DeFi DAO is a parachain on Polkadot. It is also the first ecosystem governed by the DeFi theory. The parachain will be compatible with the smart contracts on Polkadot. It will also support the development of various DeFi applications, aggregate mainstream DeFi protocols (including but not limited to lending, exchange, and stablecoins), and provide decentralized governance for them. The product will integrate Uniswap, Compound, and Amplifier protocols on Polkadot, and interact with other Polkadot project across the system to jointly create a vast DeFi ecosystem.
DDAO Chain & DDAO
DeFi DAO develops the DeFi DAO parachain (DDAO Chain) based on Polkadot and issues the Decentralised Finance DAO Token (DDAO). DDAO holders will continue to receive dividends from the protocol fee and use DDAO to participate in voting governance. Functions include but are not limited to interest payments, transactions, governance voting, liquidity incentives, investment mining, market cooperation, staking dividends, synthetic assets staking, etc.
In DeFi DAO
Users can experience a one-stop selection of nearly 30 DeFi protocols, check project status, candlesticks, and other in-depth data for the first time. DeFi DAO has designed a multi-protocol mining pool for users, which significantly reduces the operating threshold and realizes one-click asset management functions- powerful AI technology can help users allocate funds effectively. DeFi DAO pushes high-value influencer accounts and media information as well as announcements from some mainstream exchanges and Twitter. Anyone can use DDAO to participate in community comment and governance, and get rewards through various activities.
Polka+DeFi+DAO help DeFi DAO achieve these functions.
1. smart contract and asset interoperability based on Polkadot
Smart contract
Polkadot’s relay chain does not support smart contracts, so DApp developers participating in the Polkadot ecology need to choose a parachain supporting smart contracts. DDAO Chain is the first to support smart contracts, which will bring reference to other chains in the Polkadot ecosystem.
DDAO Chain has developed a high-performance, self-upgrading smart contract platform in the ecosystem based on Polkadot’s Substrate technology. Participants use DDAO to vote, delegate voting, and join funding for network upgrades.
Through the DDAO Chain smart contract platform, various assets and DeFi protocols can act on governance results through automatic execution, significantly reducing the default risk. For example, the smart contract developed by DDAO Chain, when combined with DBTC’s mechanism, will give birth to DeFi for BTC. The addition will significantly enrich the DeFi ecosystem and cause disruptive changes to the DeFi protocol.
Asset cross-chain
Parachain plays a vital role in Polkadot’s architecture. Parachain benefits from Polkadot’s shared security by connecting to the Polkadot relay chain and becoming a Polkadot ecology member.
DeFi DAO will cooperate with Polkadot to develop the parachain of the DDAO Chain for security and interoperability purposes.
Rococo is a relay chain test network deployed for testing parachains. Its “Propose Parachain” module allows testing of the parachain deployment, allowing developers to apply for parachain API.
At present, the DDAO Chain test net has successfully initiated token transfers with the Polkadot relay chain and received cross-chain assets from the Polkadot network. We have also successfully used HRMP to send a cross-chain transaction message. Thus, the Polkadot cross-chain The function is ready to use, but the protocol requires more testing and further improvement.
Assuming that there are no bugs in the current version, we can launch Polkadot and interact with other parachains to realize cross-chain transfers and enhance DeFi protocols through cross-chain transfers.
DDAO Chain will plan to access more cross-chain assets, such as BTC, Ethereum, EOS, ADA, etc. With the Filecoin main net’s imminent launch on top of the IPFS protocol, DDAO Chain plans to access FIL.
DeFi Aggregator
DeFi DAO supports the connection of all mainstream DeFi protocols (Maker, Lend, Synthetix, Compound, AAVE, etc.) and displays each for the investors’ one-stop experience.
DeFi DAO has also developed a universal settlement currency suitable for DDAO’s liquidity protocol: DDAO Swap, asset synthesis protocol: DDAO Synthetix, etc. At the same time, we support and encourage more developers to come to DeFi DAO to release more innovative DeFi agreements to create an increasingly robust financial network.
Unlike other DeFi aggregators, DDAO Chain’s cross-chain features and smart contract functions enable a seamless integration of any agreement and assets from other public chains (such as Bitcoin, Ethereum, etc.) In the future, DeFi DAO will support all the crypto assets and DeFi protocols from the market, forming a vast financial network. For the first time, the common investors will enjoy safe, equal, and diversified financial services without borders. On DeFi DAO, users can enjoy the security and convenience of digital currency anytime, anywhere.
DAO organization
With the increasing adoption of DeFi, more funds will flow into various DeFi agreements. The secure and friendly management of these funds has become an enormous problem. DeFi DAO is a governance system explicitly created for DeFi, and DDAO is the governance token of the basket of protocols. In DeFi DAO APP, users can not only launch or participate in a DAO organization in the channel but also use DDAO to participate in governance and manage assets. Users are also encouraged to make proposals and transactions within the community.
