Flux Protocol is thrilled to announce its partnership with Bastion, an autonomous lending protocol built on the Aurora network.
Through the integration, Flux will provide Bastion with oracle price feeds, making it possible for community members to use Bastion to lend and borrow tokens on the Aurora network using the Flux oracle. The initial price feeds being launched will include ETH, NEAR, WBTC, AR, DAI, USDC, and USDT.
Lending protocols allow lenders to deposit their crypto assets into a pool and receive a different token in exchange. Essentially, users can utilize their existing assets to borrow or lend tokens to make a profit or to simply invest.
Lending protocols also provide leverage for traders that have high confidence in certain assets and want to participate in lending them. In other words, instead of selling assets, lending protocols give traders an additional option of borrowing against them, in most cases without triggering taxable events.
“As early builders in the NEAR ecosystem, it’s thrilling to see the first lending market go live on Aurora. With Bastion, users from NEAR and Aurora will have the ability to borrow against a range of assets, which opens up a range of new ways for users to earn yield across the ecosystem,” said Peter Mitchell, co-founder of Flux.
Users receive interest on a per-block basis on tokens they lend and have to pay interest on tokens they borrow. This means that by lending digital assets, users can earn APY, or annual percentage yield, making it possible for them to receive higher returns on their crypto investments.
“Oracles are a critical component of any lending protocol as it is vital to have a live pricefeed within smart contracts for the calculation of interest rate algorithms and precise liquidations,” said @nearsquared, co-founder of Bastion. “Flux is the dominant oracle solution of Aurora and NEAR. We are excited to be the first Aurora money market to partner and fully integrate with the protocol.”
Bastion is using Amberdata, an industry-leading data provider whose data feeds secure some of DeFi’s largest protocols. Flux Protocol recently onboarded Amberdata to its oracle as a data provider.
About Flux
Flux allows any smart contract to connect with crowdsourced, API-based, and price-feed data. Flux brings this data on-chain using a sophisticated validation and dispute mechanism that relies on economics principles to keep validators honest.
Flux is backed by world-class investors such as Distributed Global, Coinbase Ventures, Reciprocal Ventures, Coinfund, Maven 11, Flow Ventures, among others.
Join Flux’s community:
Telegram: https://t.me/fluxprotocol
Discord: https://discord.com/invite/sJUveAvJHf
Twitter: https://twitter.com/fluxprotocol
About Bastion
Bastion is a decentralized lending and borrowing protocol built on Aurora, NEAR’s EVM-compatible layer. Building on Aurora enables Bastion to create an autonomous interest-rate engine with superior capital efficiency, fast transactions, ultra-low transaction fees, precise liquidations, and harness the underlying UX benefits of NEAR.
For more information about Bastion, please visit: bastionprotocol.com and follow them on Twitter @BastionProtocol.
