Polkadot Parachain Auction Highlight: Composable Finance
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.