Cook Finance is Now Live on Ethereum Rinkeby Testnet
Cook Finance, a cross-chain decentralized asset management platform, today announced the launch of its first DApp on Ethereum Rinkeby Testnet. The latter is a proof-of-authority blockchain that simulates Ethereum to give the developers a chance to kick the tires before real assets are involved.
The test network runs the same software as the original Ethereum network, but has its own separate blockchain.
Cook Finance also invited community members to give the system a test drive through its first networked testnet. This demo release allows them to preview the technology and share their feedback about this testing phase.
Cook is also working to provide some novel ways for participants to engage with the testnet and monitor the network’s activity, liquidity, gas-saving and no counterparty risk without sacrificing usability.
The purpose of the Testnet launch of Cook Finance DApp is to help improve the protocol UI that will function as the gateway for DeFi market participants. Soon after the Testnet version of the DApp, Cook steams ahead towards the release of the Columbus version on the Ethereum mainnet.
Cook Finance is a decentralized asset management platform for the DeFi space, built on top of the Ethereum blockchain. As promised, their unique infrastructure solves pain points experienced by the DeFi niche without compromising the quality of its ecosystem.
Adrian Peng, the CEO of Cook Finance comments: “We have come a long way, but one thing that has always been a priority for us is to be thorough in every step and every process. We do not want to rush anything and miss out on critical details and functionalities of the DApp. After careful planning, we are finally ready for the Testnet launch, which is a major step forward for us. This is an exciting time that will help us better understand how users interact with the platform and what parts of the UI we can improve in the future.”
Next on Cook Finance Roadmap
Cook Finance aims to provide investors and fund managers with professional asset management services that are easy and intuitive to use. Investors can pick up their desired investment strategies and stake their crypto assets using the appropriate smart contract.
On the other hand, fund managers can easily configure their investment strategists with an expanded toolbox and more control over their portfolios. They also can leverage the trust provided by smart contracts and blockchain technology to attract more subscribers.
While there are other projects with a similar vision, Cook Protocol addresses key issues by being a cross-chain solution, currently looking into alternative blockchains like Huobi Eco Chain and Polkadot.
As you may recall, Cook Protocol is a young project launched in the second quarter of 2020. Their previous major milestones were completing the development of COOK token’s smart contract in January. The Uniswap liquidity mining and unlocking COOK token price-based smart contracts were also completed around the same time.
The roadmap for the project includes the release of the protocol architecture and UI design, completing the necessary infrastructure to start working on other functionalities.
The plans for the remaining months of 2021 will see the Cook protocol ecosystem development being launched this quarter, followed by the release of the Magellan version on the Ethereum mainnet in Q4.