Promising Polkadot projects you should know about
Although Polkadot (DOT) only launched in 2020, the ecosystem is already growing rapidly – which projects are the most promising?
In the past few months, hundreds of crypto projects have started development on Polkadot. Each of these projects has different use Ethereum Code cases, and just like on Ethereum (ETH), they mostly revolve around Decentralised Finance (DeFi) and Non-fungible Tokens (NFT). Below, we take a closer look at some of the most hotly discussed projects in the DOT ecosystem.
Acropolis is an autonomous and decentralised project that aims to map an innovative cross-blockchain DeFi platform that enables innovation. For example, developers will be able to build decentralised applications (dApps) for investments, loans, pensions and savings plans on Acropolis.
In addition, the Polkadot project aims to be one of the first protocols in the DeFi sector to enable under-collateralised lending and borrowing. This could mean a revolution in the DeFi sector. Currently, most decentralised loans that can be taken on Ethereum applications such as Maker (MKR) or Aave (AAVE) are still over-collateralised. This means that the amount of reserves deposited in a smart contract must be significantly higher than the loan taken out.
Through various incentives and the Acropolis Sparta Protocol, the DOT project aims to reward users for their risk in providing liquidity to under-collateralised loans. At the moment, however, the project is still in an early development phase and has a comparatively low market capitalisation of 154 million US dollars.
Edgeware describes itself as a „self-improving smart contract blockchain“. The project is based on Polkadot and uses WebAssembly (Wasm) to constantly upgrade its self-improving functions. This is what sets EDG apart from many other crypto projects. Although blockchain technology is bringing about a massive revolution, there are still obstacles, especially when it comes to connecting to central technologies.
Wasm is an example of how traditional technologies can scale and connect with blockchain-based decentralised platforms. This is why Edgeware, for example, uses Wasm to increase the transaction throughput of its products. Another key advantage with WebAssembly is that developers don’t have to write platform-specific code. Instead, they code in a language they are familiar with, and this is converted into Wasm bytecode.
In addition, Edgeware is entirely community-led. Only active members receive rewards for staking and participating in EDG. Through its innovative approaches, Edgeware could transform into an interoperable platform for decentralised applications in the future.