Polkadot Parachain Auction Highlight: Composable Finance
17 December 2021 - 9:41PM
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The Polkadot parachain auctions are continuously creating waves in
the blockchain and DeFi space as promising projects are
participating and seeking support to enable their vision for the
future of the Dotsama ecosystem. Composable Finance has officially
launched their crowdloan for the auctions in the second batch,
opening the door for the DeFi ecosystem to support their efforts in
securing a Polkadot parachain. It is important to note that
Composable Finance has previously procured a Kusama Parachain and
is taking a similar approach in their campaign for the DOT
parachain. Composable Finance aims to bring to life the idea
of cross-chain communication to ultimately create a
blockchain-agnostic environment. Through extensive research they
have identified the benefits of the Dotsama ecosystem and have
targeted their efforts towards Polkadot and Kusama to enable their
underlying vision. As previously mentioned, Composable Finance
successfully obtained a Kusama parachain by the name of Picasso
which acts as a supportive hub for their innovation and is now
engaging in the next steps of securing a Polkadot parachain to
further advance their infrastructure and capabilities within this
space. Notably, Composable Finance allows users to contribute to
their crowdloan campaign using ERC-20 stablecoins in addition to
$DOT. This functionality allows for contributions from a broader
range of supporters outside of just $DOT holders and is an exciting
way to converge and unify ecosystems to engage in joint progress
for interoperability which aligns with the vision of Composable
Finance. Additionally, Composable Finance offers very competitive
rewards for early contributors of the crowdloan outlined here: 12%
of their native LAYR token supply earmarked for crowdloan
contributors with the additional incentives of: 10% bonus for the
contributors that stake in the first three days of the crowdloan
Additional 5% bonus to those staking in the first 24 hours of the
crowdloan 5% bonus to stakers who previously contributed KSM or
Stablecoins to Compasable’s Picasso crowdloan (Kusama Parachain
Auction) 20% referral bonus to users that refer a sum of 1000 DOT
to the crowdloan using the referral codes Composable Finance is on
the journey to establish a truly interoperable environment for
developers and users engaging in the broader DeFi ecosystem, one
that is not held down by the barriers of the siloed multi-chain
framework. The creation of a fully blockchain agnostic environment
would tremendously impact the capabilities of the entire space and
it is exciting that leaders such as Composable Finance are coming
forward to spearhead this vision. The procurement of a Polkadot
parachain is thus an instrumental step in enabling Composable
Finance to move the needle towards interconnectivity and
cross-chain communication in blockchain.
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