✅ Follow Me On Twitter: https://twitter.com/cryptonews178
👉 Follow Me On IG: https://www.instagram.com/sebastiancastaneda1/
💲 Earn $50 in BTC with your first transfer! https://celsiusnetwork.app.link/123286d87c
0:00 – Introduction
0:51 – Polkadot Blockchain
1:49 – Acala
3:17 – PolkaSwap
4:46 – ChainX
5:40 – Mantra DAO
7:07 – AKROPOLIS
8:30 – CLOVER
9:52 – Chain Link
12:16 – Conclusion
Top 6 BEST Polkadot Defi Projects
In this video I will be outlining the best cryptocurrencies that are participating in the Polkadot Parachain auctions in their respective fields (i.e. DeFi, Gaming, Oracles etc) and then finalising the video with my overall top picks. My Top 10 list includes at least one project in every field to guarantee diversity. I have also included a mixed bag between currently tradable and nontradable projects to allow for you to invest in projects that won’t require the lockup of your DOT tokens!
Acala is an all-in-one decentralized finance network offering a blockchain platform secured by Polkadot, as well as a suite of cross-chain financial applications that allow users to access lots of services. Acala users can trade on Acala Swap, issue self-serviced loans with the Acala Dollar stablecoin (aUSD), become liquidity providers, access staking derivatives with Liquid DOT staking (LDOT), and earn high-interest APY on their digital assets.
Acala brands itself as Polkadot’s “DeFi hub” and consists of two core protocols The first is a decentralized stablecoin protocol called ‘Honza’, and the second is a tokenized staking liquidity protocol called Homa, which makes staked DOT liquid for use in other DeFi applications
Polkadot is a smart contract compatible blockchain that launched in May last year. Polkadot’s core blockchain is called the Relay Chain which uses a proof of stake consensus mechanism The Relay Chain itself does not support smart contracts and only handles a handful of transaction types, namely those related to staking Polkadot gets its smart contract functionality from the additional blockchains which plug into the Relay Chain. Up to 100 parachains or parathreads can connect to the Relay Chain ⛓Parachain Slot Auctions Explained⛓ Because of the limited space on the Relay Chain, Parachain Slot Auctions were invented to ensure these go to the most promising projects Instead of determining the winner based on their bid at the end of an auction, the winner is picked based on their bid when a random snapshot of all bids was taken during the auction These bids are made in DOT and are returned at the end of the Parachain lease period. Projects can either bid DOT themselves or have their communities loan them the DOT they need for the auction
Polkadot recently announced “Common Good Parachains” which can be allocated parachain slots without a DOT bid or bond via governance. It is possible these three projects will fall under this category
The Polkadot ecosystem keeps developing; hence, we are likely to see a lot of exciting projects in the coming future.
On the other hand, Polkadot’s universality ensures that you can use it to create any type of blockchain project you want, regardless of technical limitations. This blockchain currently powers a number of oracle, DAO, and bridge projects. Furthermore, individuals can use it to create exchanges and DeFi apps, smart contracts, data and privacy management solutions, and IoT apps. This video presented the top 6 DeFi Projects on this blockchain. However, this isn’t financial advice. Before you invest, ensure to do your homework.
Best Cryptocurrency Wallets: https://youtu.be/T0O6aVF6qk8
DISCLAIMER: This is not financial advice! This is an entertainment and opinion-based show. I am not a financial adviser. Please only invest what you can afford to lose, and we encourage you to do your own research before investing. DYOR