South Korea’s mainstream cryptocurrency trading platform Bithumb announced the upcoming DeFi platform Clover, which is powered by Polkadot.
According to Cointelegraph, Clover will become an open platform for DeFi applications, which will use cross-chain functions to connect DeFi to a centralized trading platform.
“Clover is built on the Polkadot development framework Substrate. Although Substrate allows the release of independent blockchains, Bithumb plans to directly release Clover as a parachain. This means that the release date depends largely on when Polkadot Open the Parachain slot auction. Clover CEO Chris Li said that we hope to integrate into Polkadot in the first quarter of 2021.
CLV is the native token of Clover, which is both a utility token and a governance token. In terms of governance, one CLV is equivalent to one vote, and users can participate in community governance by bringing tokens.
Chris Li said that the team believes that the next stage of DeFi is to “transfer assets and value on different platforms”, and Bithumb will promote the development of the entire DeFi and Polkadot ecosystem.
