As the world of decentralized finance (DeFi) becomes more multichain, DeFi protocols are increasing their total value locked (TVL) by expanding across different blockchains. Providing fast, secure, low-cost decentralized services (lending, borrowing, margin trading) to more DeFi users requires an oracle solution that supplies high-quality, tamper-proof data to various blockchains.
One such protocol is bZx, which connects lenders, borrowers and traders in a growing DeFi ecosystem. In 2019, bZx launched two core products – Fulcrum, a DeFi margin trading and lending platform, and Torque, a tool for borrowing assets with indefinite-term loans and fixed interest rates – on the Ethereum blockchain. In April 2021, bZx expanded these services to Binance Smart Chain (BSC). In May, bZx announced its launch on Polygon’s layer-2 scaling solution.
Chainlink Price Feeds have already proven successful in securing bZx across other blockchains, where the protocol has been resistant to vulnerabilities such as API failures and flash loan attacks. By launching on Polygon, bZx is expanding its integration of Chainlink Price Feeds, which are natively integrated on the Polygon mainnet.
CEO of bZx, Tom Bean, said that since its initial integration of Chainlink’s secure, reliable oracle mechanism, “the bZx protocol has scaled tremendously in its TVL.”
“We’re excited to have successfully ported Fulcrum and Torque onto Polygon, where DeFi users now have access to a highly scalable margin trading and lending/borrowing platform that doesn’t sacrifice on protocol security,” Bean said.
Decentralization minimizes risk by ensuring users always have complete control of their assets, while layer-2 scalability and DeFi’s significantly lower fees make investment strategies like margin trading accessible to more users.
Angelo Adam, bZx’s marketing director, said “traders will benefit from significantly reduced trading fees, transaction costs and faster confirmation times,” through the combination of bZx, Polygon and Chainlink. Ultimately, bZx aims to provide “an unprecedented user experience” that empowers users to more efficiently and cost-effectively lend, borrow and gain leveraged exposure to various cryptocurrencies.