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Pike Finance announces the release of its testnet

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Pike Finance announces the release of its testnet

Pike Finance recently announced the release of its testnet. The announcement was made on Pike Finance’s official X/Twitter channel.

The testnet is already live and will stay available until January 1, 2024. Introduced as a Universal Liquidity Protocol, Pike Finance is powered by Wormhole’s cross-chain message-passing protocol. In addition, Circle has lent its CCTP (Cross-Chain Transfer Protocol) to Pike Finance.

The protocol unlocks utility for native assets by accumulating liquidity throughout blockchain networks.  It facilitates frictionless transfer and native asset accessibility throughout ecosystems.

Pike integrates a hub and spoke architecture to help users borrow and supply native assets on supported chains. The protocol will service assets native to their blockchains, like:

  • OP on Optimism
  • ETH on Base, Arbitrum, or Ethereum
  • ARB on Arbitrum
  • USDC on Base, Arbitrum, or Ethereum

Recently, Pike Finance earned the first co-grant from Wormhole Finance and Circle. This was the protocol’s first official collaboration to build the future of native cross-chain DeFi.

The recently introduced testnet allows users to:

  • Make loan repayments
  • Mint faucet tokens
  • Borrow against assets on other chains
  • Use assets as collateral

Here is a list of supported assets and chains:

  • USDC and ETH on Base Goerli
  • USDC and OP on Optimism Goerli
  • USDC and ARB on Arbitrum Goerli
  • USDC and ETH on Ethereum Goerli

In the coming months, Pike also plans to expand its reach to non-EVM networks. Its roadmap will closely follow Wormhole’s Cross-Chain Data Messaging. It will also align with Circle’s Cross-Chain Transfer Protocol’s footprints.

The protocol ended the X/Twitter thread by linking it to the testnet. Pike Finance will keep users updated about the testnet and upcoming upgrades across its official social media accounts.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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