Clover Finance: cross-chain interoperable smart contract platform on Polkadot
Clover is a Substrate-based smart contract platform with added support for Ethereum developers to participate in the Polkadot ecosystem.
With the help of Clover, existing DeFi developers on any EVM-based blockchain can smoothly bridge their smart contracts onto a Polkadot infrastructure.
Clover network contains a storage layer, a smart contract layer, a DeFi protocol layer and an eApp layer. Clover will enable the interoperable vision of Web3 with features such as the Clover extension wallet or the Cloverscan.
What is Clover
Today's decentralized networks remain isolated in silos that can’t trustlessly communicate with each other or meaningfully exchange financial value. Because of that, some third-party custodial services took over part of the ecosystem with their centralized solutions. But that’s not what we are looking for, right?!
Clover created a new level of interoperability by using built-in SPV (Special Purpose Vehicle) chain simulation technology that enables seamless cross-chain communication and trustless two-ways pegs between Turing-complete blockchains and in the future with non-Turing-complete blockchains such as Bitcoin.
Clover is a Substrate-based smart contract platform that is competing for the Polkadot parachain slot. By using Substrate, Clover is able to leverage extensive functionalities like peer-to-peer networking, consensus mechanisms, EVM implementation or governance functionality.
Clover is EVM compatible which means that it's easy for the dApp developers to migrate to the platform. And as we know, most dApps at this moment are built on Ethereum which is kind of an originator of DeFi.
Payment of gas fees in Clover is very different in comparison to Ethereum. Most importantly, users don’t need to own CLV token in order to pay for the transactions. Actually, gas fee can be paid by any token that is used within the transaction! For example, imagine you would be transferring some DAI to your friend — you would pay the transaction fee in DAI and not in ETH!
Besides that, part of the gas fees goes directly to the dApp developers that are incentivized for their ecosystem contribution. So the gas fees serve them as a kind of a passive income, similarly to Astar’s dApp staking solution. The gas distribution to the devs can also increase the smart contract security by enabling external developers to be properly funded.
Clover as a Blockchain Operating System
Clover is a Blockchain Operating System that contains four different layers. Let’s dive deeper into them for now.
The storage protocol layer supports distributed storage of dApp data by protocols such as IPFS, AR or CRUST.
Smart contract layer
Smart contract layer supports one-stop cross-chain deployment and calls of dApps. By using Clover’s Web3-compatible API, all the existing web3 dApps can be easily migrated to the Clover network without any changes.
DeFi protocol layer
This layer supports numerous basic DeFi protocols, such as swapping, lending or insurance. Developers will be able to build their own DeFi protocols on this layer. Besides that, Clover provides a drag-and-drop smart contract compiler — an easy-to-use and faultless tool that can compile smart contracts to WebAssembly.
This layer simply supports the evolution from dApp to eApp (External App). There is no need for machines, domain names, or network bandwidth when developers build and deploy their eApps on Clover.
Clover extension wallet
Clover wallet is a multi-currency wallet, that literally lives in your web browser. Because it's connected to the Polkadot, Ethereum and Binance Smart Chain networks, it can interconnect DeFi applications cross-chain without any switching between mentioned networks.
Sending, receiving, wrapping and unwrapping assets is done in a non-custodial way. Clover wallet is free to use and open-source, so anyone can use it in the browser or check out the code.
The Cloverscan.io is the Clover cross-chain explorer that supports not just Polkadot blockchain, but also the related ones such as Ethereum, Kusama, BSC and others. It shows all the cross-chain transactions that happened.
Cloverscan brings transparency to the network and upgrades the overall user experience, which also enables on-chain analytics to be used to enhance the expanding ecosystem.
Clover Finance has its own native token CLV. The CLV token is a multi-use asset in the Clover Finance ecosystem that is utilized for governance purposes and for voting on system upgrades.
Total Supply: 1,000,000,000 CLV
The native token of the canary network Sakura is called SKU with 1 bil. total supply.
Canary network: Sakura
Sakura is the innovative sister network of Clover, where both Sakura and Clover will continue serving their communities simultaneously on Kusama and Polkadot networks.
Sakura is utilizing all of the core underlying technology stacks of Clover. The Clover extension wallet will natively support Sakura dApps on EVM, polkadot.js based injections, and a native-built Sakura-Ethereum and Sakura-Binance Smart Chain bridges and in the future also the trustless Bitcoin bridge.
Sakura is aiming to be a Parachain Operating System with similar layers built on Clover. A storage layer, a smart contract layer, DeFi protocol layer and eApp layer, all built on top of Kusama.
Clover provides the base layer for developers to build dApps cross-chain. By paying for gas in tokens we are transacting, the user experience is much smoother and helps broader adoption. Developers will receive a part of the gas fees that now serve as a passive income in order to support their work and to maintain the high-level security by the additional gains.
The EVM compatibility helps to onboard new development teams to start building DeFi projects on Clover that, once securing the parachain slot, will be interoperable with the whole Polkadot ecosystem.
Source: Clover Finance whitepaper
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