Cryptocurrency has just entered the second half of 2020, and it has ushered in a big market explosion.
As a dark horse, the DeFi concept was the first to detonate the enthusiasm of the entire market. After three years of market expectations, Polkadot, a cross-chain concept, airborne the TOP5 market value, and many projects under the ecology are also blooming everywhere.
The DeFi concept is on fire, and the Polkadot concept is also on fire, and it is likely that it will last longer.
Polkadot's DeFi project?
The king of cross-chain assets-ChainX
ChainX is doing cross-chain asset transfer, which may be the most familiar Polkadot ecological project .
Through ChainX, assets such as BTC, ETH and EOS can be transferred to other public chains for circulation in a completely decentralized manner.
ChainX has also introduced a mining mode-mapping is mining.
Users only need to recharge or map currency assets, which will be converted into corresponding computing power according to the asset value, and then they can get income.
ChainX's token PCX has been very popular recently, especially in this wave of DeFi, which has doubled up to 9 times.
As a decentralized exchange, Uniswap must be well understood by everyone. The only problem is that it can only trade tokens on Ethereum.
Polkaswap is a decentralized exchange specially designed for Polkadot ecology, which can directly cross-chain transactions.
Compared with Uniswap users, Gas fees can also be reduced, and theoretically more assets can be traded.
Polkaswap's token is PSWAP. On Polkaswap, a 0.3% transaction fee will be charged for each transaction, which is then used to repurchase PSWAP and mint new PSWAP to reward liquidity providers.
Ethereum's DeFi rival-Acala
Acala can be said to be a well-deserved brother of Polkadot DeFi, and is even considered to be the DeFi center of Polkadot ecology in the future.
Because Acala covers a lot of fields, stablecoins, derivatives, decentralized exchanges, etc.
Some people think that Acala = MakerDAO + Compound + Uniswap + SNX.
It can be said that as much as Polkadot's DeFi imagination space is, Acala's imagination space is so big.
Solve the liquidity problem of staking-Stafi
Stafi is a middleware protocol whose goal is to provide liquidity for staking assets.
Generally speaking, the liquidity and security of a project are in conflict. For example, when a user locks a position, it is very likely that the market will plummet and be unable to sell.
What Stafi does is to obtain 100% liquidity while staking.
Specifically, when users use the Stafi protocol when staking, they can get a 1:1 bond-Rtoken, and Rtoken can circulate freely without being affected at all.
Stafi received funding from the Web3 Foundation in December last year and recently completed a seed round of $600,000.
It can be said that both technology and capital are widely optimistic.
It also solves the staking liquidity problem-Bifrost
Bifrost is also a project that provides liquidity for Staking.
Like Stafi, users can also exchange assets that are being staking 1:1 at any time to obtain staking income and liquidity.
Bifrost also recently completed a round of seed funding of $600,000. Investors also have early Polkadot investors and institutions related to the staking business, and they may provide ecological and business support in the future.
As of press time, the Polkadot Web3 Foundation has funded a total of 138 projects in 7 batches. In fact, there are more projects in incubation.
And DeFi is not only a broad concept of decentralized finance, but also a new concept of "mining". I believe that more and more projects will migrate from Ethereum to Polkadot in the future.