Avalanche Joins Forces with Folks Finance to Enhance Cross-Chain Lending (AVAX)

• Folks Finance has integrated Avalanche into its cross-chain lending protocol.
• Avalanche integration ensures that Folks Finance users can transact at high speed and with low charges.

Folks Finance has officially integrated the Avalanche network into its cross-chain lending protocol and DeFi suite, according to a recent blog. This enables Avalanche users to deposit and borrow on Avalanche and other integrated networks from a single account, significantly enhancing user convenience and accessibility.

Folks Finance + @avax = seamless interaction, unified liquidity

Effortlessly lend and borrow between Avalanche and other chains.

Participate in the Subway Riders Quest with @CommunityofAvax to get a limited edition OAT https://t.co/ZkkNFBcQnd

— Folks Finance (@FolksFinance) July 25, 2024

Avalanche integration ensures that Folks Finance users can transact at high speed and with low charges in accordance with the platform’s mission of promoting efficient on-chain financial services. The integration of Avalanche provides new opportunities for lending, borrowing, and trading, hence enhancing the services of Folks Finance. 

Testnet Aims to Validate Cross-Chain Architecture

As stated by Folks Finance, the main purpose of the Folks testnet is to thoroughly stress and verify the cross-chain architecture. This framework is intended to allow for an easily understood and proficient lending process on many different networks. The Folks testnet is a crucial stage of the validation and testing of the cross-chain architecture targeted for early Autumn 2024

The framework implemented with Chainlink CCIP, Wormhole, and Circle CCTP provides a simple and efficient way of lending across different networks. The planned testnet will help to fine-tune the protocol’s capabilities and identify potential problems before the mainnet release.

The preparation for the cross-chain expansion has been thorough, with over a year of preparations to ensure a seamless launch. Security audits by Ottersec and a public community bug bounty on Immunefi worth $100,000 underscore the team’s commitment to security and reliability.

This testnet will also be launched on other prominent blockchains such as Base, Arbitrum, and Ethereum. With the xChain expansion deployed on these four networks, Folks Finance will be solving the issue of fragmentation within DeFi and become a bridge between different networks. 

Folks Finance’s xChain app removes complexity from the user interface by hiding the bridging and gas fees from the user. This is ideal for users who want to take full advantage of the various chains in the crypto space and require convenient ways to switch between the chains. This user-first approach is in line with Folks Finance’s vision of making DeFi more inclusive and effective for all users. 

Avalanche Secures Key Partnerships

In recent months, the Avalanche blockchain network has secured several important partnerships. As featured in our recent coverage, the Avalanche Network received a significant boost with Alchemy’s protocol announcement that it now supports the Avalanche C-Chain. 

Additionally, as previously mentioned in our report, ContinuumDAO recently revealed its integration with the Avalanche ecosystem, a smart contract platform recognized for its limitless scalability and swift transaction finalization. Adding C3Caller to ContinuumDAO’s testnet marks a significant milestone for the organization.

Currently, Avalanche (AVAX) is trading at $25.59, reflecting a 1.01% decline in the last 24 hours. Additionally, over the past week, AVAX has increased by 4%. The market cap is currently at $10 billion, with a 1% increase.