Weekly news from Kusama & Polkadot #60
1. Pendulum has won the 35th parachain auction on Polkadot
Pendulum has won the 35th auction on the Polkadot network by collecting ~300k DOT worth ~$1.4M from 51 contributors. Pendulum has the fastest crowdloan, which was capped in below 3 minutes!
Pendulum is a blockchain project that aims to bridge the gap between the traditional financial system and the decentralized finance (DeFi) ecosystem. It is an open-source platform built with Substrate, which allows DeFi applications to connect to the foreign exchange market.
With Pendulum, it is possible to create automated market makers (AMMs) to provide scalable liquidity pools for fiat currencies and offer yield-earning opportunities for holders of fiat-pegged tokens. For more info about Pendulum, please go through our previous descriptive article.
2. Robonomics has won the 63rd parachain auction on Kusama
Robonomics secured another slot for themselves after winning the 63rd parachain auction, while it already won auction no. 20, which slot has recently expired.
Robonomics used crowdloan, where they raised 2002 KSM worth ~$45k from 62 contributors.
Robonomics aims to offer the IoT market safer and more advanced Internet solutions at every stage of human-machine communication. Its main applications are:
- IoT device management with a decentralized cloud,
- Techno-economic transactions between humans and machines,
- Serverless IoT applications for users.
3. The HydraDX Omnipool is launching this Friday
The HydraDX Omnipool is finally launching this Friday, January 6th of 2023.
HydraDX, a revolutionary decentralized exchange of the AMM style brings the unique Omnipool functionality, which will enable 2–4x more capital-efficient trading thanks to lower slippage and fewer hops. This is all due to the deep, diversified, and unfragmented liquidity of just one pool for all the listed assets.
Omnipool will enable to provide of liquidity only for the asset user wants, so even just a single token. The Omnipool will then mint and burn a corresponding amount of the pool token LRNA.
The first assets of Omnipool will be HDX (the native token of HydraDX), pool token LRNA, followed by stablecoin DAI, and DOT, the main token of the Polkadot network. Due to the roadmap of HydraDX, some other assets listed will be USDT and USDC stablecoins followed by ETH and some major tokens from Polkadot space.
4. Phala App v2.0 has arrived
Phala App v2.0 has recently arrived. A new brighter, user-friendly, and intuitive Vault (new module) and StakePool V2 wrapped in a new UI design. The dashboard also displays owned NFTs and assets, as well as a user’s balance and total delegation of PHA.
New functions in StakePool V2
In Phala Network, delegators delegate their PHA into StakePools, which can only be utilized by pool owners for staking purposes. In V2, delegators can easily find pool status via the sidebar and freely switch between Stake Pool and Vault modules. In the V2 version, 3 important functions have been added to the ‘Delegate’ page and all these functions are also applicable to the Vault.
- Delegation NFTization
Delegated PHA can be converted into non-fungible tokens (NFTs) which can be traded on the PhalaWorld NFT marketplace, allowing for more immediate and liquid trading of these assets compared to the traditional withdrawal process.
2. Automatic compound interest
Delegation rewards will be automatically reinvested in the pool’s assets in StakePool V2. Individual withdrawals of rewards will not be allowed to prevent issues with frequent withdrawals and increase the rate of return. A portion of assets can still be directly withdrawn from the pool, regardless of whether the withdrawal includes the reward or the principal.
3. Auxiliary Mechanism for Delegation Asset Voting — WrappedBalances
NFTization of delegation assets will prevent them from participating in governance directly. To address this issue, Phalla introduced WrappedBalances, a new ledger concept, where PHA tokens are mapped to Wrapped-PHA (W-PHA) 1:1 during delegation and automatically converted back to PHA upon withdrawal. WrappedBalances are only used internally and do not require any action from users
Phala App 2.0 is a multifunctional aggregation product that is an app hub for developing tools of the Phala ecosystem, such as SubBridge, Delegation, and Farm. Phala App serves also as a wallet, which supports Polkadot JS, Talisman, and SubWallet.
5. Pablo DEX launched on Picasso
Picasso entered the Release 2 stage on December 27th, which focuses on deploying the Pablo pallet and opening XCM channels to allow for the creation of the first liquidity pools for Pablo DEX, the native cross-chain AMM.
A part of the Release 2 included the token generation event of Picasso’s native token PICA and the launch of the first three liquidity pools, concretely:
- LP PICA/USDT
- LP KSM/USDT
- LP PICA/KSM
Users of Pablo DEX are now able to swap tokens PICA, USDT, and KSM with each other and provide liquidity for the above-mentioned pools.
Picasso, a parachain on Kusama, is the cross-chain hub & infrastructure layer pioneering interoperable DeFi solutions. Picasso is the canary network of Composable Finance, which is a Polkadot parachain building the first cross-ecosystem implementation of IBC (The Inter-Blockchain Communication protocol) used in theCosmos ecosystem, enabling trustless bridging between ecosystems that are fragmented or only connected through the trusted solutions.
Pablo DEX is now live & PICA is trading on http://app.pablo.finance.
6. Bifrost launched liquid staking of BNC
After having liquid staking solutions for DOT, KSM, ETH, GLMR, and MOVR, Bifrost also enabled liquid staking for their native token BNC. Users are now able to mint a derivative token vBNC, which allows them to enjoy the staking rewards and unlocks the utility for DeFi usecases at the same time.
Since BNC is Bifrost’s native Token, the minting and redemption of vBNC are directly implemented locally on the Bifrost-Kusama chain, without XCM. Till now, ~1.5M vBNC were minted already since the launch.
Bifrost already opened the first LP farming pool for vBNC, specifically LP vBNC/BNC. The APY is ~25%, so together with the 13% base APY for liquid staking, the farm can give you ~38% APY.
Consider supporting us by nominating your tokens to the Kusama or Polkadot validator going by the POLKADOTTERS name.
