Blockchain technology has presented us with a record number of innovative projects and increased adoption. With the recent developments in crypto, many developers are shifting gears and focusing on bridging all of these decentralized networks with cross-chain compatibility. While developers are making advancements working on a DeFi application in Ethereum’s platform, they may want the opportunity to expand their reach to the Polkadot ecosystem as well. Additionally, this applies to bridging DeFi solutions to Bitcoin’s blockchain. Clover Finance is bridging the gap for greater compatibility when building and operating across blockchains.
Clover Finance was started in 2020 as a Substrate-based Polkadot parachain. The platform seeks to provide an intuitive blockchain infrastructure to reduce efforts and costs for developers. Clover bills itself as a foundational layer for cross-chain compatibility. Its co-founders, Viven Kirby, Norelle Ng, and Burak Keçeli, seek to bring more decentralization to the crypto space.
Tekin Salimi, General Partner of Polychain Capital, was drawn to Clover for it’s sophisticated tech offering. The backend of Clover is a blockchain operating system, which contains a storage layer, smart contract layer, Defi protocol layer, and an eApp layer that work in harmony to accomplish the goal of blockchain interconnectivity. Clover provides the space to create DApps that work across blockchains. Before, DApps were developed and used within the Ethereum network. The Clover System will make use of the DeFi that is easier for developers and everyday users. There is a trend in the market where developers are looking to mainstream crypto and DeFi wherever possible to open the floodgates to an untapped audience consisting of billions of people who are not using the new decentralized economy.
For Salimi, the investment in Clover Finance was a natural choice because it enables developers to bridge the DeFi applications from Ethereum to Polkadot. The CLV token is used to pay for Clover transactions and to vote for network updates. Additionally Clover aims to enable interconnectivity between Bitcoin and other blockchains. Coming from a deep crypto background, Salimi knew that an investment in the Clover would make it easier to get the Clover app and wallet to connect and aggregate information about the user’s accounts on multiple DApps.
Overall, 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 seeking to provide a more holistic blockchain experience for users that connects previously disconnected elements. Clover delivers a promising new blockchain layer that allows users to interact and transact with major networks, at the same time. By combining with other new protocols and platforms, Clover can help alleviate what may be seen as a major roadblock to mass adoption of DeFi, which is blockchain exchange.