Polygon provides $300000 funding to Folks Finance to promote cross chain lending on PoS networks

Odaily Planet Daily News: Polygon has provided $300000 in funding to Folks Finance, a decentralized lending protocol, to support its deployment of cross chain lending solutions on the Polygon PoS network, aimed at integrating liquidity and simplifying the multi chain lending experience. According to the official introduction, Folks Finance adopts an innovative "hub and spoke" architecture, allowing users to mortgage assets on one chain and seamlessly borrow on another chain. This solution operates in coordination with three cross chain communication protocols, Circle CCTP, Chainlink CCIP, and Wormhole, avoiding the asset security and operational complexity issues caused by traditional bridging. This funding will be distributed in three installments, with the first installment of MATIC tokens equivalent to $100000 already issued. Polygon stated that after Aave reduced its deployment on the PoS chain, there was a gap in the lending market, and this funding for Folks Finance is an important measure to fill this gap. Folks Finance has also launched the 'Folks Points' points system to incentivize user behavior within the agreement. In addition to Polygon, Folks Finance has previously received support from the Avalanche and Arbitrarum foundations. （Cointelegraph）