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Top 10 Polkadot Parachains with token listed and their service up and running
In this new user friendly article you will find an introduction to the most important Polkadot parachains.
What is a Polkadot Parachain?
The novelty of the Polkadot architecture lies in the concept of parachains, that is, third-party blockchains that are added to the main one (relay chain) of which they maintain the operation and security. The Parachains are interoperable with Polkadot Network and other Parachains.
1.
Acala Network
DeFi
Acala is the first Polkadot parachain and the all-in-one DeFi hub of this ecosystem.
Acala is a suite of cross-chain financial applications:
- Acala Swap, issue self-serviced loans with the…
- Acala Dollar stablecoin (aUSD), become liquidity providers, access staking derivatives with…
- Liquid DOT staking , and earn high-interest APY on their digital assets.
The network is scalable, Ethereum-compatible, and optimized for DeFi. The decentralized network is governed entirely by Acala Token (ACA) , which also servers as the utility token for operating the network.
2.
Astar Network
SmartContracts
Astar Network is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines.
Polkadot Relay Chain doesn’t support smart contracts. That’s why it’s important for the ecosystem to have a parachain that enables this for all developers who want to build in the Polkadot ecosystem.
Astar is here to provide the best solution for all developers by supporting EVM and making a parachain where EVM and WASM smart contracts can co-exist and communicate with each other.
3.
Bifrost
Bridge
DeFi
SmartContracts
Bifrost is a Polkadot parachain with the mission to provide liquidity and staking without nominating delays. Bifrost allows users to deposit their staking tokens and mint vTokens (Staking Derivatives Voucher Token) to obtain staking liquidity, as well as receive staking rewards when a token is locked by a smart contract. With Bifrost, you can convert a proof-of-stake (PoS) token into a vToken; for example, DOT can be converted into vDOT.
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot.
4.
Centrifuge
DeFi
Centrifuge is a decentralized asset financing protocol. It connects decentralized finance (DeFi) with real-world assets (RWA). The main goal of Centrifuge is to generate profits that are not tied to volatile crypto assets.
The Centrifuge parachain is built on Polkadot for security, speed and low fees, while its financial DApp Tinlake is built to access Ethereum liquidity.
Companies can use Centrifuge to access the liquidity that DeFi has to offer. Tokenize real assets and use these tokens as collateral to access financing through Tinlake, a decentralized application (DApp) lending protocol.
Centrifuge provides liquidity to everyone and investors receive income and rewards in the form of CFG tokens. Centrifuge links assets such as invoices, real estate and royalties with decentralized finance (DeFi). Additionally, borrowers benefit from the fact that they can finance their real assets without banks or other intermediaries.
5.
Clover Finance
SmartContracts
DeFi
Clover Finance is a Polkadot parachain that provides a one-stop, easy‑to‑use blockchain infrastructure and an ethereum virtual machine (EVM) compatible framework for Substrate‑based applications.
Clover Finance was founded in May 2020 and the mainnet of Clover Finance launched in July 2021.
6.
Efinity
NFT
Gaming
Efinity is a cross-chain NFT platform developed by Enjin and built on Polkadot. Efinity was created as the next generation blockchain for digital assets with the aim of adapting to the challenges of the world of non-fungible tokens, according to the project.
The main specialization of the Efinity project is the NFT space. With the protocol, traders and gamers can create, distribute, transfer, sell and buy NFTs. Efinity aims to remove barriers to entry into the NFT space/decentralized gaming, and to simplify user experience and digital asset governance.
Efinity Token powers the entire Efinity ecosystem, EFI aims to prioritize the generation, transfer and purchase of tokens using an inter-chain infrastructure of protocols resulting in lower transaction fees. As for incentives, rewards on PoW blockchains with NFT functionality go to miners who create/trade tokens, thereby forming a community.
One of the long-term goals of Efinity is to become a hub for both fungible and non-fungible tokens, accepting tokens from any other chain, facilitating the pricing and exchange of NFTs, increasing transaction volume, and creating network effects.
7.
Interlay
DeFi
Interlay is a decentralized network for creating cross-chain, asset-backed stablecoins and synthetics. Interlay’s flagship product is interBTC (iBTC), a 1:1 Bitcoin-backed asset secured by a decentralized custody network, a multi-collateral system, and cross-chain cryptography.
The Interlay network is a Polkadot Parachain and is connecting to Cosmos, Ethereum, Avalanche, Solana, and other major DeFi networks. The token INTR is used for:
- Stake-to-vote. Lock INTR to participate in governance & earn staking rewards. The longer the lock, the higher to voting power & staking rewards.
- Collateral. INTR can be used as one of the collaterals to back iBTC and other Interlay assets.
- Utility. Transaction and cross-chain fees can be paid in INTR.
- Product benefits: INTR will offer stakers additional security and product benefits, e.g. better liquidation and collateral rates.
8.
Litentry
Data
Identity
Privacy
Litentry is a decentralized identity authentication and user activity data management Infrastructure build on Substrate and Polkadot parachain.
Litentry includes an identity-based network and related tools, features an identity matching and identity staking mechanism, as a whole it consists of decentralized identity and user activity data management infrastructure.
9.
Moonbeam Network
SmartContracts
Moonbeam is an EVM compatible smart contract Polkadot parachain (L1 secured by Polkadot’s consensus).
Moonbeam is a highly specialized parachain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. The Moonbeam platform extends the base Ethereum feature set with additional features such as on-chain governance, staking, and cross-chain integrations.
With Moonbeam we will be able to connect popular tools like MetaMask, Hardhat, Remix, Waffle, and Truffle via a set of Web3 RPC endpoints. Famous JavaScript libraries such as Web3.js or Ethers.js can also be used. Moonbeam was started by Derek Yoo of Pure stake in 2019.
10.
Phala Network
Privacy
Data
Phala Network is a privacy-preserving cloud computing service based on Substrate that provides computational power comparable to existing cloud services and protects the privacy of managed programs.
Based on the hybrid TEE-Blockchain architecture, developers can deploy confidential smart contracts executed inside TEE enclaves on the CPU.
11.
Polkadex
Bridge
DeFi
Polkadex Orderbook is a non-custodial peer-to-peer trading platform that merges the benefits of both centralized and decentralized exchanges in one product. Polkadex provides:
- Highest level of security of user’s funds
- Lightning-fast speed of up to 500 000 transactions per second and low latency of 20 milliseconds
- Advanced features like high-frequency trading and trading bots
- User-friendly design and easy navigation on desktop, mobile and app
- Zero gas fees and opportunity to reduce swap fees to zero for PDEX stakers
- Decentralized KYC for large volume traders and institutions
- Fiat on-ramp
- Interoperability between blockchains and cross-chain liquidity support
Polkadex is part of the Polkadot ecosystem and the first project that uses a Substrate abstraction layer for SGX technology, called SubstraTEE, to build a DEX. The architecture of the Polkadex Orderbook is a combination of multiple technologies: blockchain, parachain, TEE, IPFS and other latest technologies available in the blockchain industry today.
LV
@KusamaNFT
Polkadot news, guides, and community content at Artickusama.com
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