Cream announced a news service that focuses on connecting DeFi platforms. The Iron Bank is going to be a cross-blockchain solution that helps users lend and borrow easier. It gets the name fro the famous Game of Thrones tv-series and is one of the significant steps in Cream finance after the merger with Yearn. CreamY Swap and Cream Swap were the core products of Cream to create a comprehensive lending solution. Now, Iron Bank will complete them.
The Vital to Absorb All Global Financial Markets
Decentralized financial services are on the path toward becoming the first choice for everyday users. But they still need more connection and cross-blockchain services. Each of the current DeFi platforms provides services required for users in various areas. But when it comes to connecting and exchanging assets, there are many gaps yet.
Cream is one of the innovative DeFi solutions launched in August 2020 with a focus on lending services. After their merger with Yearn Finance, they’re working on multiple solutions to make the dream of cross-border lending come true. The Iron Bank is one of those solutions that will focus on protocol-to-protocol credit. According to the announcement:
“Consolidating cross-protocol liquidity will lead to even stronger composability in DeFi. The critical innovation at the heart of the Iron Bank is zero-collateral lending — protocol-to-protocol loans will use a credit system that is not currently possible with existing peer-to-peer lending solutions, all of which are over collateralized.”
The Cream team believes that Iron Bank can act as what we have seen in the famous GOT tv-series. It will increase capital efficiency in the enterprise market with a focus on cross-platform credits.
Iron Bank is one of the essential steps toward Cream v2 protocol. It works like a credit bank that gives credit to only whitelisted protocols. The current list of credible protocols consists of current Cream partners. The team doesn’t have any plans to add new protocols yet.
The list of supported assets in the Iron Bank is limited yet. But the Cream team promises to expand it by adding some new protocols to the whitelist. According to the announcement:
“The available pool of assets that protocols can borrow from CREAM v2 is currently limited to wETH, DAI, and y3Crv. You can find these and future CREAM v2 assets on Yearn Finance’s lending portal. We will also soon add USDT, USDC, sUSD, mUSD, DUSD, LINK, YFI, SNX, WBTC.”
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