A smart contract platform targeting the decentralized finance marketplace aims to facilitate the migration of costly Ethereum locked down decentralized apps to Polkadot.
The goal of the open source project is to create an easy-to-use blockchain infrastructure that will improve the interaction of assets on networks by attracting the developers of the DeFi project.
Clover Finance wants to create a comprehensive infrastructure platform that makes it easier and cheaper for DeFi developers to migrate DApps to Polkadot, a potential Ethereum killer that achieves scalability by running multiple blockchains in parallel, each with its own design. And each one serves a specific purpose for a specific application.
One of the main reasons for this is that most of DeFi’s liquidity is currently confined to Ethereum, where most decentralized financial enterprises are built, which is not in line with DeFi’s transaction volumes. This, in turn, made these projects more expensive as gas prices rose due to demand.
However, Clover’s designers focus on more than just creating an environment in which it is easy for developers to develop and implement DApps. The main goal is also to create a reliable and simple interface for end users. Among other things, Clover provides a no-gas environment in which Ethereum gas fees are automatically deducted and paid in whatever cryptocurrency the transaction uses. This means that users do not need to interfere with Ether (ETH) during transactions, which lowers the barrier to entry for those unfamiliar with the technology.
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Clover web browser provides seamless indexing for Ethereum, Polkadot, Binance Smart Chain and Bitcoin, allowing users to search for blocks, transactions and accounts in one tool. A dynamic billing schedule allows frequent network users to reduce their gas bills over time. And Clover’s multi-chain “always-on” wallet allows users to view and interact with all of their assets, including layer 2, through the blockchain.
To achieve all of this, Clover is built on Substrate from Polkadot, allowing it to build an Ethereum-compatible global virtual machine platform. After the official launch of Substrate EVM, it will be easy for developers to migrate DeFi projects built on Solidity smart contracts from Ethereum to Clover using familiar tools like Truffle and Remix.
It will also help leverage existing and reliable Ethereum infrastructure that developers can leverage, such as Chainlink oracles and the Graph Indexing Protocol. The redistribution of clover gas fees incentivizes developers by automatically sharing transaction fees with them.
Clover leverages Polkadot’s ability to wield its own parachutes that communicate with other blockchains like Ethereum and Bitcoin via bridges. One of the biggest advantages of Clover is the unreliable bidirectional link bridge for assets on Ethereum and Clover, allowing assets to be transferred from the main chain to the secondary blockchain and vice versa.
He is also working on using this technology to build a bridge between Turing’s complete Ethereum and non-Turing complete blockchains, including Bitcoin – with the upcoming Bitcoin Core updates, Clover’s goal is to revitalize the Bitcoin bridge by giving it access to a huge array of assets. … …
Clover has recently raised money on several private trips, including $ 3 million in February from Polychain Capital, Bithumb Global, Hypersphere Ventures, and Divergence Ventures. Other sponsors include Alameda Research, OKEx Block Dream Fund, CMS, KR1, Bitcoin.com, Moonwhale Ventures, and Kyros Ventures.
Among other things, this will allow him to compete – and he thinks he is winning – in the Parachain slot at the upcoming Polkadot / Kusama slot auction. This will allow Clover to operate directly as a skydiver, providing a high level of interaction.
Clover also has its own CLV code and it is cross-linked thanks to a bidirectional link bridge connecting Clover’s EVM and Polkadot addresses. CLV can be used to pay gas fees, bid to validate the bid confirmation protocol, block due to management issues, and can be used to deploy smart contracts and decentralized applications on Clover, among others.