DeFi in Polkadot Vol.15 | Polkadot Buildathon, StaFi’s rKSM

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].

General

Polkadot Buildathon: India

Polkadot Buildathon: India is an India-focused hackathon that aims to enable coders and entrepreneurs to create the technology needed for the next phase of the internet. The hackathon is backed by Web3 Foundation Switzerland and Lumos Labs with a wide range of activities from workshops to networking opportunities with leading international blockchain developers. Up until now, over 1000 participants have applied to  Polkadot Buildathon: India. The deadline for the application is  April 24th, 2021.

Polkadot Decoded

After an open voting phase, Polkadot Decoded’s final program is chosen to feature 40 talks and workshops on all things Polkadot. Up until now, the series has been broadcasted in many aspects of Polkadot for 8 days. At the beginning of Polkadot Decoded, community talks were the main topics. From April 21st, the series start focusing on the technological aspects of Polkadot with a huge amount of information. 

Check this website to see the detailed Polkadot Decoded schedule. 

Infrastructure & Parachain

Apron listed on Houbi

On April 21st, Apron (APN) - a decentralized platform for DApp developers, DApp users, and infrastructure operators with a decentralized network based on blockchain technology infrastructure services was listed on Houbi Global Exchange. The listing campaign includes two main activities:

• Users can stake HT, DOT, and KSM to earn rewards in APN.
• Activity 2. exclusive for newly registered users - APN (Apron)

Details about the listing activities here. 

Apron x Cere

Apron has joined forth with Cere Network, the first Decentralized Data and Finance Cloud platform built on Polkadot, optimized for service data integration and data collaboration to create a decentralized model of sharing data; hence Apron will be providing Cere with a full set of Remote Procedure Call or RPC services (a protocol that one program can use to request a service from a program located in another computer in a network without having to understand network details).

Darwinia x GamyFi

Darwinia Network, a decentralized cross-chain bridge network building on Substrate, the “Golden Gate Bridge” of the cross-chain ecology, partners with GamyFi, a blockchain-based ESports and gaming platform which incentives gamers and sports fans for their skills and knowledge using the Polkadot ecosystem and multi-chain scalability system. 

GamyFi plans to implement Darwinia cross-chain bridge to transfer assets between Ethereum and other Polkadot ecosystem chains. Moreover, the Darwinia bridge also supports the cross-chain transfer of NFTS and will provide infrastructure support to the GamyFi platform.

Centrifuge's New Silver introduction 

Centrifuge & Maker collaboration to introduce New Silver, a pool of fix and flip loans on Centrifuge Tinlake, just financed its first loan using MakerDAO as a credit facility, becoming the first-ever to back DAI with a Real World Asset (RWA). 

While Centrifuge has been working meticulously with traditional SMEs and financial institutions to develop the best infrastructure to connect the two protocols, Maker governance made it possible to provide instant liquidity at a minimal cost of capital to the asset originator when financing their assets. 

Plasm x Bondly

Plasm Network - a multi-chain dApps hub on Polkadot that supports Ethereum and layer 2 solutions like ZK Rollups has entered the collaboration with Bondly, an interoperable, transparent, and portable swap protocol designed to revolutionize traditional escrow methods that empower the next generation of NFT creators. With the formation of this partnership, Bondly will be utilizing Plasm Network to further expand into the Polkadot ecosystem with their upcoming NFT launchpad, the NFT trading platform BondSwap and the upcoming BondProtect, while Plasm will also be launching a very special NFT on the Bondly launchpad.

Want to know more about this collaboration? Read here. 

Moonbeam x Frax Finance

 Moonbeam, an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications, announced their integration with Frax, a fractional-algorithmic stablecoin protocol. 

This integration enables the Frax team to deploy their protocol to Moonbeam so that their stablecoin can be minted natively on Polkadot. Simultaneously, This integration will allow users and teams in the Polkadot and Moonbeam ecosystems to access highly scalable, stable, and on-chain money.

Moonbeam x The Graph

Moonbeam has formed a partnership with The Graph, the indexing and query layer of the decentralized web, on April 22, 2021. After the announcement, The Graph’s hosted service has integrated their protocol onto the Moonbeam TestNet, Moonbase Alpha. Thanks to this partnership, developers and projects building on Moonbeam will now be able to use subgraphs for indexing and querying data from the blockchain. 

Bifrost x Patract

Bifrost, the Polkadot Ecological DeFi basic protocol, which is committed to becoming an infrastructure for staked assets to provide liquidity, recently announced their strategic partnership with Patract, platform contract ecosystem of Polkadot integrate Wasm contract functions into Bifrost. 

More specifically, Bifrost will use the Ask! Contract language and development tools developed by Patract to deploy Wasm contracts to explore further the potential opportunities of asset derivatives in the digital currency market. 

Bifrost Liquidity Mining on DODO

On April 22nd, Bifrost will join in the DODO Booster Program, Kicking Off the vETH/ETH Liquidity Mining Campaign. Here is some information about the event: 

Event Period: 2:30 PM UTC+8 April 22, 2021, to 2:30 PM UTC+8 May 20, 2021

Reward:  6,081 DODO tokens (0.1296 DODO per block) will be up for grabs from April 22 to April 29, 2021, UTC+8. After the first week, DODO will continue to re-adjust the weekly reward value every Monday based on the total trading volume from the previous week. The maximum value for a week’s mining rewards could be as high as $45,000 worth of DODO tokens.

Visit this website for detailed information and a tutorial for joining this campaign.

Bifrost SALP

Bifrost Slot Auction Liquidity Protocol (SALP) went live to release users’ KSM/DOT liquidity locked in Crowdloan by generating derivatives. The team designs SALP after an in-depth investigation of user needs and feasibility analysis and evaluation. SALP will increase the capital utilization of crowdloan and attract more participants who do not want to lose opportunity costs to support the parachain slot auction.  

For users, SALP allows them to participate in crowdloan without DOT/KSM lock-up. For parachain projects, SALP increases the probability of successful bidding. In terms of the Polkadot or the Kusama ecosystem, SALP will increase slot auction bonding, allowing DOT/KSM to derive more creative functions.

Here is the structure of SALP: 

Read here for the explanation of SALP. 

Stablecoin

Karura x Chainlink

Karura, the all-in-one DeFi hub of Kusama and a scalable, EVM-compatible network optimized for DeFi, which Acala founds, has entered the partnership with Chainlink, the most widely used and secure way to power universally connected smart contracts.

As a part of this collaboration, Kusama will integrate Chainlink Price Feeds, allowing builders to quickly start building secure DeFi applications and products across numerous use cases like derivatives, lending, stablecoins, asset management, and more.

Read this article to learn more about how the Karura Ecosystem is secured with Chainlink Oracles 

Bandot x RAI finance

Bandot, Polkadot’s stablecoin unsecured lending system, building a new paradigm of liquidity aggregation platform and RAI Finance, a project to establish a decentralized finance (DeFi) ecosystem based on the Polkadot blockchain, have announced their partnership to integrate Bandot’s unsecured lending function and support Bandot mortgage derivatives to be traded in RAI Finance. 

Bandot Alpha testnet

The latest version of the Bandot ALPHA testnet went live on April 23rd. In this testnet, some basic functions of unsecured lending will be tested besides what has been tested in the previous version of the stablecoin mortgage module. The Pandora testnet functions included — pledging DOT from Polkadot.js to exchange bUSD stablecoins, reversing bUSD back to DOT, and redeeming DOT from the testnet.  

Click here for a detailed tutorial to partake in the Bandot Testnet. 

Lending

Equilibrium PLO Phase 1 

Here is the infographic of Equilibrium PLO Phase 1 by numbers

Some noticeable numbers of phase 1: 

• 290,000+ $DOT deposited.
• 4.4 million+ $EQ swapped.
• 63% of $DOT staked for 24 months.

KONO Liquidity Mining

Konomi,  an open platform for cross-chain financial applications, officially joins the DODO Booster Program to offer a new liquidity mining campaign. The user will start adding funds to the KONO/ETH liquidity pool on the DODO ETH platform. 

The liquidity mining period starts on April 22, 2021, at 02:00 pm UTC+8 (Singapore time) and continues until May 20, 2021, at 02:00 pm UTC+8 (Singapore time).

If you need some tutorial materials, this website can help.   

Synthetic Assets

StaFi’s rKSM introduction

KSM Token is a staking derivative of KSM issued by StaFi when users stake KSM through StaFi rKSM App. rKSM tokens are anchored to the staked KSM, and the corresponding staking reward, and they bring the flexibility to trade at any time while still receiving staking rewards. With rKSM App, KSM stakers could enjoy efficient liquidity and maximized staking rewards at the same time.

After team testing, third-party technical consultant testing, and CertiK audit, the StaFi team has launched rKSM App on the mainnet.

Read here to understand why you should use rKSM to stake KSM and find out staking reward maximization strategies.  

Shadows Network's debt pooling mechanism

Shadow Network is built on both Binance Smart Chain and Polkadot’s multi-chain ecosystem to provide an alternative to traditional derivatives exchanges and remove the need for counterparties by allowing participants to issue synthesized asset tokens on a blockchain. 

The debt pooling mechanism of Shadow Network allows users to access decentralized synthetic exposure to stocks, commodities, forex, and other derivatives that were previously confined to traditional centralized exchanges, trading them alongside crypto on the same platform.

How it works, check this article. 

Oracle & Data 

Kylin x MILC

Kylin Network, a project that builds a cross-chain platform powering the data economy on Polkadot, will establish a strategic partnership with MILC, a platform that aims to provide the industry with an open new marketplace for every professional and non-professional content provider and buyer that incorporates cutting-edge broadcast, blockchain, and AI-technology which can become a game-changer for the entire media content industry. 

Thanks to this collaboration, MILC Platform can access oracle services and integrate price data feeds through Kylin’s Oracle network. At the same time, Kylin will also support the MILC Platform with back-end settlement for price-feeding oracle functionality and provide insights on potential validating measures implemented on the MILC platform.

Liquidity Pool

HydraDX Staking

HydraDX had gone through Genesis 2 and then waited to be approved by the updated Polkadot-js/extension. The team has decided to take the opportunity and upgrade things so that the incentivized testnet can start strong:  

• Galactic Council has been appointed as the sole Council member.
• The core development team is now acting as a technical committee.
• Unsold tokens have been added to the treasury.
• We're working on integrating with Commonwealth.im for handling treasury tips (rewards) for the incentivized testnet.
• Locked stakers who over bonded can be unlocked via treasury tip.
• Trusted community members Sik and Jimmy have been appointed as identity registrars.

Reef Chain Mainnet

Reef Chain is a DeFi blockchain built on Substrate and customized for the needs of the DeFi DApps of tomorrow. It is fully-EMV compatible, permitting developers to port their existing applications from Ethereum without base code alteration. 

Reef Chain Mainnet will go live next month, and the project has already started onboarding DApps into the largest Polkadot Network Online Community.

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].