NULS, a modular microservices-based blockchain for enterprise, has outlined a formal strategy to bridge into the decentralized financial (DeFi) world of Ethereum and capitalize off of its surging public interest.
Having recently completed phase 1 of its Nerve Network, a decentralized digital asset service network, and a blockchain cross-chain interaction protocol, NULS will move to phase 2, which will include staking capabilities for Ethereum-based projects. Using the Nerve Network, NULS will be able to support interoperability with dApps like Compound, Maker, and Aave by mid- to late-August.
DeFi applications continue to perpetuate the success of Ethereum, but they are restricted by the layer-1 blockchain’s slow speeds, limited scalability and landlocked ecosystem. Ethereum is holding $2 billion hostage in DeFi alone, but hardly any DeFi projects plan to exit the ecosystem for fear of losing the intrinsic value of the committed network.
Through Nerve Network, NULS will give DeFi projects a port authority to move assets between the NULS and Ethereum network. Cross-chain capabilities will prompt even more innovation regarding lending applications, yield farming, and other DeFi related activities.
Currently, Nerve Network is adding additional bank nodes that underpin its cross-chain functionality. These nodes will allow users to stake Bitcoin and Ethereum assets and earn Nerve rewards.
Additionally, NULS is approaching select exchanges to serve as Nerve Network bank nodes and create soft staking services.
“At its completion, Nerve Network will enable Bitcoin and Ethereum custodians to gain staking rewards,” said Mario Blacutt (Berzeck), NULS core developer and Nerve Network founder. “Specifically, this means we can start approaching exchanges to help build mining pools where all the stationary Bitcoin and Ethereum they hold can start earning Nerve rewards. This is, of course, a huge draw for new users that want to earn tokens simply by holding assets on exchange.”
Already, NULS has demonstrated success in enterprise with Chain Factory, a user interface that allows developers to build a new chain or enhance an existing chain by automatically deploying modules selected from a warehouse of endless modular solutions. More than 40 companies are currently building blockchain solutions with help from Chain Factory.
“NULS has always supported a multichain vision for blockchain,” said Reaper Ran NULS founder. “Our interoperable infrastructure will enhance the entire blockchain ecosystem and present greater opportunities for developers, investors, etc. Right now, all attention is on the value of DeFi. Ethereum is shouldering most of the DeFi applications, but the overall value of the ecosystem is still small relative to the centralized financial world. By expanding DeFi into blockchains like NULS we hope to enhance this value and accelerate the decentralization of traditional finance.”
Nerve Network recently completed an airdrop of tokens to NULS holders, which was supported by several exchanges including Binance, OKEX, Huobi, KuCoin and more.