Clearpool has announced the launch of its uncollateralized lending on Polygon, the scaling solution for Ethereum. The launch gives users an improved experience and higher capital efficiency.
The innovative DeFi protocol will be accessed by institutional borrowers and a decentralized network of lenders. This is the first time the large-scale institutional DeFi solution is moving to the Ethereum-compatible scaling platform.
More than $180 million of institutional loans have been originated by Clearpool since its launch on the Ethereum network in March 2022. The list of users includes leading crypto and TradFi institutions.
Enhanced scalability of the platform and user efficiency can be expected to make their way after the integration.
Robert Alcorn, the Chief Executive Officer & Co-Founder of Clearpool, called the launch an important milestone as it has been a part of their plan since the first day. Robert Alcorn added that the integration would help the platform to bring institutional DeFi to the Polygon ecosystem.
The integration will also help take Clearpool to the next level regarding user adoption and efficient access to the network of lenders.
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When combined, all the updates will enhance the diversification of funding for borrowers, which will further lead to greater efficiencies across the ecosystem of Clearpool. It is backed by leading global investors like HashKey Capital, Arrington Capital, and Sequoia Capital India, to mention a few.
Clearpool enables more efficient opportunities to attract new profiles of borrowers to DeFi. The opportunities enabled users to manage and hedge risk through unique concepts, namely tokenized credit and single-borrower liquidity pools.
The goal of Clearpool is to bridge the gap between the traditional mechanism of the borrowing-lending market and the modern DeFi.
Another recent launch came in partnership with Jane Street. The launch was of its first permission pool. Another firm to join the partnership was BlockTower Capital. Clearpool was designed to be a multi-chain protocol that is cost-effective, scalable, and seamless to integrate, which millions of users can access. The blockchain integration with Polygon is the first after the launch on Ethereum, enabling faster and cost-effective transactions for the decentralized network of Clearpool and its users.
A list of current borrowers for Clearpool includes the likes of:-
- FBG Capital
- Amber
- Jane Street
- Auros
- Wintermute
- Folkvang
New borrower pools will not be launched after their deployment on Polygon. One such name includes Parallel Capital, with details to be announced soon.
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The launch will be followed by the exclusive limited-time promotion where lenders to the genesis liquidity pools launched will be able to farm rewards in MATIC in addition to interest earned in USDC and CPOOL LP rewards.
Hamzah Khan, the Head of DeFi & Labs at Polygon, said that the team aims to onboard 1 million customers on Web3, and only players like Clearpool can help them lead the way. He added that the team innovated on the bleeding edge of on-chain borrowing and lending by providing a decentralized marketplace for unsecured institutional capital.
