges
- Seamless – a easy UX expertise for customers
A cross-chain lending aggregator means higher charges, value financial savings, and extra market effectivity.