Exclusive: Bithumb set to launch DeFi platform as a Polkadot Parachain
This one won't just be another instance of CeDeFi, the exchange reassures. Bithumb, a major cryptocurrency exchange based in Korea, announced the upcoming launch of Clover, a blockchain platform targeted for decentralized finance and powered by Polkadot (DOT) technology.The company says that Clover will be an open platform for DeFi applications, leveraging cross-chain capabilities and connecting decentralized finance to the centralized exchange.Clover is built on Substrate, Polkadot’s custom blockchain framework. While Substrate does allow for the launch of independent blockchains, Bithumb....
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The upcoming Polkadot DeFi hub raised nearly $1.3 billion from approximately 25,000 contributors in its token ICO. On Thursday morning, Acala, a decentralized finance (DeFi) protocol operating on the Polkadot (DOT) network, announced it had won the first-ever Polkadot parachain auction. Acala raised a total of 32.5 million DOT, worth roughly $1.28 billion, from 24,934 contributors via an initial coin offering (ICO) structured as a crowdloan. As the proceeds are classified as 'crypto debt,' Acala would eventually need to pay back the DOT it had solicited from investors. Users' DOT are....
Polkadot’s vision for a sharded parachain ecosystem is moving toward becoming a reality. The Polkadot ecosystem continues to progress, with DeFi platform Acala Network becoming the first to win a parachain slot on the Rococo testnet.Acala, the self-described decentralized finance hub for Polkadot, announced it had secured the slot on March 26.Acala has won the first parachain slot auction on @Polkadot testnet Rococo, and now Acala occupies the first public parachain slot on Rococo . Keep on building ️ pic.twitter.com/EscaM8dGqQ— Acala - DeFi Hub of Polkadot (@AcalaNetwork) March 26,....
Polkadot’s canary network, Kusama, is set to see decentralized finance hub Karura become the first parachain. Karura network has emerged as the winner of the maiden Kusama parachain slot auction.According to an announcement issued on Tuesday, Karura pulled support from over 15,000 entities who staked Kusama (KSM) tokens in favor of adding the decentralized finance hub as the first Kusama parachain.In total, Karura locked up over 5,000 KSM currently valued at $90 million based on the Kusama market price as of the time of writing. Earlier in June, United States crypto trading platform Kraken....
Polkadot is likely to offload many of its core features to special-purpose public parachains. As Polkadot (DOT) gets ready to launch parachain auctions, a combined fundraising and market interest discovery mechanism, the team is realizing that some core features may be ill-suited for the auction mechanism.Polkadot parachains are somewhat analogous to the sharding proposal for Ethereum 2.0. Each parachain is a largely independent blockchain built for a particular purpose. Many projects building on Polkadot, like Moonbeam, Equilibrium or Acala, are developing their own parachains where the....
MXC Foundation, a Berlin-based startup creating the data transmission infrastructure for tomorrow’s cities, is to launch a Polkadot parachain. In 2021, the project’s efforts to support IoT and smart urban design will receive a boost when its parachain launches, connecting MXC to the world’s leading smart contract blockchain for interoperability. Once MXC has integrated with […]