Clover finance: What is it?

Clover Finance (CLV), or just Clover, is a blockchain operating system. Using it, Substrate-based application developers can produce Blockchain-based solutions in a single-stop shop as well as use Ethereum Virtual Machines (EVMs) for Ethereum.

A further offshoot of the Polkadot parachain, Cover Finance aims to bridge the gap between blockchains when operating and building on top of them.

The Clover Finance project was launched in July 2021 and the mainnet in May 2020.

Founders:

Burak Keçeli, Norelle Ng, and Viven Kirby are the core founders of the Clover project. Kirby, an expert in enterprise resource planning, is Clover’s project leader. As a former Microsoft Dynamics Architect, he previously worked at AXSource.

In her role as Clover Finance’s operations lead, Norelle Ng is an expert in blockchain technology and human-computer interaction. Previously, she was an advisor to Bithumb Global, Guru Online AdBeyond (Group) Limited, and Amber Group’s client relations manager.

A renowned computer programmer, Keçeli is currently Clover Finance’s tech lead. Burak has created MBO Games and Staqq – an instant cross-border payments platform – since he was just 10 years old.

How Does it Work?

The system claims to operate on a blockchain. The blockchain interoperability protocol contains four layers: a storage layer, a smart contract layer, a Defi protocol layer, and an eApp layer. More information is provided below.

 Storage: Using the storage protocol layer, dApp data can be distributed across multiple devices. 

 Smart contracts layer: The layer is based on a Web 3.0-compatible API that allows smart contracts to be deployed cross-chain. It is possible to migrate existing web 3.0 apps to Clover without modifying them in any way.

 Defi protocol layer: Various DeFi protocols are supported by this layer, including swapping, lending, and insurance. Developing additional DeFi protocols will also be possible for developers. 

 eApp layer: DApps evolve into eApps (External Applications) using this layer. Clover allows developers to generate, deploy, and manage eApps without the use of virtual machines or network bandwidth.

 Advantages of Clover

Clover’s advantages set it apart from other DeFi projects:

• Easy access: No account is needed to access
• Peer-to-peer system: Trading cannot be stopped or controlled
• Transparent: there is no central authority. System control is in the hands of token holders
• Faster and cheaper transactions: Polkadot resolves the issue of Ethereum’s network congestion
• Safe: non-custodial, control the funds yourself
• Private: No information about you is stored
• Fair: no fake trading or wash trading

Native CLV Token: 

With Clover, users can add incentives for participants to contribute to the ecosystem by using the native CLV utility token.

Functions of the CLV:

• Nodes are staked to run
• Earn rewards when you participate in consensus
• Exchange and marketplace transactions
• Get rewarded for using the platform
• Manage a set of pre-determined parameters through governance activities

Governance

Due to Clover’s open architecture, decisions regarding its future are collectively made by the community. Changes can be proposed, voted on, and implemented through governance smart contracts.

In terms of governance, we have the following structure:

• Proposals: The system parameters will be updated through a proposed mechanism.
• Voting policy: The voting system consists of one token per vote. Once the proposal is completed, token holders will receive rewards.
• Governing parameters: With the DeFi environment, token holders have the power to set parameters. For instance, some parameters determine what percent of tokens will be burnt, what percent will be staked, how many tokens new listings will need to pay, and when will incentive tokens be released, among others.
• Contract developments: These structures in DeFi environments need to be changed. The protocol can be implemented on other smart contract blockchains, implemented on additional blockchains, and we can introduce more DeFi elements.

What makes CLV so unique?

The CLV platform allows developers to create DApps that work on blockchains. An earlier version of the DApp was developed and used by Ethereum users. Developers and everyday clients alike will benefit from the CLV system, which simplifies the way DeFi is utilized. To reach a completely new audience of non-platform users, the developers are applying crypto and DeFi wherever they can.

Coinbase Pro listed Clover Finance in July 2021. The following benefits result from it:

Compatibility with Ethereum virtual machine: Integrating Ethereum into the DeFi Origination and Development Center is a huge plus.

DeFi is simplified for end-users by eliminating gasoline expenses at the end-user level and redistributing them elsewhere.

Cryptocurrencies across chains can be sent, received, bundled, and unbundled using Clover’s app and pockets.

Is it Secured?

The entire community is involved in Clover Finance, which is an open project. As part of Clover Finance’s ecosystem, the CLV token can be used in a variety of ways. System upgrades are voted on using CLV.

Node validators are nominated by holders of the CLV tokens via single-click deployment. Clover uses a Proof-of-Stake (PoS) consensus layer to nominate validators, meaning holders of CLV tokens can stake them for validation on the Clover network.

Clover lacks centralized governance, therefore it is untrustworthy. IT adds extra security and transaction speed to its network by using the Substrate framework and the Polkadot parachain technology.