Composable Finance Seeks Crowdloan to Build DeFi’s Interoperable Future
27 August 2021 - 09:35AM
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Composable Finance, an innovative blockchain protocol, is running
ahead of schedule in its development of an interoperable ecosystem
for decentralized finance (DeFi), which can be broadly defined as
the use of blockchain to power financial tools. To keep up with
their pace of development, the company is raising funds from user
contributions through a crowdloan, with the goal of procuring a
popular tool called a parachain in the upcoming weeks. Composable
has been making great strides towards obtaining and building its
parachain, Picasso, which will be on Kusama, the canary network of
the Polkadot blockchain. Parachains are project-specific
blockchains that enable communication and data transfers to happen
seamlessly across blockchains in the Polkadot ecosystem. The
Picasso parachain thus serves as a key component to the
interoperable future that Composable envisions. Specifically,
Composable is working to build its parachain Picasso with all of
the building blocks (called pallets) necessary to introduce a
complete DeFi ecosystem to Polkadot. As recently announced,
Composable will be moving up their Kusama parachain bid date,
demonstrating the company’s incredible progress towards its goal of
delivering an interoperable infrastructure to DeFi. About the
announcement, CEO Cosmin Grigore said, “We initially wanted to bid
for a slot in a few weeks – but there’s no point in waiting so
long. We want to provide our parachain as soon as possible and
start incubating all the projects that have shown interest in
participating. We have already created a few primary tools on
Picasso, including Apollo, our MEV-resistant oracle pallet, and
Cubic, our vault infrastructure pallet. Now, we are happy to let
others “paint” our Picasso parachain by creating interesting
secondary or tertiary pallets that add higher-order functionality.
This will allow Picasso to be a hub for the composable and flexible
creation of any decentralized applications that developers can
dream up, and we look forward to seeing how the community helps us
architect its future. I want to work deeply together with our
community on this process, so feel free to reach out to me on
Twitter @gcosmintech with feedback and ideas.” Presently,
parachains are purchased via auction. Composable will bid starting
with the auction on September 1 and will continue to bid in the
four subsequent auctions. Parachains are bought with the native
token of their network, meaning a Kusama parachain is purchased
with Kusama (KSM) tokens. To have enough KSM for the
fast-approaching bid date, Composable announced their upcoming
Picasso network crowdloan. This crowdloan will be capped at 100,000
KSM, which the company believes will position them well for
parachain procurement. The period for this crowdloan will total 48
weeks and be broken down into eight equal lease periods lasting six
weeks apiece. Contributors to the crowdloan will be rewarded for
staking (locking up) their tokens for these lease periods: In
preparation for the launch of the Picasso parachain on Kusama,
Composable has shared that they will be releasing the Picasso
Network token (PICA). This token will serve as the native token to
the parachain and live solely on Picasso while providing important
functionalities such as voting on the implementation of new pallets
to the platform. As Composable consistently aims to reward people
who support them, two million PICA (or 20% of the total token
supply) have been set aside for distribution to those who stake in
the crowdloan. If the parachain bid is successful at auction, the
staked KSM will be routed through yield farms (investment
strategies in DeFi that provide a yield on deposits), providing an
additional base annual percent yield (APY) to those who
participate. To add further incentives to support the crowdloan,
Composable has created a referral program to generate referral
codes. If a person contributes 100 KSM or more to the crowdloan
through one of these codes, the person who referred them will
receive a 20% bonus on their PICA token rewards. These rapid
developments from Composable are promising for the much-desired and
much-needed interoperable future of DeFi. The company’s
announcement of their crowdloan is even more exciting, as it means
this future is closer than previously thought.
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