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23 Jan 2024

2 min read

Pike Case Study

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Challenge

Pike is a Universal Liquidity Protocol designed to unleash utility for native assets by aggregating liquidity across blockchains. This requires secure communication across blockchains that are isolated economic systems in themselves, with different validator sets, consensus mechanisms and potentially execution environments. 

Currently, lending is restricted to siloed markets, with assets on specific blockchains only able to be borrowed against assets on the same chain, both fragmenting liquidity and also making DeFi disjointed. For an application to build an all-encompassing interoperability solution from scratch with security that can support billions of USD in volume is almost impossible and very costly at best.

Solution

By integrating Wormhole Messaging and leveraging Circle’s Cross-Chain Transfer Protocol (CCTP) for native USDC bridging, Pike can abstract away all the complexity of building a natively multichain application. Wormhole’s out-of-the-box solution for multichain interoperability facilitates the verification of collateral and borrowing positions regardless of network, resulting in both a highly secure and seamless user experience. 

Results

Wormhole enables Pike to allow borrowing and lending across all of its supported chains, from its Hub (Base) to all the Spoke (e.g. Ethereum, Optimism, Arbitrum, Solana, Base etc.) chains. Thanks to CCTP, Pike will be able to aggregate native USDC liquidity across these networks seamlessly and at minimal cost. By using native assets compared to wrapped / bridged assets, Pike abstracts bridging risks and makes cross-chain DeFi more secure while also effectively solving liquidity fragmentation and streamlining the user experience. 

Check it out at https://testnet.pike.finance

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About Wormhole

Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 of the leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more.

The wider Wormhole network is trusted and used by teams like Circle and Uniswap, and to date, the platform has facilitated the transfer of over 35 billion dollars through over 900 millions cross-chain messages. To learn more about Wormhole, visit the wormhole website, Twitter, Discord, or blog.

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