Two separate platforms harnessing the power of the interoperability of DeFi to do great things for users.
The Polygon DeFi ecosystem is a vibrant and fast moving space that has seen the key platforms build out, gain popularity and emerge as key players.
Two of these are Iron Finance and Eleven Finance.
Iron Finance is well on their way to establishing themselves as a premier decentralized, non-custodial ecosystem of DeFi products, protocols, and use cases on the Polygon network. The IronSwap protocol alone has seen huge volume and value locked.
Likewise, Eleven Finance has grown to be a leading yield optimisation platform and Polygon’s first leveraged yield farming protocol.
Given the individual success of both protocols, and the recent launch of the IRON stablecoin, there is an opportunity for the two platforms to harness their interoperability and grow together.
Why this ‘just makes sense’
Iron Finance’s stable swap, IronSwap, has become one of the most liquid, cheap and effective places to trade on Polygon (with just a 0.02% swap fee and in excess of $200 million TVL).
Swapping in and out of stables is needed by Eleven Finance as the backbone of Leveraged Yield Farming. Allowing LP’s to be built with leveraged assets from the eleUSD bank, the savings from minimal fees and slippage (especially one who is in a leveraged position) are then passed on to the end user.
Users wanting exposure to farming Iron Finance incentivised pools with up to 9x leverage can find them here: eleven.finance/#/leverage
Furthermore Eleven’s eleUSD bank, when not fully utilised, will provide liquidity back to Iron Finance. This allows maximised capital efficiency with these funds continuing to generate income, while the remainder are lent those farming with leverage.
Those wanting to transform single assets into interest bearing assets can deposit them with Eleven Finance here: eleven.finance/#/leverage
The launch of Iron Finance’s own stablecoin, IRON, sees a further opportunity for the platforms to work together. The launch of incentivised liquidity pools for IRON pairs are an opportunity for Eleven Finance users to deposit these into our auto compounding strategies. Here returns are maximised, while adding further liquidity to the pairs. This, in turn, allows IRON V2 pairs to have lower slippage and more overall usability.
Providing liquidity to Iron Finance and want to take advantage of the power of compounding rewards? Deposit them with Eleven Finance here: eleven.finance/#/vault
We are very excited for the opportunity to announce this formal partnership between Eleven Finance and Iron Finance. We hope that this is just the start of many opportunities for our protocols to work together to innovate and show the DeFi world the power of interoperability in this space.