With promising projects participating, the Polkadot parchain auctions continue to make waves in blockchain and DeFi. They are looking for support and funding to help them realize their dream of the Dotsama community’s future. Composable Finance launched the crowdloan to finance the auctions. This opens the doors for DeFi community support in their quest for securing Polkadot Parachain. Noting that Composable Finance purchased a Kusama Parachain previously, it is worth noting that they will be using a similar strategy in the DOT parachain campaign.
Composable Finance is a company that promotes cross-chain communication in order to create a Blockchain-agnostic ecosystem. They have done extensive research and identified the Dotsama benefits and are now focusing their efforts on Polkadot, Kusama and other platforms to realize their vision. Composable Finance was able to obtain a Kusama parachain, the name of Picasso. It acts as an innovation hub and now they are focusing on securing another Polkadot parachain.
Composable Finance also allows you to donate to your crowdloan campaign with ERC-20 stablecoins, in addition to $DOT. This allows contributions to be made by a wider range of people than just $DOT holders. It is an exciting way for ecosystems to come together and make progress towards interoperability, which aligns well with Composable Finance’s vision. Composable Finance also offers competitive rewards to early contributors to the crowdloan described here.
Crowdloan contributors have 12% of their native LAYR supply earmarked with the added incentives of:
- 10% bonus to contributors who have staked in the Crowdloan for at least three days
- Additional bonus of 5% for those who stake in the Crowdloan within the first 24hrs
- 5% bonus to stakers who previously contributed KSM or Stablecoins to Compasable’s Picasso crowdloan (Kusama Parachain Auction)
- Users who refer 1000 DO to Crowdloan by using their referral codes receive a 20% bonus
Composable Finance has set out to create a fully interoperable ecosystem for users and developers in the DeFi ecosystem. This environment will not be limited by the limitations of the multi-chain silos. A fully blockchain-agnostic space would have huge implications for the future of DeFi. It is an exciting time that Composable finance leaders are being pushed to help realize this dream.
Composable Finance can now move forward with interconnectivity and cross-chain communication through the Polkadot parchain purchase.