December 3, 2020– Polkadot Decoded: While the excitement around the Polkadot Network’s potential for Decentralized Finance has been palpable in the blockchain industry, there is a movement among community members to create a more streamlined conversation around its capabilities and ways to start building.
“As a founding member of the Polkadot DeFi Alliance, Chainlink is excited to help steer the direction of Polkadot’s growing ecosystem of decentralized financial applications. By promoting developer best practices for DeFi protocols, the Polkadot ecosystem can become stronger than ever,” said Dan Kochis, Global Head of Business Development, Chainlink.
Current Polkadot projects are widely distributed around the world, making it difficult to maintain a strong share of voice in the discussion about the evolution of the DeFi industry. The Polkadot DeFi Alliance and its members will provide a platform for this budding community to express its opinions in a strong, unified voice in support of the Polkadot DeFi ecosystem.
Many challenges revealed themselves in the summer of 2020 for Ethereum when DeFi made its way onto the scene as a prominent use case, with bloated gas markets and numerous hacks and exploits exposing these base-layer design flaws.
As a result, many of even the largest projects on Ethereum are exploring Substrate and Polkadot Network, as it provides much-needed scalability, optimization, and – crucially – the core governance infrastructure that is lacking in legacy networks.
“In addition to Ethereum, the DeFi project based on Substrate will be a new direction in the future. We have seen many projects with development potential, and we look forward to the growth of a Polkadot DeFi ecosystem that is as prosperous as Ethereum in the near future,” said Liam Young, Co-Founder, Stafi Protocol.
Polkadot DeFi Alliance will feature a wide range of leading projects in events and conversations discussing topics ranging from where to begin building using Substrate, strategies for onboarding onto the Polkadot Network, and how to get started thinking about the governance of the next generation of DeFi primitives and protocols.
The Alliance has already gathered some of the early core Polkadot parachain and application teams, who will be coming on board as founding members of the Polkadot DeFi Alliance.
They include Moonbeam, a fully Ethereum-compatible smart contract parachain; Plasm Network, which provides layer-2 technologies, including roll-ups and sidechains; Tidal Finance, an insurance market that allows users to create custom insurance pools; Equilibrium, a decentralized cross-chain money market parachain; Polkaswap a non-custodial AMM DEX designed uniquely for the Polkadot ecosystem; Chainlink, an oracle protocol; Reef Finance, the first cross-chain DeFi operating system; and Interlay, who are developing PolkadBTC, a fully trustless Polkadot <> Bitcoin bridge.
If you consider yourself one of the building blocks of the blossoming DeFi ecosystem and are building on Substrate, Polkadot Network, or that have an implementation in Polkadot Network, applications are open, please visit the official Polkadot DeFi Alliance portal for more info.