Transaction volume data reported by Aave, Compound, and Soul Protocol

Soul Protocol Unveils Omnichain Lending Solution, Integrates Aave and Compound to Address DeFi Liquidity Issues

May 24, 2024, 11:53 AM

Soul Protocol has unveiled a new product aimed at addressing the liquidity problem in the decentralized finance (DeFi) space. The protocol allows users to perform transactions across multiple blockchain networks without the need for bridging between chains. Soul Protocol integrates with major lending platforms such as Aave and Compound, enabling seamless cross-chain lending and borrowing. The platform leverages $ZRO technology to unify liquidity and users, allowing assets like $ETH to be utilized efficiently across different networks. By incorporating technologies like LayerZero, CCIP, Axelar Network, and Wormhole, Soul Protocol provides a comprehensive cross-chain lending infrastructure. This innovation is expected to revolutionize the user interface and lending experience in the DeFi ecosystem. Soul Protocol also offers an omnichain lending protocol and has a first mover advantage. Users can collateralize on one chain and borrow on another.