Blockchain technology has introduced us to an incredible number of new projects and unprecedented innovation. It makes cryptocurrency and decentralization possible, but lately many developers have focused on connecting all these decentralized networks through cross-chain compatibility. If a developer is working on a DeFi application on top of Ethereum, they may want to extend that application to the Polkadot ecosystem, or a user wants to bring DeFi solutions to the Bitcoin blockchain. Clover is a way to bridge this gap to create greater compatibility when building and operating on blockchains.

Clover Finance was founded in 2020 as a parachain of Polkadot based on the Substrate module framework. The platform provides an intuitive blockchain infrastructure to reduce efforts and costs for developers. Clover advertises itself as a foundation layer for cross-chain compatibility. Overall, co-founders Viven Kirby, Norelle Ng, and Burak Keçeli seek to bring more decentralization to the entire crypto space.

How does Clover work?

Clover describes itself as a blockchain operating system, containing a storage layer, a smart contract layer, a DeFi protocol layer, and an eApp layer that work in sync to accomplish the goal of blockchain interoperability.

– Storage layer: The storage layer of the protocol allows for the distributed storage of DApp (decentralized application) data.

– Smart contract layer: This layer supports cross-chain deployment of smart contracts with Web 3.0 compatible APIs. Accordingly, it is possible to migrate existing Web 3.0 DApps to Clover without any changes.

– DeFi protocol layer: This layer supports various underlying DeFi protocols, such as swaps, loans, insurance, etc. Developers can also build their own other DeFi protocol.

– Layer eApp: This layer supports the development of DApp into eApp (External Application). Developers can build and deploy their own eApps easily on Clover without needing virtual machines or other network bandwidth.

What makes Clover so unique?

Clover provides a platform to create DApps that work on blockchains. Previously, the DApp was developed and used in the Ethereum network. The Clover system will make the process of using DeFi easier for developers and everyday users. Developers are looking to push the mainstream market to accept crypto and DeFi wherever possible, expanding their reach to a whole new audience, including billions of non-users of the platform. new decentralized economy.

Clover Finance was listed on Coinbase Pro in July 2021. It offers several benefits as follows:

– Compatible with Ethereum Virtual Machine: Compatibility with DeFi origination and development center, Ethereum, is a big advantage.

– No gas fees for end users: Removing gas fees for end users and redistributing them elsewhere boosts adoption and simplifies DeFi for them.

– Streamlined cross-chain experience: With the Clover app and wallet, users can send, receive, wrap and unwrap cryptocurrencies on chains.

What is CLV token?

CLV is a usable cross-chain token because its unique bidirectional bridge allows Clover addresses on EVM and Clover addresses on Polkadot to be grouped together. This is an extremely useful development, especially since the Clover app and wallet have the ability to connect and aggregate information from users’ accounts across multiple DApps. This makes it easy for DeFi users to keep track of their multiple wallets, accounts, and holdings.

CLV is a multi-use asset in the Clover Finance ecosystem. It is used as a governance token, allowing the community to vote on the decision to upgrade the system. CLV can also be used to pay transaction fees on the platform. Here are some other use cases for this token:

– Accuracy: Users stake CLV to validate transactions on the network’s validation infrastructure.

– Access to treasury: Developers can apply for project funding from the treasury.

– Nominations: CLV holders nominate their own node validators using a one-click implementation.

– Deployment: Use CLV to deploy smart contracts and DApps on Clover.

Conclude

Clover Finance has a growing number of strategic partners and backers, including like-minded projects like The Graph, Chainlink, Polygon, Bounce, Chainswap and Crust. Many of these projects are also looking to provide a more holistic blockchain experience for users by connecting previously segregated elements.

Clover is a promising new blockchain layer that allows users to interact and transact simultaneously with major networks. By pairing it with many other new protocols and platforms, Clover can help solve the major barrier hindering DeFi mass adoption: blockchain interoperability.

Minh Anh

According to Coinmarketcap

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