Polkadot Parachain Updates: Astar, Parallel, and Clover

The first batch of parachains have been connected to the Polkadot relay chain and they have been running smoothly for a while.

So what’s the progress of these parachains recently? In our last article, we talked about Acala and Moonbeam, this time we will continue to follow the updates of Astar, Parallel and Clover.

Astar

Astar Network is a multi-chain multi-virtual machine DApp center based on Polkadot, which natively supports Ethereum Virtual Machine (EVM), WebAssembly, and Layer 2 schemes including ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple L1 blockchains and multiple smart contract engines.

What happened after Astar won the 3rd Polkadot parachain?

Technical Updates

• Astar successfully launched the mainnet and enabled EVM on January 17th
• At present, two Ethereum two-way bridges Multichain(AnySwap) and Celer cBridge have been launched.
• Astar dApp Staking mechanism was officially launched and reached $470 million TVL.
• ArthSwap, a one-stop DeFi platform in the Astar ecosystem, was launched and reached a TVL of $50 million.
• The Cosmos two-way bridge supporting blockchains such as Terra, Cronos, Osmosis, Oasis, etc. will be launched soon.
• Astar will connect all mainstream L1 public chains by the fourth quarter of this year.

Ecosystem Updates

Astar has launched a 100-million-dollars ecosystem incentive program, which will be used to promote the growth of the Astar DeFi ecosystem, provide liquidity, and provide financial support and incentives for developers.

Astar is going to launch the Astar Incubation Program as an Astar ecosystem incubator. The program is backed by crypto venture capital funds such as Alameda Research, Fenbushi Capital, DFG, gumi Crypto Capital, TRGC and Next Web Capital.

Astar has raised a $22 million strategic round led by Polychain Capital, with participation from Alameda Research, Crypto.com Capital and Polkadot founder Dr. Gavin Wood.

Parallel

Parallel Finance is committed to bringing more liquidity to the Polkadot and Kusama ecosystems. Parallel Finance provides users with products such as Lending, Liquid Staking and AMM.

So what happened after Parallel won Polkadot’s fourth parachain slot?

Technical Update

• Parallel Crowdloan rewards have been distributed on January 31, 2022

Crowdloan Product Aspects

1. Launched the Refund & Reinvest function

2. Opened the Batch 2 Projects contribution channel

Runtime aspects:

1. Upgrade to polkadot version0.9.13

2. Successful debugged xcm version2 notify feature

3. Refactor some code of xcm and abstract the pallet-xcm-helper pallet

4. Completed the development of pallet-crowdloans and hand it over to QA testing

5. Halborn completed the pallet-crowdloans audit. Meanwhile, other audit partners are conducting the second round of audits

Parallel has already released the liquidity of the first batch of cDOT

1919,4045.0640860878 cDOTs in total

Clover

Clover is a Polkadot-based full DeFi service platform dedicated to providing easy-to-use blockchain infrastructure and creating a one-stop EVM-compatible framework for Substrate-based cross-chain applications.

After winning Polkadot’s fifth parachain slot, what happened to Clover?

Technical Updates

• Cross-chain transfer between mainnet and parachain has been enabled
• Parachain EVM function and account bonding have been enabled
• Clover wallet already supports Clover EVM interaction
• The development of Clover EVM has been completed and is expected to be launched in early March
• CLV node staking is enabled, the on-chain staking accounts for more than 50% of the total circulation, and the total staked CLV exceeds 136M

Summary

For the Polkadot ecosystem, the launch of parachains is just the beginning, and the continuous development of each chain and the development of its own ecosystem has become the focus of everyone’s attention. Let us continue to pay attention to the future development of parachains.