Automated Cross-Chain DeFi Opportunities For The eGold Ecosystem Via Nord Finance
The proliferation of blockchain technology has resulted in several blockchain environments, each with its specifics and opportunities. The amount of DeFi products available on all of these platforms has been growing at an accelerating rate. This makes tracking the best yield opportunities - and participating in them - increasingly difficult.
This is why we are happy to announce that eGold holders will be able to participate in cross-chain DeFi opportunities via Nord Finance, the interoperable platform tracking the best yields across different blockchain ecosystems.
“The ability of capital to flow unconstrained by region, technology, or denomination is the key to establishing the internet of money. Tools like the ones that Nord Finance is building will level the global finance playing field and provide significant opportunities to anyone, anywhere.” said Beniamin Mincu, Elrond CEO.
Nord Finance is a blockchain agnostic financial ecosystem focusing on simplifying decentralized finance products for users by highlighting traditional finance’s key attributes. It is operable across multiple blockchains and offers savings, advisory, loans against assets, investment and funds management, and swaps.
The integration will first make use of the Elrond <> Ethereum token bridge to enable value transfers. In the longer term, Nord Finance will leverage the advanced arbitrary messaging bridge capabilities of the Elrond <> Ethereum bridge (tba) to allow smart contracts on one chain to call smart contracts on the other chain, thus enabling its users to automatically capture the best opportunities.
“The Nord Finance products fit perfectly in Elrond’s grand vision of a globally interoperable financial system, a vision which we enthusiastically share ourselves. We’re eager to explore the Elrond Network technical capabilities and provide our users with deep integrations into its blossoming DeFi ecosystem.” said Amarnath Reddy, Nord Finance CEO.
The integration is important for the Elrond ecosystem because it gives eGold holders the chance to participate in DeFi opportunities on other platforms, while also enabling users from different blockchains to engage with our ecosystem, for mutually beneficial growth.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Nord Finance
Nord Finance is an advanced decentralized financial ecosystem that simplifies products by highlighting traditional finance's key attributes. Deployed on the Ethereum Network, it integrates multi-chain interoperability, thus proposing a plethora of financial primitives, which constitute savings, advisory, loans against assets, investment/funds management, and swaps.