DeFi has become a crucial part of the Zilliqa network ever since CEO Matt Dyer laid out extensive DeFi plans.
The network plans to introduce more updates with DeFi apps on the blockchain. Its latest EVM compatibility launch has opened the network to EVM-based DeFi dApps and Solidity developers. Similarly, the network is now compatible with wallets such as MetaMask.
Besides all this, Zilliqa is planning to boost the growth of dApps on the network via Ionis. Zilliqa has integrated the first EVM money market protocol into its network with the new borrowing and lending platform. The platform proposes utility to DeFi users on Zilliqa while showing developers how to fork or deploy EVM dApps on Zilliqa.
Given the buzz surrounding Zilliqa and Ionise, the news piqued the interest of DeFi users and stakers alike. The hike in interest also led users to look for a precise ZIL coin price prediction to reassess their portfolio.
Zilliqa’s Head of Product, Anton Agafanov, recently talked about how Ionise will help Zilliqa support DeFi growth.
The platform will work as the foundation for an interoperable ecosystem of apps developed on Solidity and Scilla. This opens Zilliqa to users and developers trying to fork or build apps on a nascent DeFi ecosystem.
The team will deploy the upcoming platform as an example of how EVM dApps can offer real DeFi utility on Zilliqa. The team forked one of the best lending protocols, the Compound protocol, and deployed new features to make it compatible with Zilliqa.
Compound acts as an open-source, decentralized lending protocol with proven success across different networks. Ionise will also start by offering borrow-lending capabilities, with plans to extend support for more tokens.
The protocol starts with support for ZIL and USDT tokens, where users can use the lending feature to create minimal leverage with liquidation risk.