Drops Partners with deBridge
Drops DAO is pleased to announce a partnership with deBridge — a cross-chain bridge that enables users to move assets across blockchains and call smart contract functions. Via deBridge, users from blockchains other than Ethereum will be able to interact with the Drops protocol, which currently resides on the Ethereum network.
deBridge is a cross-chain platform that does more than just assist users in moving their assets across different blockchains. It also enables them to call smart contract functions on other chains, too. The cross-chain intercommunication of deBridge smart contracts is powered by the network of independent oracles/validators which are elected by deBridge governance. deBridge protocol has successfully passed two security audits of their smart contracts. Many users have transferred assets on deBridge Testnet 2.0 which supports 5 chains during the launch.
The platform facilitates a completely decentralized transfer of data and assets between various blockchains, including the following:
- Cross-chain swaps
- Cross-chain composability of smart contracts
- Bridging of any arbitrary asset
- Interoperability and bridging of NFTs.
More information about the deBridge project can be found via the deBridge documentation portal.
The deBridge partnership will enable users to move and supply assets from other blockchains to the Drops protocol on Ethereum.
For example, users can send Ether (ETH) from the Solana (SOL) blockchain to the Ethereum-based lending protocol. Not only can they bridge the assets between the two blockchains, but they can also directly deposit those assets cross-chain into the Drops protocol smart contracts.
deBridge and its integration into the Drops protocol is still in testnet, however we expect the partnership to provide more gateways for liquidity to enter the Drops ecosystem.
About Drops DAO
Drops DAO provides loans for NFT and DeFi assets, supplying them with much-needed utility.
The protocol uses lending pools that enable any type of NFT asset to be used as collateral — from collectibles and metaverse items, to financial NFTs. Users can leverage their idle NFTs and DeFi tokens to obtain loans and earn extra yield.