FujiDAO, a mortgage aggregator platform that identifies the most effective charges on a number of blockchain protocols, introduced at the moment 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 a constructed on prime of Connext’s nxtp protocol. Connext Bridge helps asset switch between L2s and Ethereum Digital Machine appropriate chains.
The FujiDAO group 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’ll get pleasure from cheaper borrowing charges. Connext is used to bridge the belongings and knowledge through xcalls:
“Connext is a wonderful 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 group at ETHAmsterdam and have had a fruitful collaboration since then. It’s thrilling to work with top-notch applied sciences, nevertheless it’s equally necessary to have an important expertise with the individuals 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 be capable to add collateral on chain A and borrow one other asset on chain B with the most effective price throughout a number of lending platforms because of FujiDAO’s routing system that selects the most effective 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 be capable to transfer throughout chains seamlessly.
FujiDAO’s goal is to make borrowing extra accessible to customers and grow to be a bit of infrastructure that may make the market extra liquid and fluid. The protocol achieves this by continuously monitoring borrow markets and, every time there’s a higher price, it routinely 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…”
Value optimization – reduce the curiosity paid by debtors
Economics of scale – pooling funds collectively cut back the transactional prices by sharing fastened prices
Time-saving – removing of fixed consideration customers must pay to search out optimum charges
Seamless – a clean UX expertise for customers
A cross-chain lending aggregator means higher charges, value financial savings, and extra market effectivity.