DeFi in Polkadot Vol.12 | Mar 29th - Apr 4th

DeFi in Polkadot series is published weekly, which combines observations of Coin98 Ventures on the Polkadot ecosystem's decentralized finance-related projects.

For projects wanting to be featured in DeFi in Polkadot or having any suggestions, please chat with us at [email protected].

Infrastructure & Parachain

Parachain Slot Auction

After Plasm, Acala, and Kilt Protocol won Parachain Slot Auction last week, many projects also get the opportunities to be tested on Polkadot Rococo testnet such as Phala, Litentry, Darwinia, Bifrost, Equilibrium, Subsocial, … in this week. 

The connection between Clover and Rococo testnet

Clover, an innovative Ethereum-adaptable smart contract infrastructure on the Polkadot ecosystem, has officially announced their successful connection with Polkadot Rococo testnet. This project will become a parachain on Rococo and is preparing carefully for the upcoming Kusama and Polkadot crowd loans.

Clover monthly report

Clover, an innovative Ethereum-adaptable smart contract infrastructure on the Polkadot ecosystem, has publicly announced their monthly report on Medium. Here are some highlights of this report that you should consider: 

Network

• Complete the deployment of the 3.0 testnet, the integration of Substrate 3.0, and the Clover-Iris testnet.
• Update EVN.

Research

• Deeper research about EVN.

Tools

• Complete Mobile Wallet development and UI Upgrades.
• Extension Wallet development.

Ecosystem

• The Clover Validator Program.
• Strategic partner list and AMA events.

Apron's web3foundation milestone completion

On Mar 29th, Apron Network, a decentralized platform for DApp developers, DApp users, and infrastructure operators with a decentralized network based on blockchain technology infrastructure services, celebrated their completion of the web3foundation Milestone as a W3F Open Grants recipient. 

After finishing all Milestone Delivery Checklist requirements set out in the grant application, the project commits to continuously focus on creating the best solution for developers to make Web3 truly decentralized. 

Apron x MobiFi

Apron, a decentralized platform for DApp developers, DApp users, and infrastructure operators with a decentralized network based on blockchain technology infrastructure services, has founded strategic collaboration with  MobiFi, a financial orchestrator Mobility as a Service (MaaS). 

This partnership will serve many functions, but primarily it will allow  MobiFi developers to access a much greater choice of API services, better security guarantees, a multi-link ecological API interface, and the ability to use the Apron market. 

Apron x Dora Factory

Apron and Dora Factory, a DAO-as-a-Service infrastructure for on-chain governance and open-source ventures, have joined forth together to empower developers with infrastructure service and powerful toolkits for communities and decentralized organizations (DAOs) for open-source projects. Here are some agreements between the 2 parties: 

• Apron Network will provide node service to Dora Factory parachain for DAO-as-a-Service.
• Apron Network will provide a data indexing service for Dora Factory pallets.
• Apron Network will use Dora Factory tools (e.g., HackerLink bounties and quadratic funding grants) to provide community developers incentives.
• Partnership with DoraHacks Global Hackathon Series 2021 to outreach to developer communities.

Centrifuge reached $7 M TVL

On Apr 1st, Centrifuge, a decentralized asset finance platform, has celebrated its milestone of $7m TVL in their Tinlake pools, which will be a big step for the project to narrow the distance between real-world assets and Defi.

Moonbeam's $6 million strategic round

PureStake, the company developing the Moonbeam smart contract platform, announced the completion of a $6 million strategic round led by CoinFund, a leading blockchain-focused investment firm. This round has Binance Labs, ParaFi, Coinbase Ventures, Fenbushi Capital, IOSG Ventures, and previous seed investors. 

The purposes of this round are to: 

• Hire development resources.
• Build additional integrations and developer tools.
• Perform third-party security audits.
• Establish a market presence in Asia.

For detailed information related to this round, you can read here. 

Moonbeam x AirGap

Moonbeam, an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications, announced that they would integrate AirGap's self-custody wallet in the upcoming time. 

AirGap - a crypto wallet that allows users to store their crypto funds securely on a mobile phone, will serve various assets and new users in the growing and robust Moonbeam ecosystem. 

Sora x BTCST2020 x Tauprotocol

Taʊ, a new synthetics protocol backed by Bitcoin hash rate via BTCST, will be introduced on the SORA network. The article explains in detail about Taʊ of Satoshi and Taʊ of Sora for users to understand deeper about this new concept and how it works in crypto. 

Crust x IPFS

Uniswap, as one of the most widely used DEX’s (Decentralized Exchange), has been integrated with IPFS for approximately a year. In this article, the Crust project shows users the whole process with a detailed explanation and describes how to host a website in a more decentralized way using Crust.

Check out the article here.

Stablecoin

Acala & Karura backed by Coinbase Ventures

Acala, the decentralized financial hub and stablecoin of Polkadot that makes it fast and easy to use or build financial applications, to improve trading efficiency and to save time and Karura, the DeFi hub of Kusama being built by the Acala team, have received investment from Coinbase Venture, a prominent capital in the crypto field. This support will help the Acala team build up more developments for these projects. 

Bandot x Patract

Bandot, a Polkadot’s stablecoin unsecured lending system, building a new paradigm of liquidity aggregation platform, partners with Patract, a platform providing solutions for Parachains and DApps in the Wasm smart contract ecosystem of Polkadot to empower both projects in the development of Polkadot ecosystem.

Lending & Borrowing

Equilibrium x Band Protocol

Equilibrium, an interoperable money market on Polkadot comprised of a lending platform and a professional-grade cross-chain DEX, has teamed up with Band Protocol, the framework for custom oracles and a cross-chain decentralized oracle platform that provides access to more than 150 price feeds to secure stablecoins, lending, and synthetic assets on Polkadot.

DEX

Polkadex IDO

Basic information about the IDO:

• Date: Friday, 16th April 2021– 9.30 AM GMT.
• Tokens for sale in total: 125,000 PDEX.
• Token price: $2 per token.
• Total Raise: $250,000.
• 50% to POLS / 50% to Public ($125k per pool).
• Minimum holding for POLS — 7 days.

Here are 3 steps to get yourself a slot in the whitelist of Polkadex IDO: 

• Follow the Polkadex and Polkastarter Twitter accounts Polkadex Twitter and Polkastarter.
• Join the Polkadex Telegram groups: Polkadex Official chat and Polkadex Announcements.
• Fill in your details in the Whitelist Form.

Ensure you followed all the steps and entered all the required information in the whitelist, including a valid #ERC20 address.

For more information about the IDO, visit this article. 

Manta Network

Manta Network - the plug-and-play privacy-preservation protocol built to service the entire DeFi stack-has completed our web3foundation Open Grant's first milestone. 

Insurance 

Tidal x Chain Guardian

Tidal Finance - insurance coverage for assets across chains in custom balanced liquidity pools partners with Chain Guardian - a platform that combines traditional gaming concepts with blockchain technologies to enable player-driven economies to employ Tidal’s decentralized insurance model, which helps manage risk and create a fail-safe mechanism for users in case of unforeseen events.

Tidal x Xend Finance

Tidal also founds a strategic partnership with Xend Finance, Africa’s first DeFi (Decentralized Finance) project, and the first DeFi credit union in the world. As part of this collaboration, Tidal Finance will provide decentralized insurance to the XEND Finance assets and help launch its initial coverage pool.

Tidal x PolkaFoundry

Tidal decided to join forces with PolkaFoundry, a one-stop production hub for DeFi applications on Polkadot. Thanks to this partnership, Tidal Finance will provide an extra crucial security layer to the PolkaFoundry platform and the DeFi assets/apps.

Oracle & Data

Kylin x Genesis Shards

Kylin Network - a cross-chain platform powering the data economy on Polkadot, has joined forth with Genesis Shards, a decentralized ecosystem powered by Polkadot that innovatively repurposes NFTs as DeFi options instruments, creating a permissionless environment of interchain liquidity for pre-IDO tokens to help them drive oracle scripting, data analytics, and data feeding parameters concerning Genesis Shards’ upcoming ‘NFTX’ exchange, utilizing their novel GenSwap architecture.

Kylin x Injective

Kylin Network - a cross-chain platform powering the data economy on Polkadot, established a partnership with Injective Protocol, a universal DeFi protocol that allows for cross-chain derivatives trading via an interoperable protocol. Kylin Network will help Injective Protocol power such price-data feeding in an innovative, cost-effective way, especially as it pertains to Substrate-based assets and provides native access to Polkadot-based asset pricing. 

Besides, this collaboration represents another step forward for Kylin Network as Injective Protocol represents a new avenue for users to exchange assets between the Cosmos ecosystem and Ethereum Network.

Chainlink

Chainlink, one of the most widely used and secure ways to power universally connected smart contracts, has successfully made Chainlink Price Feeds available as an oracle pallet to all Substrate. Chainlink Price Feeds will allow smart contract applications across the Polkadot ecosystem to access accurate, up-to-date, and tamper-proof price reference data for powering new products and markets.

Liquidity

HydraDX Stakenet Update

HydraDX, a multi-headed liquidity omnipool, updated all the latest news related to the HydraDX Stakenet. Here is the recap of their HydraDX Stakenet Update report: 

• The incentivized testnet called Snakenet will be kicking off in mid-April.
• A Note on Slashing.
• Recruitment update.

ReefChain testnet v1

Reef Chain, a DeFi blockchain built on Substrate and customized for the needs of the DeFi DApps of tomorrow, has recently announced Maldives' launch, the official Reef Chain Testnet. Maldives testnet will allow projects to test their migration scripts and start building on Reef Chain, which will allow our dev team to test the latest updates with our early testers as well as offer a low-level developer tool kit to make the building experience a breeze for both beginners and seasoned developers alike. 

Chekc out the testnet document here. 

Rai tokenomics

RAI is the native token of RAI Finance, a cross-chain asset exchange protocol based on Polkadot. After listed on Bithumb and Huobi Global, RAI has caught a lot of attention from crypto communities. The article intends to show RAI’s Value and Distribution so all RAI supporters can have a comprehensive understanding of the native token of the RAI Finance platform. 

Read more about RAI tokenomics here. 

Bithumb listed RAI

On April 1st, Bithumb, a well-known digital asset trading platform in South Korea, has publicly announced that RAI Finance (RAI) would be launched and RAI/BTC, RAI/KRW trading pairs will be opened. In the future, RAI Finance will also work with Bithumb to continue to expand the Korean community and user base.

DeFi in Polkadot is created for information-providing purposes, not including investment advice.

For projects wanting to be featured in DeFi in Polkadot or having any suggestions, please chat with us at [email protected].

Read more:  DeFi in Polkadot Vol.13 | Apr 5th - Apr 11th