Polkadot And Chainlink Created An Alliance To Develop The Defi industry

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The Polkadot Project, with the participation of Chainlink, created an Alliance to attract developers of Defi applications that are ready to use the Polkadot blockchain and the modular Substrate architecture.

The Alliance’s founders include Oracle provider Chainlink, technology solutions provider Plasma Network, tidal Finance, a decentralized insurance company, and non-custodial automated market maker Polkaswap.

The Alliance began accepting developers’ applications using the Polkadot network or the Substrate infrastructure, which allows them to create their blockchain for various applications.

Polkadot also announced it would launch the “Thousand validators” program to increase the number of network validators provided with the necessary support.

“Chainlink is ready to contribute to the development Of Polkadot’s decentralized financial applications. By helping developers using the Polkadot blockchain to create Defi protocols, this ecosystem will only gain strength,”said Dan Kochis, head of business development at Chainlink.

The initiative resembles a program that was launched at the beginning of the year for the Kusama blockchain. In February, Kusama had 180 nodes, and today it has about 700 active validators, with 393 nodes. The Polkadot network operates with a total of 249 validators. This suggests that many market participants prefer to interact with third-party service providers.

According to a recent study by the Block, Polkadot has become the most popular network for staking. The head of the Spartan Black cryptocurrency Fund suggested that Polkadot will enter the top three most popular blockchains in a year. The Polkadot blockchain will not directly compete with Ethereum due to differences in structure, but it will solve the problem of high transaction fees.

Mark is 27, holds a Master in Business Administration degree and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

Originally published at https://thecryptobasic.com on December 5, 2020.

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