HomeCryptoNewsKonomi Teams Up with Yield Optimizer ETHA Lend to Bring New Norms...

Konomi Teams Up with Yield Optimizer ETHA Lend to Bring New Norms to DeFi

Konomi, a cross-chain money market platform developed on Polkadot’s Substrate framework, has partnered with protocol-agnostic yield optimizer ETHA Lend, to bring new opportunities to liquidity mining and DeFi yield optimization.

EHTA Lend announced the partnership in a blog post on Monday, March 22. According to the announcement, with this strategic partnership, ETHA Lend and KONOMI shall explore the concept of maximized interoperability between both platforms and the whole Polkadot ecosystem.

ETHA Lend is a protocol-agnostic DeFi yield optimizer powered by both Ethereum and Polkadot ecosystems. The platform’s defining feature is its highly intelligent discovery algorithm that factors in all the essential margins like gas cost, volatility, yield, and amount to provide optimal asset allocation for excellent yields.

As a protocol-agnostic platform, ETHA Lend can easily be upgraded to integrate new DeFi protocols and universally interact with them to maximize yield. This will allow the platform to evolve into a relatively simple yet smart channel for liquidity providers to interact with multiple protocols on a single platform.

The project is currently in the Alpha phase on Ethereum with a mainnet launch scheduled in Q2 2021. The team also has plans to expand the protocol on the Polkadot network to leverage cross-chain communication to address overtime a bigger market.

KONOMI is a decentralized liquidity and money market protocol for all cross-chain crypto assets that allows users to trade cross-chain assets through smart contract-based liquidity protocols starting with constant product automated market makers.

The project is currently in the testnet phase, with the mainnet expected to be launched in Q3 of 2021 as Polkadot parachain. After that, the protocol will also offer lending and borrowing services by using DOT tokens as default collateral and asset management through Konomi Wallet.

According to ETHA Lend, “this partnership will empower both ETHA Lend and KONOMI to present a highly compatible, agile, and efficient landscape to liquidity mining, DeFi yield optimization, and the broader DeFi space.”

According to Jayden Antonio, COO of KONOMI, yield farming is the hottest landscape of DeFi but an “intimidating prospect for the average user due to its many complexities.” He further said:

“Considering that ETHA Lend presents a desirable vision and revolution to make yield farming an elegant and accessible landscape for all interested participants, we believe that we share extreme harmony with the ETHA Lend team, especially in terms of remedying the lack of interoperability in the current DeFi space. We are positive that the ETHA Lend platform is a great project with a clear first-mover advantage as a DeFi yield optimizer.”

As reported, Konomi will also integrate Chainlink Price Feeds to ensure fair market prices for its cross-chain money markets.

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Atiq Ur Rehman
Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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