Introducing Polkadot, Aave and Yearn.finance | by Amadeo Pellicce | @blockchain | Apr, 2021
Polkadot (DOT) is available to trade in both the Wallet and the Exchange. Nearly two years ago we announced an integration of Polkadot to help accelerate the adoption and decentralization of the network. It’s only fitting that we bring DOT to 70M Blockchain.com Wallets and Exchange users around the world.
Polkadot is a Layer-0 protocol that has been architected to enable best-in-class, cross-chain interoperability and innovate new types of on-chain governance. For the first time, Polkadot allows Layer-1 blockchain developers to collaborate, launch and secure their own blockchains (parachains), and build scalable novel decentralized applications (DApps). To read more about the Polkadot Network, visit their website here.
We’ve also listed AAVE and YFI — currently available on the Exchange — in the Wallet, supporting wider access to these popular DeFi tokens and the continued enthusiasm for DeFi.
So, to recap, when you log into the Exchange, you’ll see three new order books for DOT: DOT-USD, DOT-EUR, and DOT-GBP. When you log into the Wallet, you’ll see three new assets: AAVE, DOT, and YFI.
Polkadot, announced in 2017, is the first project by the Web3 Foundation and one of the most anticipated networks to launch since.
Its first implementation was developed by the founders of Parity Technologies, Dr. Gavin Wood, who also co-founded Polkadot and Ethereum, and Dr. Jutta Steiner, CEO of Parity and Ethereuem’s first Security Chief. Its team created a scalable, governable protocol that enables interoperability between blockchain networks.
In a world with many different blockchain networks, communication between them will be vital and could produce some of the most significant outcomes in cryptocurrencies. The ability to connect disparate blockchains will power many innovative and critical functions that will unleash the potential for genuinely disruptive, mainstream applications.
Aave is “a decentralized non-custodial money market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) fashion.” (Source: Aave)
When users deposit funds to the protocol, it mints a new aToken (like aDAI), which can be redeemed for the underlying in much the same way other DeFi protocols operate. The AAVE token is the governance token for the protocol itself, and that’s what we’re listing.
Yearn.finance is “an aggregator of various lending protocols that optimizes for the highest yield. The native token YFI is used for governance over the network and is distributed exclusively through active participation and liquidity provision.” (Source: Messari)
There are only 30,000 tokens in existence, which have all been distributed. Additional tokens can only be minted if a governance proposal (here known as a Yearn Improvement Proposal or YIP) passes. Visit the yearn.finance FAQs for more.
The Blockchain.com Team