The first decentralized marketplace for unsecured loans, Clearpool, is launching on the Polygon network “to offer greater capital efficiency and an improved user experience”.
According to that NoticeClearpool’s integration with Polygon is expected to increase user efficiency and significantly improve platform scalability.
Clearpool’s first blockchain integration since launching on the Ethereum network is on Polygon. The marketplace believes Polygon will enable faster and cheaper transactions for Clearpool’s decentralized user network.
With the deployment at Polygon, new borrower pools only available on the Polygon network will go live, including Parallel Capital and pools of borrowers already on Ethereum such as Folkvang and Wintermute.
Through a network of lenders, Clearpool offers institutional borrowers access to unsecured liquidity.
Once borrowers have gone through a whitelisting process conducted by the Clearpool community, the marketplace allows institutional borrowers to build liquidity pools for individual borrowers and compete for unsecured liquidity provided by a network of decentralized lenders.
By providing more effective ways to manage and hedge risk through concepts such as single borrower liquidity pools and tokenized lending, Clearpool is bringing new lender and borrower profiles to DeFi.
In addition to receiving additional rewards paid in its native token CPOOL, the Liquidity Providers (LPs) also receive returns based on the pool interest rates.
In partnership with quantitative trading firm Jane Street and blockchain investment firm BlockTower Capital, Clearpool recently launched its first-ever licensed pool.
Along with the USDC interest and CPOOL LP premiums available to LPs, lenders of Genesis liquidity pools launched on Clearpool or Polygon can farm MATIC premiums for a short time with this Polygon integration.
Robert Alcorn, CEO and co-founder of Clearpool, said: “This integration will help us take Clearpool to the next level in terms of user adoption and enable more efficient access to a broader network of lenders. This in turn will improve the diversification of funding for borrowers, leading to even greater efficiencies across the Clearpool ecosystem.”
According to Hamzah Khan, Head of DeFi and Labs at Polygon, the Clearpool team innovates by providing a decentralized marketplace for unsecured institutional capital while allowing lenders to earn attractive risk-adjusted interest rates.
“If we are to integrate the next 1 billion users into Web 3, credit protocols like Clearpool will help lead the way,” added Hamzah Khan.
Also read: Polygon Unveils First Ethereum Scaling Solution “zkEVM”
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