Pike Receives First Co-Grant from Circle and Wormhole Foundation
Hong Kong
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November 22, 2023 12:00 PM Eastern Standard Time
Pike, a next-generation native cross-chain lending market, will receive a co-grant from Circle and Wormhole Foundation (WF) for its work that integrates USDC as its native stablecoin, and utilizes Circle’s Cross-Chain Transfer Protocol (CCTP) and Wormhole’s cross-chain Messaging. Pike is set to receive $50,000 in USDC funding, underlining the strong commitment from Circle and WF to support projects that enhance the functionality of the DeFi ecosystem and pioneer the category of natively cross-chain applications.
Pike is at the forefront of the DeFi space. Pike users can experience seamless asset collateralization on one blockchain and borrow on another, and overcome the limitations of isolated markets and bridging mechanisms. This vision aligns perfectly with Circle and WF’s aim to foster the next generation of DeFi protocols with cross-chain functionality t. Read more about Pike here.
WF’s EVP & Head of Strategy, Robinson Burkey said "Pike is a singular application that operates across all networks simultaneously, enabling users to borrow and lend assets from any blockchain. It represents a significant leap forward in the current DeFi landscape, featuring native assets, a cure to liquidity fragmentation, and a delightful user experience."
One of the core principles of Pike as a lending market, is to avoid the need for bridging and/or wrapped tokens, whether as collateral or as borrowable assets. The reason for this is simple - the current DeFi environment is heavily siloed and compartmentalized, with users subjected to countless different markets, of multiple standards of the same fundamental asset.
Circle is establishing USDC as a chain-agnostic digital currency. Native USDC across blockchain ecosystems reduce the need for wrapped and bridged versions, putting it head and shoulders above any other USD stablecoin within the market.
“Pike is a key protocol that will help deliver seamless cross-chain activity across Web3,” said Sandra Persing, VP of Developer and Ecosystem Marketing at Circle. “We are proud to support their team as they leverage USDC and CCTP to deliver a more cost-effective, secure cross-chain lending and borrowing solution.”
Circle’s CCTP and Wormhole’s cross-chain messaging technology empowers Pike to eliminate the need for wrapped or bridged assets, and presents a simplified and more secure lending environment. Terry Lam, Pike's co-founder, highlighted the importance of CCTP, stating: “Circle’s CCTP and Wormhole’s cross-chain messaging solution enables us to set the new standard for permissionless cross-chain lending by elevating overall security and user experience.”
This collaboration sets the stage for Pike to become a key component of the Circle ecosystem, driving the adoption of USDC as a chain-agnostic stablecoin and showcasing the potential of CCTP technology. This partnership reflects a shared vision between Circle, Wormhole, and Pike, aiming to establish a seamless cross-chain future for DeFi.
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Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.
Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP).
One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.
Learn more at: https://www.pike.finance/
About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the issuer of USDC and EURC - highly liquid, interoperable, and trusted money protocols on the internet. Circle’s open and programmable platform and APIs make it easy for organizations to run their internet-scale business, whether it is making international payments, building globally-accessible Web3 apps or managing their internal treasury. Learn more at https://circle.com
About Wormhole
The Wormhole Foundation is the steward of Wormhole - the world’s first generalized messaging protocol. Their mission is to empower passionate people in the research and development of blockchain interoperability technologies.
Through grants, research, and ecosystem programs, they seek to enable teams to build secure, open-source, and decentralized products within the Wormhole ecosystem.
Learn more at https://wormhole.foundation or learn about the protocol at https://wormhole.com
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