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Crypto lending aggregator FujiDAO integrates Connext Bridge to expand cross-chain functions » CryptoNinjas

FujiDAO, a mortgage aggregator platform that identifies the perfect charges on a number of blockchain protocols, introduced immediately it has expanded its capabilities throughout chains thanks to 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 prime of Connext’s nxtp protocol. Connext Bridge helps asset switch between L2s and Ethereum Virtual Machine appropriate chains.

The FujiDAO group designed a system that permits 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 take pleasure in cheaper borrowing charges. Connext is used to bridge the belongings and knowledge through xcalls:

“Connext is an excellent fit for the implementation of our cross-chain lending aggregation engine because of the minimized trust assumptions in their security model. We also love how all the complexity is abstracted in simple xcalls so we can focus on our business logic. We first met part of the team at ETHAmsterdam and have had a fruitful collaboration since then. It’s exciting to work with top-notch technologies, but it’s equally important to have a great experience with the people behind those technologies.”
– Boyan from FujiDAO

Connext + FujiDAO Benefits

  • Can work together from any chain, borrow on any chain, and use collateral on any chain.
  • Will give you the option to add collateral on chain A and borrow one other asset on chain B with the perfect charge throughout a number of lending platforms thanks to FujiDAO’s routing system that selects the perfect platform to use.
  • Users can already provide ETH as collateral and borrow DAI, USDC, or USDT and use the platform on Ethereum and Fantom, and shortly give you the option to transfer throughout chains seamlessly.

FujiDAO’s goal is to make borrowing extra accessible to customers and develop into a bit of infrastructure that may make the market extra liquid and fluid. The protocol achieves this by consistently monitoring borrow markets and, every time there’s a higher charge, it mechanically refinances the entire pool of debt.

As defined of their documentation, “the advantages of Fuji compared to interacting directly with a base protocol include…”

  • Cost optimization – decrease the curiosity paid by debtors
  • Economics of scale – pooling funds collectively scale back the transactional prices by sharing fastened prices
  • Time-saving – elimination of fixed consideration customers want to pay to discover optimum charges
  • Seamless – a easy UX expertise for customers

A cross-chain lending aggregator means higher charges, price financial savings, and extra market effectivity.

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