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Inventory of projects from other ecosystems to Polkadot
Many parachains in the Polkadot ecosystem have experience in the construction of ecosystems such as Ethereum, and then turned to Polkadot or carried out multi-chain deployment. This article summarizes the experience of the five parachains Efinity, Centrifuge, Nodle, Equilibrium, and Aventus, and the reasons why they chose the Polkadot ecosystem.
Built on Polkadot, Efinity is committed to being the next-generation scalable, decentralized, cross-chain NFT blockchain, and infrastructure for a decentralized, cross-chain metaverse.
Behind Efinity is Enjin, an online game community creation platform established in 2009, and over the next decade, Enjin acquired 20 million game users worldwide. In 2017, Enjin officially entered the field of NFT and blockchain games, and issued the ERC-20 token ENJ on Ethereum. Enjin encourages game developers to use ENJ as a raw material for the casting of game props, and the casted props can be used in multiple games, which is the concept of "multiverse" proposed by Enjin. However, it is not a public chain at the bottom of the game, but focuses on the chaining of game props and the transaction of game assets. Its vision is to allow players to truly own the ownership of game assets.
Enjin proposed the Ethereum NFT standard ERC-1155, a standard for games that allows contracts to manage multiple tokens. A contract can contain any combination of homogenized tokens, NFTs, and other types of tokens at the same time. And through the improvement of packaging methods, it helps game developers to save resources and improve the transaction efficiency between tokens.
As the industry and technology evolve, the Ethereum network and the NFT movement have unleashed more energy than they expected, so the team wanted to find a scalable, affordable solution that would allow adopters to build for millions of users Blockchain games and projects. After delving into the Polkadot technology stack, it is clear to the Enjin team that it is the future of NFTs.
So Enjin started to develop the Efinity Chain, which is the next-generation digital asset chain on Polkadot, aiming to solve the problems of high prices, inflexible contracts and disconnected interoperability of traditional blockchains. Efinity won Polkadot’s sixth slot late last year and became a Polkadot parachain earlier this year. Enjin is also developing a token standard called "Paratokens" for Polkadot. The standard will be compatible with parachains, parathreads and smart contracts, so it can be interoperable across the Polkadot and Kusama ecosystems.
Centrifuge is a project on Polkadot that connects real-world assets to the Web3 world. Centrifuge's core product is a dApp called Tinlake, which is a marketplace for tokenizing real-world assets. By minting NFTs that represent verified real-world assets, companies can use the assets as collateral for their loans and quickly access more liquidity from investors.
The Centrifuge chain was the earliest independent chain and was launched in May 2020. Before the Centrifuge chain became a Polkadot parallel chain, it had been bridged to Ethereum, and obtained Ethereum liquidity through the Dapp “Tinlake” on Ethereum, and the Ethereum standard was also used when developing NFT and Tinlake protocols. Centrifuge has been integrated with MakerDAO, Aave and other DeFi protocols of the Ethereum ecosystem. For example, through its partnership with MakerDAO, Centrifuge became the first protocol to back multi-collateralized DAI with tokenized real-world assets.
The Centrifuge chain is developed based on Polkadot's Substrate framework and is currently a Polkadot parallel chain, and its pioneer network Altair is a Kusama parallel chain. In January 2022, Centrifuge won Polkadot’s 9th parachain slot, and in April, Centrifuge Chain migrated to Polkadot parachain. By becoming a parachain, Centrifuge is able to share the security of Polkadot, increase its speed, and touch the Polkadot ecosystem.
In general, the Centrifuge chain is built on Polkadot, while the Dapp is bridged to Ethereum. This gives Centrifuge access to two of the largest ecosystems in crypto: Ethereum for DeFi liquidity and Polkadot for speed.
Nodle is a crowdsourced decentralized Internet of Things (IoT) network on Polkadot that provides secure, low-cost network connectivity and data mobility, connecting billions of IoT devices worldwide. Leveraging Bluetooth Low Energy (BLE) through millions of smartphones and routers, Nodle enables businesses and smart cities to connect IoT devices to the internet at low cost while maintaining privacy and security.
Nodle was launched on the Stellar chain in 2017, and in April 2020 decided to build its own chain using the Substrate framework, and planned to become a Polkadot parachain. At this time, the average daily transaction volume of Nodle is around 1 million. Nodle believes that because Stellar does not have the corresponding blockchain capabilities, Nodle cannot deliver what it promises in the white paper. Daren McKelvey, a Nodle spokesman, told CoinDesk in a phone interview, “We really like Stellar, but when we crossed a million microtransactions, it became clear that we needed to build our own blockchain.” The modularity of Substrate and the interoperability provided by Polkadot are the reasons why Nodle chose Polkadot.
In March this year, Nodle successfully won the 11th parallel chain slot of Polkadot, and in May this year, Nodle Chain, a Substrate independent chain, was successfully migrated to the Polkadot parallel chain.
Nodle Chain processes around 1.3 million microtransactions per day, and Polkadot provides an easy way to scale. And by becoming a parachain, Nodle's IoT services can interoperate with projects in the Polkadot ecosystem, and can also interoperate with other blockchain ecosystems such as Ethereum or Stellar through bridges. The modularity of Substrate also makes development easier.
Equilibrium is a one-stop DeFi platform on Polkadot that combines a full-fledged Money Market with an order book-based DEX.
Founded in 2017, Equilibrium was initially built on Ethereum, then moved to the EOS chain and issued EOSDT, the number one stablecoin on the EOS network. EOSDT uses EOS and BTC as collateral and is insured by the Equilibrium Stability Fund.
In 2020, Equilibrium started developing with Substrate and turned to the Polkadot ecosystem to achieve cross-chain interoperability and take advantage of off-chain workers and other advantages. In March 2022, Equilibrium won the 12th Auction of Polkadot and became a Polkadot parachain, and its pioneer network Genshiro is also a Kusama parachain. Core features of Equilibrium such as Money Market, Order Book DEX and Mirror Assets are currently under development.
Aventus is an enterprise-grade Layer 2 blockchain that combines the scalability of a permissioned chain with the security and interoperability of a public chain. Aventus' mission is to enable companies in any ecosystem to support a multitude of use cases, including NFTs, video games, loyalty programs, event ticketing, supply chain provenance, and cargo management, through enterprise-grade modular architecture and blockchain interoperability.
Founded in 2016, Aventus was originally a Layer 2 chain built on Ethereum. In its first year of operation, Aventus Network has conducted over 15 million transactions for commercial customers with 8 million active wallets.
Since Aventus' goal is to create an interoperable and user-friendly Aventus network ecosystem, allowing value to flow freely across chains between institutions, companies, and retail users, and the team believes that the development of blockchain will be like the development of the Internet, Eventually it will transition from an isolated intranet to an interconnected blockchain, so Aventus decided to become the Polkadot blockchain. And the Aventus network itself is created using Substrate, so it can easily access Polkadot/Kusama.
In September of this year, Aventus won the 26th slot in Polkadot and is about to become a Polkadot parachain. After becoming a Polkadot parachain, Aventus will still maintain interoperability with Ethereum, which is one of the core functions of Aventus and is mainly used to transfer assets up and down between Aventus and Ethereum. After becoming a Polkadot parachain, it will not affect but enhance this function. And in addition to Ethereum, Aventus is also able to communicate natively with other Polkadot parachains.
In addition to the interoperability with Ethereum and the Polkadot ecosystem, becoming a Polkadot parachain brings many benefits to Aventus, such as extremely low carbon emissions, high scalability and on-chain upgradeability.