Radiant’s expansion from Arbitrum to BNB Chain is the first-step in its omnichain DeFi aspirations.
DeFi on Arbitrum, BNB Chain
Aspiring omnichain money market Radiant Capital is now live on BNB Chain.
The expansion by the Arbitrum-native lending platform is another link in the cross-chain Decentralized Finance (DeFi) ecosystem that is emerging on the two Ethereum Virtual Machine (EVM)-compatible networks.
As BSC News reported previously, Radiant recently launched its v2 product on Arbitrum. Built on Layer Zero, Radiant intends to allow users to deposit assets from any major blockchain, borrow assets across multiple chains, and withdraw funds to any major blockchain.
According to DefiLlama, Radiant has the second-largest Total Value Locked (TVL) on Arbitrum, with nearly $334 million. That puts it above Uniswap and only behind GMX.
Radiant’s Arbitrum TVL would put it in fourth place on BNB Chain, behind PancakeSwap, Venus and Alpaca Finance.
On launch, Radiant has just over $28 million in TVL on BNB Chain, according to DefiLlama.
In a Twitter thread accompanying the announcement of its expansion, Radiant cited BNB Chain’s growth and overall size in terms of users and TVL.
“In short: @BNBCHAIN is dominating DeFi onboarding[.] And Radiant v2’s BNB integration means it’s one step closer to the ultimate vision: Become DeFi’s premiere, cross-chain lending market,” Radiant tweeted.
Radiant’s announcement comes one day after stableswap Wombat Exchange announced it would be expanding from BNB Chain to Arbitrum on April 5, bringing with it the WOM Wars competition among yield-boosting protocols Wombex Finance, Magpie XYZ and Quoll Finance.
Other DeFi protocols that are live on both BNB Chain and Arbitrum include Uniswap, Trader Joe, ApeSwap, ApolloX and Dopex.
What is Radiant Capital:
Radiant intends to be the first omnichain money market, allowing users to deposit any major asset on any major chain and borrow a variety of supported assets across multiple chains.
Lenders who provide Radiant with liquidity will earn a passive income from their deposit assets. Borrowers can withdraw against collateralized funds to obtain liquidity (working capital) without selling assets or closing positions.
Radiant’s cross-chain interoperability is built on Layer Zero, taking advantage of Stargate’s stable router interface. Lenders who want to reclaim their collateral can specify which chain to withdraw funds from and what percentage to send to each chain.
Learn more about Radiant Capital:
Source : bsc.news
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