DeFi in Polkadot Vol.3 | Jan 25th - Jan 31st

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 & Parachains

Moonbeam x Ocean

Moonbeam Network, Ethereum-compatible smart contracts on a Polkadot parachain that makes it easy to create multi-chain applications, partnered with Ocean Protocol, bringing Ocean's data asset layer onto Polkadot thanks to Moonbeam's Ethereum compatibility.

Moonbeam x Chainlink event

Alberto Viera from the Moonbeam team will present the project's smart contract platform overview and demo, its integration with existing Ethereum tools, and instruction to use the built-in access to Chainlink within a Moonbeam environment.

Moonbeam x ChainSafe

Moonbeam and ChainSafe partner together to offer a fully-functioning bridge from Moonbeam parachain to Ethereum. 

Developers can now use the Bridge to transfer ERC-20 Tokens between testnet environments on Ethereum and Moonbeam.

Crust x Moonbeam

An active week of Moonbeam team with another partnership announcement: Crust Network collaborates with Moonbeam, allowing projects building on Moonbeam to access a cost-effective and decentralized data storage solution.

BEEFY (Bridge Efficiency Enabling Finality Yielder)

BEEFY is a secondary protocol running alongside GRANDPA to support efficient bridging with non-Substrate blockchains.  

Darwinia x Bifrost

Darwinia, an open cross-chain bridge protocol based on Substrate and Bifrost, a parachain designed for staking liquidity, announced strategic cooperation to explore the cross-chain integration of DeFi and NFT.

Since Bifrost is part of the Polkadot ecosystem, the derivative asset vToken generated by Bifrost can be circulated among Polkadot parachains. However, the broader circulation of vToken needs to rely on heterogeneous cross-chain protocols, and Darwinia is a heterogeneous cross-chain bridge protocol that connects Polkadot and other public chains. 

Plasm ZK Rollups

Plasm, a dApps hub on Polkadot that supports Ethereum, has completed the ZK Rollups integration test. ZK Rollups are the layer-2 solutions initially from Ethereum.

Litentry Binance Launchpool

Litentry, a Web3.0 cross-chain identity aggregation protocol, has its ERC20 token LIT listed on Binance Launchpool. Binance will list LIT at 2021/02/04 6:00 AM (UTC).

Litentry was audited by SlowMist

Litentry has been audited by SlowMist, a company focused on blockchain ecological security and has served many well-known global projects, including imToken, Binance, 1inch, etc. SlowMist issued a security audit report of the Litentry-node vital modules. Litentry has passed the security test.

KILT x Fractal x Polkadex

KILT, an open-source blockchain protocol for issuing claim-based verifiable, revocable, and anonymous credentials for Web 3.0,  Fractal, an identification company, and Polkadex, a fully decentralized, peer-to-peer, orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate, announced a partnership to create a decentralized KYC system for exchange customers. Polkadex and Fractal will use the KILT Protocol as the underlying infrastructure for managing the KYC credentials required by Polkadex to simplify and streamline the onboarding experience.

Clover x BoringDAO

Clover, a substrate-based Polkadot parachain, and BoringDAO, a decentralized asset bridge, announced a strategic partnership. BoringDAO will boost the efficient circulation of dApp assets on the Clover platform across multiple chains. Meanwhile, Clover will provide infrastructure for BoringDAO to integrate into the Polkadot ecosystem.

Rococo V1 Deployment Progress

As of Jan 29th, 7 parachains have been running on Rococo V1, and 18 parachains are on the waiting list.

Plasm x API3

Plasm announced a partnership with API3, decentralized APIs for Web 3.0.

API3 and Plasm teams will work together on the followings:

• Plasm will integrate API3’s decentralized API’s (dAPI) and Airnode-enabled API’s into its platform.
• API3 and Plasm will organize a hackathon designed to test the Airnode’s functionality on Plasm.
• Plasm will add API3 on the dApps Staking platform so that API3 can earn PLM tokens by building oracles on Plasm Network.

Plasm’s Shiden Network

Sota Watanabe, founder of Plasm announced Shiden Network, a canary network of Plasm deployed on Kusama. Shiden Network acts as an R&D chain of Plasm Network. Plasm's team plan to fork Plasm Network and launch Shiden Network in the middle of February. Besides, the team is technically ready to join the Kusama auction and build the dApps hub on Kusama. 

Bifrost financing

Bifrost received a new round of angel financing. This round of investment institutions includes CMS Holding, PAKA, InCuba Alpha, Oasis Capital, Kernel Capital, Loopring co-founders Jay Zhou and Steve Guo, and other individual investors. Seed round investment institutions SNZ Holding and DFG continue to make additional investments.

Apron close seed fundraising

Apron Network, a decentralized infrastructure service for DApp and Defi developers and infrastructure operators, has closed a $250k seed round fundraising joined by NGC Ventures, DFG_Groupm CandaqCom, PAKA, Digital Renaissance, and Vega ventures. 

Reef Staking

Reef Finance, a cross-chain DeFi operating system powered by Polkadot, presented REEF Staking on Unifarm by OpenDeFi with up to 250% APY. Apart from Reef ($REEF) and OpenDeFi ($ORO), Matic Network ($MATIC), Centaur ($CNTR) and Frontier ($FRONT) are also participating in this program.

PolkadotDefiAlliance’s Members

PolkadotDefiAlliance has been announcing new members, which are Polkadot Ecosystem projects that come together to build a robust DeFi sphere on Polkadot.

Get an overview of PolkadotDefiAlliance projects in an infographic from Polka Warrior.

Stablecoin

Acala x Injective

Acala, the cross-chain DeFi hub and stablecoin of Polkadot and Injective, a layer-2 decentralized exchange protocol that unlocks the potential of decentralized derivatives and borderless DeFi, will work together to integrate the Acala Dollar (aUSD) into Injective’s derivative trading ecosystem. 

Acala will provide a stable asset used to collateralize Polkadot-based derivative products on Injective, expanding opportunities to create even more derivative products and use cases for aUSD.

DEX

Reef x Manta

Reef Finance announced the partnership with Manta Network to provide Reef users seamless access to Manta DEX liquidity.

Synthetic Assets

Stafi x Marlin

Stafi, a DeFi protocol unlocking liquidity of staked assets, announced a new partnership with Marlin Protocol, an open protocol that provides high-performance programmable network infrastructure for DeFi and Web 3.0.

The teams will closely collaborate to integrate Marlin’s layer-0 scaling protocol and create liquid staking derivatives of the network token POND.

In the coming days, two teams will work on the following developments:

(1) Marlin relay and gateway nodes for StaFi validators to utilize the Marlin network

(2) Release of rPOND to provide liquid staking opportunities for Marlin token holders

Stafi rETH Original Validator Recruitment, rETH go live on mainnet

StaFi’s ETH2.0 staking liquidity solution rETH will help the ETH2.0 stakers solve the delegation and liquidity problem of their staked ETH assets. $rETH is live on Mainnet, and any ETH2 validator can join the StaFi rETH OV program. In rETH, Original Validators specifically refer to the Ethereum 2.0 validators who have joined the StaFi rETH OV program and run nodes for the funds in rETH Staking Pool. 

Benefits of the program: 

• No KYC and Permission Required
• 24% higher APY than self-funding the 32 ETH
• Competent Liquidity Program
• Slash Insurance

Insurance

Tidal x Cere

Tidal, a customizable smart contract cover marketplace for the Polkadot ecosystem, announced a partnership with Cere Network, a decentralized data and finance cloud platform built on Polkadot.

Cere will provide coverage options for Cere’s SaaS DeFi component and will help users utilize cash flows to invest in DeFi protocols. Tidal will increase Cere’s insurance fund’s efficiency by earning yield for cover sold.

Tidal x Konomi

Second partnership announcement of Tidal in the week: Konomi Network, a protocol providing money markets to assets on the Polkadot ecosystem.

Tidal will provide coverage options for assets locked in the Konomi network for lending and management. Tidal will increase Konomi’s insurance fund’s efficiency by earning yield for its cover sold.

Data & Oracle

Paralink x Plasm

Paralink Network, a multi-chain oracle platform for DeFi and other blockchain applications, partners with Plasm Network, a Substrate Runtime Module Library that allows developers to add Plasma functions to their Substrate chain.

This collaboration will enable Plasm dApps to enjoy reliable data feeds from Paralink’s oracles.

Paralink x Dawarnia

Paralink announces its integration with Darwinia, a decentralized cross-chain bridge network building on Substrate, to deploy EVM oracles on Darwinia Virtual Machine (DVM) and support Darwinia Pangolin to Paralink Node.

Paralink x Bondly

Last week was a highly active one of Paralink. The team also announced its integration with Bondly Finance, a crypto-enabled e-commerce platform pioneering the market for digital assets. Bondly users will enjoy an on-chain price feed and various other external data points from Paralink’s oracles.

Paralink investment

Hillrise Capital, independent research and advisory firm exclusively focused on early-stage blockchain startups and crypto-assets, announced its investment in Paralink Network.

Kylin x Edgeware

Kylin Network announced its strategic partnership with Edgeware, the live fully EVM-compatible framework on Polkadot to run unmodified Ethereum DApps.

This collaboration enables Kylin oracles and decentralized data marketplace & analytics to be deployed through Edgeware’s development toolkit. 

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.4 | Feb 1st - Feb 7th