Our devotion paid off with good results: Burrow becomes the first dApp on Near Protocol that has just been integrated.
Burrow: Lending platform on Near Protocol
Burrow Cash is an autonomous, decentralized currency marketplace similar to Aave and Compound, developed on the Near Protocol blockchain. Layer-1 PoS sharded blockchain of Near Protocol with a WebAssembly runtime is where Burrow operates natively. Smart contracts for the Burrow protocol are coded in Rust.
On Burrow, users can deposit basic cryptocurrencies such as NEAR, DAI, USDT, USDC, ETH, and wBTC for interest, as well as borrow at a customizable interest rate. On top of that, users can also unlock yield staking loans and self-repay from interest-bearing assets like stNEAR, as well as stETH, stSOL, and stFTM.
The liquidity that Burrow provides will be a key component of NEAR’s DeFi ecosystem. Furthermore, Burrow realized the possibility of incorporating DeFi on NEAR, for example, by using stNEAR from Metapool as collateral and providing profits, before building leveraged positions on Ref Finance. Burrow is the right product in the right place at the right time, said Kendall Cole, co-founder of Proximity Labs.
DePocket’s responsibility to support Near Protocol’ dApps
DePocket has already been strategic partners and funded by Near Protocol for a while. Our app is also listed on AwesomeNear, a website that recognizes projects built on Near Protocol. So our responsibility is to support the dApps in the Near Protocol ecosystem and integrate them into the DePocket app. In addition, the community is no stranger to DePocket because we used to organize AMA on our channel. Therefore, this integration is necessary.
For those who are lending or borrowing on Burrow, you can monitor your investments just by pasting your NEAR addresses or logging in to our app and looking for the Burrow icon on the dashboard. Your real-time balances and rewards are displayed in both cryptocurrency and US dollar value. That makes capital management easier than ever.
Try our demo wallet here: https://app.depocket.com/addresses/mob.near
The bearish market in the first half of 2022 has made various racers leave the game. But DePocket is not one of them. We are still running and working hard day by day to bring the best stuff to our users and community.
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