Polkadot’s technology is catching attention since it connects multiple specialized blockchains into one network. It is designed to be scalable and interoperable, thus, it has already built up quite an impressive ecosystem.
Here are some DeFi protocols that help grow the value in Polkadot’s blocks. Based on Polkadot’s technology, they are important components of the ecosystem.
ChainX is a community-driven project built on the next-generation blockchain framework substrate, the largest Layer-2 network of Bitcoin with smart contract support.
It breaks the barriers of assets between blockchains and build a public chain ecology of multi-currency integration. So you can transfer your BTC, ETH, EOS or DOT across different blockchains.
ChainX also measures users' mining power based on the market value of BTC, DOT, ETH, ERC20, EOS and other assets that are deposited in by an inter-chain bridge.
ChainX has issued its system token PCX. The token price reached its ATH $9.60 during the DeFi booming in August, almost 9 times of its price in June.
Polkaswap is a non custodial AMM DEX designed uniquely for the Polkadot ecosystem and based on the SORA v2 network. It provides liquidity, security, convenience, and a user-friendly interface, where an immediate exchange of assets can take place.
You can think of it as the Uniswap on Polkadot, a DEX with the possibility to set up multiple liquidity sources. What’s more, it makes cross-chain swap possible, which perfectly suits the Polkadot ecosystem. Besides, the gas fees are lower than Ethereum.
Polkaswap has issued a token called PSWAP, which allows users to create liquidity on token trading pairs in the Polkaswap DEX. Yes, you could yield farm PSWAP.
MANTRA DAO is a community-governed DeFi platform focusing on staking, lending, and governance.
Powered by its own OM token, which allows holders to participate in key decisions and is distributed as a reward for contributions, MANTRA DAO supports non-custodial staking services starting with Polkadot ecosystem assets. It means you can access $DOT & $KSM staking via MANTRA DAO.
Akropolis aims to build decentralized and autonomous community economies. It provides the tools for DAO creation, borrowing and lending, and defi-based saving.
It’s currently in the process of integrating a fiat gateway, where users are able to fund their wallet with a credit card. It also plans to support for stablecoins such as USDT, USDC, and TUSD.
ChainLink is a leading decentralized data oracles network. It connects smart contracts to the inputs and outputs it needs.
It has been a vital component of the DeFi sector, since the ChainLink data oracles are integrated with nearly all Ethereum-based DeFi projects, which makes it profit from the recent DeFi boom. Its token LINK’s market cap exceeds $3B, which ranks NO.8 according to Coingecko.
Since February 2020, Chainlink has been integrated with Polkadot to become the primary provider of decentralized data oracles facility to parachains on the Polkadot network.
You may also like: