Composable financing, an innovative protocol for blockchain, is moving ahead of schedule in the development an interoperable ecosystem to decentralized finance (ChallengeThe use of blockchain to power financial instruments can be described as a “blockchain-powered” development. The company is using crowdloans to raise funds from users, in order to keep up with their development pace. In the next few weeks, they plan on purchasing a popular tool called parachain.
Composable has made significant progress in obtaining its parachain and building it. PicassoWho will be the KusamaThe Canarian network PeasBlockchain. ParachainesThese are project-specific blockchains that allow data transfer and communication to seamlessly occur between the blockchains within the Polkadot ecosystem. Composable envisions the Picasso parachaine being a key component to an interoperable future. Composable is currently building its Parachain Picasso using all the building blocks (called palettes) needed for introducing a full DeFi ecosystem in Polkadot.
As Recently announcedComposable will increase its parachain Kusama offer date, which is a sign of Composable’s amazing progress towards its goal of providing interoperable infrastructure for DeFi.
CEO Cosmin Grigore commented on the announcement: “We originally wanted to bid for a niche in a few weeks, but there’s no point in waiting that long. We want to make our parachain available as soon as possible, and incubate all projects that have expressed an interest in participating. We have created a few core tools for Picasso including Apollo, our SRM-resistant Oracle palette, and Cubic (our vault infrastructure palette). Now we’re happy to let others “paint” our parachain Picasso by creating some interesting secondary or tertiary palettes that add higher-order functionality. This will allow Picasso be a hub that allows for the easy and flexible creation all the decentralized applications that developers can imagine. We look forward seeing how the community helps us shape their future. I am open to working with the community in this endeavor. Please contact me via Twitter. @gcosmintechComment and share your ideas.
Parachains can currently be purchased at auction. Composable will start bidding at the September 1 auction, and will continue bidding on the four subsequent auctions. Parachaines can only be purchased with the native token of their network. This means that a Kusama Parachaine can only be purchased with Kusama tokens. Composable has announced its next crowdloan to the Picasso network in order to have enough KSMs available for the fast approaching submission date.
The crowdloan will have a maximum of 100,000 KSM. This, according to the company, will position it well for supply of parachains. This crowdloan will last 48 weeks. It will be divided into eight equal rental periods, each lasting six weeks. Crowdloan contributors are eligible to be rewarded for locking their tokens during these rental periods.
Composable announced the release of the Picasso Network token (PICA) in preparation for the launch the Picasso parachain on Kusama. This token will act as a native token of the parachain. It will live only on Picasso and provide important features, such as voting for new palettes to be added to the platform.
Composable is a company that aims to reward people who support it. Two million PICAs (20% total token supply) have been set aside for distribution to people who participate in crowdloan. If the parachain bid at auction is accepted, the staked KSM would be channeled through yield farm (investment strategies in DEFi that provide a return for deposits) and will provide an additional base annual return to those who participate.
Composable created a referral program to help you generate referral codes. This is to provide additional incentives to crowdloan. A person can contribute 100 KSM to crowdloan using any of these codes. The person who referred them will get a 20% bonus for their PICA token rewards.
These rapid Composable innovations promise DeFi’s interoperable future. The company’s announcement about its crowdloan is even more exciting, as it signifies that the future is closer than ever.