Clearpool Launches Uncollateralized Lending on Polygon
Clearpool, the first decentralized marketplace for uncollateralized lending, announced its launch on Polygon, the leading sustainable scaling solution for Ethereum, to provide greater capital efficiency and improved user experience.
Clearpool’s innovative DeFi protocol, which gives institutional borrowers access to uncollateralized liquidity provided by a decentralized network of lenders, will now be available on Polygon, bringing large-scale institutional DeFi to the Ethereum-compatible scaling platform for the first time. Clearpool has originated over 180 million USD of institutional loans since its launch on the Ethereum network in March 2022, and its users include leading crypto and TradFi institutions such as Wintermute and Jane Street. The integration with Polygon is expected to bring increased user efficiency as well as significantly enhance the scalability of the platform.
Polygon is the leading blockchain development platform used by some of the world’s biggest companies, including Meta, Stripe and Reddit. It offers scalable, affordable, secure, and sustainable blockchains for Web3. Its growing suite of products, including the recently announced zkEVM, offer developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon has a thriving ecosystem hosting more than 19,000+ decentralized applications (dApps), it is also carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.
Hamzah Khan, Head of DeFi and Labs at Polygon said: “The Clearpool team is innovating on the bleeding edge of on-chain borrowing and lending by providing a decentralized marketplace for unsecured institutional capital, while lenders can earn attractive risk-adjusted rates of interest. If we are going to onboard the next 1 billion users into Web 3, credit protocols like Clearpool are going to help lead the way.”
Clearpool is backed by leading global investors such as Sequoia Capital India, Arrington Capital, Sino Global Capital, and HashKey Capital. Clearpool attracts new lender and borrower profiles to DeFi by enabling more efficient opportunities to manage and hedge risk through unique concepts such as single-borrower liquidity pools and tokenized credit. Clearpool’s goal is to bridge the gap between DeFi and the traditional lending and borrowing markets, and recently launched its first permissioned pool in partnership with Jane Street, one of the world’s leading quantitative trading firms, and BlockTower Capital, a leading crypto and blockchain investment firm.
Since its inception, Clearpool was designed to be a multichain protocol that is cost-effective, seamless, and scalable, which millions of users can access. Polygon is the first blockchain integration after the launch on Ethereum and enables faster and more cost-effective transactions for Clearpool’s decentralized network of users.
Clearpool’s current borrower network includes Amber, Auros, FBG Capital, Folkvang, Jane Street and Wintermute. The deployment to Polygon will see the launch of new borrower pools exclusive to the Polygon network, including Parallel Capital and pools from existing borrowers on Ethereum - Folkvang and Wintermute. Stay tuned for further announcements!
The launch on Polygon will also see the introduction of an exclusive promotion where, for a limited period, lenders to the genesis liquidity pools launched on Clearpool/Polygon will be able to farm MATIC rewards, in addition to the USDC interest and CPOOL LP rewards already available to LPs.
Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with 19,000+ decentralized applications hosted, 1.6B+ total transactions processed, 142M+ unique user addresses, and $5B+ in assets secured. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.
Clearpool is the first decentralized marketplace for unsecured digital asset liquidity, where institutional borrowers can create single-borrower liquidity pools and compete for uncollateralized liquidity directly from a decentralized network of lenders. Liquidity providers on Clearpool earn attractive yields, with pool interest rates enhanced by additional rewards paid in CPOOL — the protocol’s utility and governance token. Clearpool LP tokens, called cpTokens, are the building blocks for a system of tokenized credit and on-chain risk management.
Clearpool is building the architecture to facilitate flows between traditional capital markets and the burgeoning DeFi ecosystem. Clearpool is backed by leading investors from both traditional venture capital and blockchain, including Sequoia Capital India, Arrington Capital, Sino Global Capital, Hex Trust, Huobi Ventures, GBV Capital, HashKey, and Wintermute.