Projects Moving from Other Ecosystem to Polkadot
There are quite a few parachains in Polkadot ecosysterm that had the experience of building on Ethereum and then moved to Polkadot , or deployed on multi-chains . This article summarizes 5 parachains, Efinity, Centrifuge, Nodle, Equilibrium, and Aventus, and their reasons for moving to the Polkadot ecology.
Built on Polkadot, Efinity strives to be the next generation of scalable, decentralized, cross-chain NFT blockchain, and infrastructure for a decentralized, cross-chain metaverse.
Efinity is backed by Enjin, an online game community creation platform founded in 2009, which has acquired 20 million game users worldwide over the next decade. 2017 saw Enjin enter the NFT and blockchain gaming space with the release of ENJ, an ERC-20 token on Ether. Enjin encourages game developers to use ENJ as a raw material for minting game props, and the minted props can be used in multiple games, which is the concept of “multiverse” proposed by Enjin. However, it is not intended to be a game underlying public chain, but focuses on boarding game props on the chain and game asset trading, with the vision of allowing players to truly own game assets.
Enjin proposes the Ethereum NFT standard ERC-1155, a standard for games that allow contracts to manage multiple tokens, and a contract can contain any combination of homogenized Token, NFT and other types of tokens. It also helps game developers to save resources and improve the efficiency of transactions between Tokens through improved packaging methods.
As the industry and technology evolved, the massive power unleashed by the Ethereum network and the NFT movement exceeded their expectations, so the team wanted to find a scalable, affordable solution that would allow adopters to build blockchain games and projects for millions of users. After delving into the Polkadot technology stack, it became clear to the Enjin team that Polkadot is the future of NFT.
So Enjin began developing the Efinity chain, a next-generation digital asset chain on Polkadot designed to solve the problems of high prices, inflexible contracts and disconnected interoperability of traditional blockchains. Enjin is also working on a token standard called “Paratokens” for Polkadot. The standard will be compatible with parachains, parathreads and smart contracts, so it can interoperate across the entire Polkadot and Kusama ecosystem.
Centrifuge is a project on Polkadot that connects real-world assets to the Web3 world. centrifuge’s core product is a dApp called Tinlake, which is a marketplace for tokenizing real-world assets. By minting NFTs that represent verified real-world assets, companies can use the assets as collateral for their loans and quickly access additional liquidity from investors.
Centrifuge was first launched as a standalone chain in May 2020. Centrifuge was bridged to Ethereum before it became a parachain to Polkadot, and it accesses Ethereum liquidity through the dapp “Tinlake” on Ethereum, and uses the Ethereum standard when developing the NFT and Tinlake protocols. Centrifuge has already integrated with several DeFi protocols of the Ethernet ecosystem, such as MakerDAO and Aave. For example, through its partnership with MakerDAO, Centrifuge became the first protocol to support multi-collateralized DAI through tokenized real-world assets.
In a nutshell, the Centrifuge chain is built on Polkadot, while the Dapp bridges to Ethernet. This gives Centrifuge access to two of the largest ecosystems in crypto: Ethernet for gaining DeFi liquidity and Polkadot for increasing speed.
Nodle is a crowdsourced decentralized Internet of Things (IoT) network on Poca that provides secure, low-cost network connectivity and data mobility to connect billions of IoT devices worldwide. While maintaining privacy and security.
Nodle went live on the Stellar chain in 2017, and in April 2020 decided to build its own chain using the Substrate framework, with plans to become a Polkadot parachain. At this point, Nodle was averaging around 1 million transactions per day, and Nodle felt that because Stellar did not have the appropriate blockchain capabilities, Nodle was unable to deliver what was promised in the whitepaper. The modularity of Substrate and the interoperability offered by Polkadot were the reasons Nodle chose it.
In March this year, Nodle successfully won to Polkadot’s 11th parallel chain slot and in May this year successfully migrated the Substrate independent chain Nodle Chain to Polkadot parachain.
Nodle Chain processes about 1.3 million microtransactions per day, and Polkadot provides an easy way to scale. And by becoming a Parachain, Nodle’s IoT services can interoperate with projects in the Polkadot ecosystem, as well as with other blockchain ecosystems such as Ethernet or Stellar via a bridge. the modularity of Substrate also makes development easier.
Equilibrium is a one-stop DeFi platform on Polkadot that combines a full-fledged Money Market with an order book-based DEX.
Founded in 2017, Equilibrium was initially built on Ether before moving to the EOS chain and issuing EOSDT, the #1 stable coin in the EOS network. EOSDT uses EOS and BTC as collateral and is insured by the Equilibrium Stability Fund.
In 2020, Equilibrium began development using Substrate and moved to the Polkadot ecosystem to enable cross-chain interoperability and take advantage of off-chain workhorses, etc. In March 2022, Equilibrium won the Polkadot 12th Auction and became a parachain, with its first network Genshiro is also a Kusama parachain. Currently Equilibrium’s core features such as Money Market, Order Book DEX and Mirror Assets are under development.
Aventus is an enterprise-grade Layer 2 blockchain that combines the scalability of a permissioned chain with the security and interoperability of a public chain.Aventus’ mission is to enable companies in any ecosystem to support a wide range of usage scenarios, including NFT, video gaming, loyalty programs, event ticketing, supply chain sourcing and shipment management, through an enterprise-grade modular architecture and blockchain interoperability.
Founded in 2016, Aventus started as a Layer 2 chain built on Ethernet. In its first year of operation, Aventus Network has conducted over 15 million transactions for business customers with 8 million active wallets.
Because Aventus’ goal is to create an interoperable and user-friendly Aventus network ecosystem where value can flow freely across chains among institutions, companies and retail users, and because the team believes that blockchain will evolve as the Internet has evolved, eventually moving from isolated intranets to interconnected blockchains, Aventus decided to become the Polkadot blockchain. The Aventus network was based on Substrate, so it can easily access Polkadot/Kusama.
In September this year, Aventus won the 26th slot in Polkadot and will soon become a Polkadot parachain. After becoming a Polkadot parachain, Aventus will still maintain interoperability with Ethernet After becoming a Polkadot chain, Aventus will still maintain interoperability with Ethernet, which is one of the core features of Aventus and is mainly used to transfer assets up and down between Aventus and Ether. Becoming a Polkadot parachain will not affect but rather enhance this functionality. And in addition to Ethernet, Aventus is also able to communicate locally with other polkadot parachains.
In addition to interoperability with the Ethernet and Polkadot ecosystems, becoming a Polkadot parachain brings many benefits to Aventus, such as extremely low carbon emissions, high scalability and on-chain upgradability.
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