The crypto industry's primary objective is to create Web3, a decentralized version of the Internet built on blockchain technology. However, current blockchains, mainly first and second-generation ones like Bitcoin (BTC) and Ethereum (ETH), face isolation and limited interoperability challenges. To realize the Web3 vision, achieving blockchain interoperability is essential. Projects like Clover Finance (CLV) have emerged to address this need.
What is Clover Finance?
Clover Finance is a Polkadot parachain with full interoperability with the Ethereum Virtual Machine (EVM). It aims to enhance cross-chain interoperability and user experience in the decentralized finance (DeFi) sector by providing user-friendly blockchain infrastructure. Its versatile design also makes it a suitable framework for Substrate-based applications. While Clover was founded in May 2020, its mainnet was launched in July 2021, marking a significant milestone for the project.
The Clover Finance team
The Clover Finance team is led by co-founders Norelle Ng, Viven Kirby, and Burak Keçeli. Ng, the operations lead, previously served as an advisor for Bithumb Global and has extensive experience in human-computer interaction.
Kirby, the project lead, brings his expertise as an experienced enterprise resource planner, having worked as a Microsoft Dynamics Architect at AXSource before co-founding Clover. Keçeli is responsible for the tech aspect of Clover Finance and is a renowned computer programmer credited with creating MBO Games and Staqq.
How does Clover Finance work?
Clover Finance operates as a versatile and comprehensive blockchain operating system, providing a range of services within its network. It comprises multiple layers: a storage layer, a DeFi protocol layer, a smart contract layer, and an external application (eApp) layer. One of its key features is the full-service cross-chain DeFi bridge, enabling seamless interoperability between blockchains. The platform caters to users of all levels of expertise, making it accessible to DeFi experts and newcomers alike.
CLV: Clover Finance’s native token
CLV is the native cryptocurrency of Clover Finance, introduced in July 2021. CLV has no capped issuance, unlike some tokens with a fixed maximum supply. The total supply of CLV tokens amounts to 1 billion, with a circulating supply of approximately 583.3 million CLV tokens.
CLV token use cases
CLV, Clover's native cryptocurrency, serves multiple use cases within the ecosystem. Firstly, it is utilized for nominating node validators, ensuring the security and reliability of the network. Additionally, CLV holders can actively engage in the protocol's governance, giving them a say in important decisions and upgrades. Beyond governance, the token can be used for standard trading activities, enabling users to buy, sell, and exchange CLV on various cryptocurrency exchanges.
Distribution of CLV
CLV is distributed as follows:
- Forty percent is allocated to ecosystem incentives.
- Fifteen percent was sold on Coinlist.
- Twelve percent is held by the Clover Finance Foundation.
- Ten percent is designated for the team's developers.
- Ten percent was awarded to early backers who supported the project's early stages.
- 7.5 percent was used for marketing expenses to promote and grow the ecosystem.
- Three percent is reserved for contributors' grants.
- 2.5 percent was distributed in a private sale.
Clover Finance: Paving the way for interoperable blockchains
Blockchain technology is rapidly revolutionizing various industries, offering improved efficiency and unlocking new possibilities. As the technology of the future, blockchain must establish Web3, enhancing communication, data transfer, and storage capabilities.
However, a significant challenge lies in the isolated nature of most blockchains, each operating within its own system. This is where projects like Clover Finance step in, presenting a revolutionary paradigm to bridge the gap between different blockchain systems. Clover Finance aims to connect and unify the blockchain landscape by enabling interoperability, fostering a more cohesive and connected decentralized future.
