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Community

Interoperable DeFi: Akropolis, ChainX and Polkadot broadening the spectrum of the new financial…

Akropolis | 07.11| 23

Interoperable DeFi: Akropolis, ChainX and Polkadot broadening the spectrum of the new financial system

DEXes, borrowing/lending protocols, derivatives, payment channels, and their combination with on-chain governance have been blooming in the Blockchain Ecosystem.

Facilitating the interoperation, agnostic messaging and scalability of the already existing protocols, and the new ones surfacing on a monthly basis — is a milestone that every project should consider in order to empower this new financial landscape.

ChainX is building a financial blockchain based on Substrate set to become a parachain in the Polkadot ecosystem — however built in an interchain and agnostic fashion. It aims to bridge the gap between Ethereum-based DEXes and other dApps in other blockchain ecosystems. Currently, ChainX has built a BTC bridge and their own on-chain Decentralized Exchange. Through it, any chain can have asset interoperability if connected to ChainX. As a Parachain, ChainX allows for inter-blockchain communication and asset transfer, by creating the aforementioned bridges.

On the other hand, Akropolis is building a protocol which proposes a constellation of autonomous, independent, however fully interoperable (within the network and outside — with other protocols and chains) organizations. Being able to leverage ethereum-based DeFi protocols, payment channels as Bitcoin’s Lightning Network, and, for instance, privacy-preserving crypto assets as ZCash or Grin; will widen the potential of the Autonomous Financial Organizations built on Akropolis.

Maker DAO’s building an outstanding financial system, able to decouple users from traditional institutions, having already locked more than 454M USD in ETH in CDPs. DAI, Maker DAO’s stable coin, has become a key component for any financial protocol while contributing to capturing users due to the reduction of the fear of adoption of crypto-assets for their volatility. Akropolis believes in the provision of the low-cost financial infrastructure that delivers basic financial products with minimal contagion risks. DAI, from MakerDAO, especially the much anticipated multi-collateral DAI, is mission-critical to this.

Now, imagine if all these tools and protocols could interconnect and operate, creating an immense hub — so large that step by step would be able to grow robust enough to dethrone banks, credit institutions, and governments. This is the ultimate goal blockchain technologies should have. Polkadot is a heterogeneous multichain framework able to help substantially in achieving this. By interconnecting blockchains through the Polkadot hub, the scaling potential of the protocols we build will grow astronomically, and by leveraging cheaper transactions, wider adoption will follow.

How many of you, have considered gaining interest for your savings through a bank? Now, how many of you have locked your assets into a lending platform, through a 5-minute process and are earning interest minute by minute?

This simple thought exercise indicates that we have already begun decoupling from traditional institutions. Decentralized Finance doesn’t care about the users’ real-world credit score. Your earnings depend only on your platform choice and the number of assets you decide to “put to work”.

Growing this ecosystem and fomenting its robustness and growth is an incredibly important task — in the hands of the technologists behind every protocol. We need to be aware that every step forward towards the growth of DeFi means a step forward towards the emancipation from the legacy financial system.

Learn more about Akropolis:

Website: https://akropolis.io/

Twitter: https://twitter.com/akropolisio

Telegram: https://t.me/akropolis_official

Do you have any questions? Please ask by email! team@akropolis.io


Interoperable DeFi: Akropolis, ChainX and Polkadot broadening the spectrum of the new financial… was originally published in Akropolis on Medium, where people are continuing the conversation by highlighting and responding to this story.

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