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How the Composable Parachain Will Enable a Blockchain-Agnostic Environment For DeFi

How the Composable Parachain Will Enable a Blockchain-Agnostic Environment For DeFi

Composable Finance is a cross-layer, cross-chain interoperability platform that has just launched. Crowd loanIn an effort to secure a Polkadot Parachain. The Composable Parachain, if it is successful at auction will be a key component to realizing their vision of advanced blockchain-agnostic capabilities. 

The idea behind Composable’s cross-chain technology is to address current DeFi limitations. Users find themselves in siloed ecosystems with limited innovation and fragmented liquidity. Like a breath of fresh air, DeFi developers and end-users are already leveraging Composable’s cross-chain technology stack for cross-layer asset transferals, yield optimization, and arbitrage opportunities as well as cross-chain communication and routing.

However, Composable’s technology stretches beyond basic asset transfers and propagates cross-chain communication across ecosystems spanning multiple chains. The ultimate goal of the team’s blockchain-agnostic functionality is to remove all the complexity associated with using DeFi across multiple chain. Composable Finance is a platform that will provide a common ground for DeFi users and also enhance the ecosystem’s capabilities. They are offering a level of utility that is unprecedented for users looking to navigate the current space that is fragmented across multiple blockchains. The team is one step closer towards enabling a DeFi-agnostic environment with a Composable parachain.

Composable Finance is offering a crowd loan to help you secure a Polkadot Parachain. They also offer bonus rewards for your participation. They have allocated 12% of the total LAYR token supply as rewards to participants who help them secure a spot. These are the rewards:

  • You are eligible to receive a 5% bonus if you stake within the first 24 hours. (ended)
  • Stakers who have previously contributed KSM and Stablecoins for the Picasso crowd loan will receive a 5% bonus
  • The eligibility to receive a 10% bonus (ending soon), is confirmed by placing your stakes within the first three days.
  • A 20% referral bonus to users who refer a sum of 1000 DOT using Composable’s referral codes.

Since its December 14th opening, the Composable crowd-loan has been moving in a positive direction. Composable Finance has raised more than 632,295 DOT to support their efforts, as of the reporting date. It is important to remember that crowd loans accept contributions in ERC-20 stablecoins, such as USDC and USDT. Composable has raised an additional $188.702 through this feature so far. The acceptance of stablecoins is an innovative and revolutionary feature. It allows for the unification between different communities and ecosystems, the first time ever within the larger scope of Dotsama. Participation in this important fundraising campaign is possible through the opening of contributions beyond DOT.

What does this mean for the future of DeFi? 

Composable is creating a future in DeFi. Applications can be deployed across different chains, enabling blockchain-agnostic functionalities.  Composable can use the technology of their Kusama parachain to create a Polkadot Parachain. Picasso, to deliver an ecosystem-agnostic experience. 

Picasso facilitates cross-chain application and functionalities creation and distribution. Meanwhile, the Composable Parachain will utilize Picasso’s existing ecosystem and pallets with Polkadot as the base to actualize cross-chain communication. Existing complexities in DeFi will be eliminated, allowing users to access a clear path to their goals, without regard to the chain. 

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The Composable Parachain can transform DeFi into the DeFi tomorrow. The industry is already moving towards cross-chain interoperability. Blockchain-agnostic functionality via Composable Parachain will be a major shift in this direction.

Image from LaunchTeam

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