In the evening of April 13, Clover Finance participated in the AMA with Polka Warriors to introduce and answer questions about Clover Finance and their public Sale event on Coinlist.
Clover is a Substrate-based DeFi service platform built on Polkadot. Clover provides an easy-to-use interoperable blockchain infrastructure through its extensive support for Ethereum’s EVM-based applications and a wide range of implemented developer tools. Through its smart core, like Clover Scan and Clover multi-chain extension wallet, Clover will bring the smoothest and most advanced DeFi experience to its users.
The AMA session was held in PolkaWarriors Telegram Channel, with the participation of Viven Kirby - Cofounder & Project Lead, Norelle Ng - Cofounder & Operations Lead, Burak Keçeli - Cofounder & Technical Lead. Many interesting questions about topics such as: products’ features, their working process, their upcoming listing, etc were answered by their core team.
Below is the recap of the AMA session.
1. I want to know how Clover Wallet compares to MetaMask, I find Clover Wallet very stable and easier than MetaMask.
Norelle:
Clover Wallet is an open-source multi currency wallet that lives in your browser. You can interact with cross-chain DeFi applications without needing to switch between networks in an all-in one streamlined interface. You can easily send, receive, wrap and unwrap cross-chain assets across Ethereum, Polkadot and Binance Smart Chain. It’s entirely non-custodial and free to use. You can get it on Chrome Store today.
Viven:
One unique feature we have support for cross-chain networks. Meaning a user can connect with an EVM compatible network (Ethereum, Fantom, BSC, Avalanche, Heco Chain, etc.), AND Polkadot based parachains (Kusama, Edgeware, Phala, etc.), at the same time without having to switch networks
2. What are your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Viven:
Our top priority is to get the full mainnet up and running upon successful completion of upcoming parachain auctions. We have been working on the Clover Ethereum bridge for about 4 months now and expecting a launch around the second quarter of this year. On the other hand we're working on the Bitcoin bridge module which relies on some upgrades like the Schnorr signatures that are coming to bitcoin core later this year.
3. How many killer features of Your project that makes it ahead of its competitors? Could you tell us 2-3 features?
Burak:
I can list three main innovation Clover offers:
1. Trustless Two-way Pegs
The decentralized financial networks of today remain isolated in silos that cannot trustlessly communicate with each other and meaningfully exchange value. This led to some third party custodial services who make the overall ecosystem more centralized, taking away the essence of what crypto is all about. To achieve a new-level of interoperability, Clover created the model of built-in SPV chain simulation technology combined with a novel threshold signatory protocol to enable seamless cross-chain communication across financial networks.
2. Enhanced User Experience
The concept of gas is unfamiliar to most non-technical users. People with no base-currency-asset are unable to send transactions directly on smart contract platforms due to their lack of ability to pay for gas, which is a major hurdle in user onboarding. From gasless transactions to mobile-driven infrastructure, Clover provides a perfect gateway to DeFi for everyone including those who are completely new to DeFi.
3. Builder Incentives
DeFi applications require a solid financial foundation, and donations from the community are generally insufficient to cover development expenses. All smart contract platforms direct the entire gas fee to miners. However, Clover believes that dApp builders should benefit from making contributions to the ecosystem, and receiving part of the gas fee as their revenue. This is so that Clover re-parameterized the gas distribution model to direct gas fee to both network maintainers and dApp builders.
4. Can existing Ethereum dApps be migrated to Clover?
Norelle:
Clover is a powerful smart contract platform that enables Ethereum developers and projects to migrate their contracts onto Polkadot. By minimizing the changes required to run existing Solidity smart contracts on the new network, Ethereum projects can simply replicate their dApp and deploy it to Clover using MetaMask, Truffle, Remix, and other familiar tools.
5. What types of projects are best suited to build on Clover?
Viven:
Clover automatically directs a percentage of transaction fees to contract creators in order to incentivize third party contract developers, to boost the development ecosystem and innovation to ultimately enlarge the overall DeFi ecosystem on Polkadot. Builders who want to benefit from supporting cross-chain assets in their projects and receiving a passive income for doing so are encouraged to innovate, build, and deploy their dapps on Clover.
In the live questions sections, their team did answer several short questions from the Polka Warriors community.
1. I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
Burak:
We recently announced Clover Developer Incentive program where we're distributing %1 of token supply to most innovative dApp builders. You can view program details here: https://dropsearn.com/events/clover-developer-incentive-program
2. How to buy CLV?
Norelle:
We will be doing a sale on Coinlist on April 20th and eligible registrant will be able to participate the sale. Register page is up now! www.coinlist.co/clover (please note that this is the only official sale channel at the moment)
3. What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?
Viven:
We are aiming to be the one stop DeFi cross chain platform built on substrate, with our set of products having support a cross chain user experience
4. What is the most outstanding feature of the platform? Could you clarify the use cases of that feature?
Norelle:
One of the main advantages our platform has over other EVM-compatible polkadot parachain candidates is the technology behind 2-way pegs. We have created a trustless 2-way peg bridge between Ethereum and Clover assets, as well as working towards a trustless bridge for non-turing complete blockchains like Bitcoin. This will allow significant liquidity to enter the Clover ecosystem without the need to rely on 3rd party custodians.
Also I want to highlight Clover as a very user-friendly digital finance gateway even for non-crypto users with its Gasless-end user mechanism, users will be able to transact with virtually any token they want other than our native token CLV. Last but not least, we have a really easy to use cross-chain extension wallet that allows users to transact with major networks in just one view.
5. I want to know more about the benefits of connecting two networks simultaneously: EVM Networks and Polkadot Networks.
Burak:
The decentralized financial networks of today remain isolated in silos that cannot trustlessly communicate with each other and meaningfully exchange value. This led to some third party custodial services who make the overall ecosystem more centralized, taking away the essence of what crypto is all about. To achieve a new-level of interoperability, Clover created the model of built-in SPV chain simulation technology combined with a novel threshold signatory protocol to enable seamless cross-chain communication across financial networks.
6. What makes YOUR PROJECT standout in comparison to other blockchain projects?
Burak:
Today’s cross-chain bridges operate under a federated model which is governed by a trusted set of off-chain relayers who can collude to steal funds with a single point of failure. The more signatories a bridge accommodates the more decentralized the bridge becomes, however this is very challenging as there are enormous fee/gas cost challenges in doing this. Bitcoin script is limited to 15 signatories in a multisig operation and is expensive in witness units. Ethereum VM can perform more complex multisig operations yet remain expensive in gas consumption.
Read more articles about Clover Finance here:
https://api.dotmarketcap.com/blog-detail/139/a-deep-dive-into-clover-finance
