Algoracle, a decentralized oracle network built on the Algorand blockchain, announced today a partnership with Glitter Finance, a cross-chain bridge that allows the redeployment of a portion of locked tokens (collateral) on one chain into yield-generating vaults on another chain.
The Glitter Finance team will utilize Algoracle data feeds for its network on the Algorand blockchain. Starting with Algorand, Glitter Finance will integrate blockchain networks through its bridge, and its cross-chain interoperability ensures there will be sufficient yield farms listed on the platform at any time.
Glitter Finance seeks to resolve the current capital inefficiency in decentralized finance through its Algorand-based ecosystem, which comprises a cross-chain bridge, an auto-yield generation solution with risk balancing, and a cross-chain NFT marketplace.
“Created by an incredibly talented team, Algoracle is a top startup in the ecosystem. The Glitter Finance technical team, working in concert with the technical team of Algoracle has developed new innovations that will greatly enhance and change the way blockchain and cross-chain bridges work and will allow for much greater solidity and stability for the Glitter protocol.”
– David Dobrovitsky, Founder & CEO of Glitter Finance