A smart contract platform aimed at the decentralized financial market seeks to facilitate the migration of decentralized applications from the dense and expensive Ethereum to Polkadot.
The goal of the open source project is to create an easy-to-use blockchain infrastructure that will improve the interaction of assets on the chain and attract the developers of the DeFi project.
Clover Finance wants to create a comprehensive infrastructure platform that will make it easier and cheaper for DeFi project developers to migrate their DApps to Polkadot, a potential Ethereum killer that achieves scalability by running multiple blockchains in parallel, each with its own design and each serving a specific purpose for a specific application.
One of the main reasons for this is that much of DeFi’s liquidity is currently confined to Ethereum, on which most decentralized finance projects are built, which has become dense due to the volume of DeFi transactions. This, in turn, made these projects expensive as gas transaction fees soared due to demand.
Clover’s designers aren’t just focused on creating an environment that makes it easier for developers to design and implement DApps. Creating a reliable and simple interface for end users is also an important goal. Among other things, Clover provides a gas-free environment in which gas charges for Ethereum are deducted and paid automatically in whatever cryptocurrency the transaction uses. This means users do not have to deal with Ether (ETH) during transactions – and this lowers the barrier to entry for non-tech knowledge.
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Clover Cross-Chain Explorer enables seamless indexing across Ethereum, Polkadot, Binance Smart Chain, and Bitcoin, allowing users to search for blocks, transactions, and accounts in a single tool. A dynamic tariff plan allows frequent network users to reduce their gas costs over time. And Clovers ‘always-on’ multi-chain wallet allows users to view and trade all of their assets, including two assets, across blockchains.
To achieve all of this, Clover is built on Substrate from Polkadot, so it can build a universal interoperable platform for the Ethereum VM. After the official launch of Substrate EVM, it will be easy for developers to migrate DeFi projects based on robust smart contracts from Ethereum to Clover using well-known tools like Truffle and Remix.
It will also help leverage existing and reliable Ethereum infrastructure that developers can leverage, such as Chainlink oracles and the Graph Indexing Protocol. Clover’s gas fee reallocation incentivizes developers by automatically sharing transaction fees with them.
Clover leverages Polkadot’s ability to parachute with other blockchains like Ethereum and Bitcoin across bridges. One of the biggest advantages of Clover is its reliable two-way bridge between assets via Ethereum and Clover, so that it can transfer assets from the primary to the secondary blockchain and back.
He is also working on using this technology to build a bridge between entire Ethereum Turing chains and incomplete Turing blockchains, including Bitcoin – with the upcoming updates to Bitcoin Core, Clover’s goal is to rebuild the Bitcoin bridge into a massive multitude of investments. …
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Clover has recently raised money on several private trips, including $ 3 million in February from Polychain Capital, Bithumb Global, Hypersphere Ventures, and Divergence Ventures. Other sponsors include Alameda Research, OKEx Block Dream Fund, CMS, KR1, Bitcoin.com, Moonwhale Ventures, and Kyros Ventures.
Among other things, she will be allowed to participate – and she thinks she will win – in the parachute slot machine at the upcoming Polkadot / Kusama slot machine auction. This will allow Clover to launch directly as a parachute, providing a high level of interaction.
Clover also has its own token, CLV, and it is cross-string compatible thanks to a two-way bridge that connects to Clover’s EVM-based address and Polkadot doc. CLV can be used to pay gas fees, rates to validate rate confirmation protocol, blocking due to governance issues, and to distribute smart contracts and decentralized apps on Clover, among others.