Evolution Finance is Collaborating With PAID to Integrate our Lending Services onto Ignition
TL;DR
- Evolution Finance and PAID are collaborating together
- PAID’s launchpad Ignition will be integrating Evolution Finance’s lending services onto their platform
- Having lending services on a launchpad is an exciting new utility for Evolution’s lending markets
- Evolution’s unique lending market makes an ideal fit for the ignition launchpad
Evolution Finance’s primary product will be a lending market that is aiming to integrate the top 50 cryptocurrencies onto one lending market on the Ethereum blockchain. PAID has plans to integrate Evolution’s highly innovative lending platform onto their launchpad, Ignition.
Cryptocurrency launch pads such as ignition work with several different projects in this space from various different blockchains. By integrating Evolution’s novel lending services onto Ignition their users will have access to various different cryptocurrencies from across several networks directly from the Ethereum blockchain.
About Ignition
Cryptocurrency launchpads such as Ignition vet through projects that have potential and then provide them with the resources they need to succeed in this space. One of the primary methods Ignition helps new projects in the space is by helping them build a strong community that is willing and eager to invest in the project.
By connecting projects to communities Ignition helps the projects raise some vital amount of initial capital. Ignition in particular aims to be a crowdfunding launchpad that will help projects raise capital through initial DEX offerings (IDOs). As of now Ignition works with projects and hosts IDOs on three different blockchains: Ethereum, Binance Smart Chain (BSC) and Polkadot.
Evolution Integration
Connecting communities and projects is not an easy task but even after the community for a project is built there is a logistical issue that needs to be dealt with. In many cases, people have to sell off some of their current asset holdings so that they can have the tokens or cryptocurrency necessary to participate in IDOs.
Another factor to take into consideration is that Ignition works on 3 different blockchains. All 3 of these blockchains have some really strong projects and people want to be a part of those projects. However, once Ignition helps a project build a community that is willing to participate in the IDO, many in the community might have to migrate their funds onto a new blockchain to do so.
Migrating funds over to a new network is not a straightforward task because most blockchains are not interoperable. In many cases individuals might have to liquidate some of their crypto holdings on their current network and off-ramp them into fiat. Once they have off-ramped their fiat then they will have to on-ramp their fiat by buying a token that is native to the new blockchain. Only after the individuals have finally acquired the native tokens of the new blockchain will they be able to participate in the IDO.
Integrating Evolution Finance’s lending market onto Ignition will make the process of buying into tokens on different blockchains a lot more simpler and straightforward. The Evolution Lending market will be targeting the top 50 cryptocurrencies in the cryptocurrency market onto the Ethereum blockchain. Many of the cryptocurrencies that will be available for borrowing on Evolution Finance are found on various different blockchains. Some examples of the cryptocurrencies that will be available on Evolution Finance include; $DOT from Polkadot network, $FIL from Filecoin, and BCH.
Using Evolution’s lending markets users can simply deposit currency on Ethereum blockchain as collateral and borrow currencies from several other blockchains. Utilizing this method will allow users to gain access to the native currencies on many other blockchains to participate in IDOs there without having to migrate any of their funds.
Pioneering New Use Cases in DeFi
“Partnering with Evolution Finance is a huge milestone for us. We believe their offering carries immense value for anyone in the space and we couldn’t be more excited to be able to offer it to our community and users. We feel the ability to borrow against assets rather than having to sell will be one of the pillars of DeFi and fits perfectly within our business model. The team at Evolution is one of the best in the business and we are excited to start working together.” (Kyle Chasse, CEO PAID Network)
Lending markets already have several use cases in decentralized finance, which is why they are one of the most used services in DeFi. Evolution Finance and PAID are now working together to use lending markets to facilitate IDOs, this is an additional use case for lending markets in DeFi. This is an exciting new development for all of DeFi and Evolution Finance is glad to be collaborating with PAID on their Ignition launchpad to pioneer it.
