CoinMarketCap takes a deep dive into an intuitive blockchain infrastructure that seeks to reduce efforts and costs for developers.
How Does Clover Work?
Clover describes itself as a blockchain operating system. It contains a storage layer, smart contract layer, Defi protocol layer, and eApp layer that work in unison to accomplish the goal of blockchain interoperability. Here are the layers in more detail:
- Storage layer: The storage protocol layer enables the distributed storage of dApp data.
- Smart contracts layer: This layer supports the cross-chain deployment of smart contracts with a Web 3.0-compatible API. Existing web 3.0 DApps can be migrated to Clover without any changes.
- Defi protocol layer: This layer supports various basic DeFi protocols, such as swapping, lending, insurance, and others. Developers will also be able to build their additional DeFi protocols.
- eApp layer: This layer supports the evolution from a DApp to an eApp (External Application). Developers can build and deploy their own eApps easily on Clover, with no need for other virtual machines or network bandwidth.
What Makes Clover Unique?
Clover provides the groundwork to create DApps that work across blockchains. Previously, DApps were developed and used within the Ethereum network. The Clover system will make the use of DeFi easier for developers and everyday users. Developers are seeking to enable mainstream crypto and DeFi adoption wherever possible to open the floodgates to a whole new audience consisting of billions of people who are not using the new decentralized economy.
- Ethereum Virtual Machine Compatible: Its compatibility with DeFi’s originator and developer hub, Ethereum, is a huge advantage.
- No Gas Fees For End Users: Removing gas fees for end-users and redistributing them elsewhere enhances adoption and simplifies DeFi for new users.
- Streamlined Cross-Chain Experience: With the Clover app and wallet, users can send, receive, wrap, and unwrap cryptocurrencies across chains.
What Is the CLV token?
The CLV token is a multi-use asset in the Clover Finance ecosystem. It is used as the governance token to enable community voting on system upgrades. CLV can also be used to pay for transaction fees on the platform. Here are some other use cases for the token on the network:
- Validation: Users can stake their CLV to validate transactions on the network’s validator infrastructure.
- Treasury Access: Developers can apply to have their projects funded from the treasury.
- Nomination: CLV holders can nominate their own node validators using a single-click deployment.
- Deployment: Use CLV to deploy your smart contracts and DApps on Clover.
Final Thoughts on Clover Finance
Clover Finance has a growing number of strategic partners and backers, including like-minded projects like The Graph, Chainlink, Polygon, Bounce, Chainswap, and Crust. Many of these projects are also seeking to provide a more holistic blockchain experience for users that connects previously disparate elements.
Clover is a promising new blockchain layer that allows users to interact and transact with major networks, simultaneously. In combination with other new protocols and platforms, Clover can help to solve what may surmise is the major roadblock to mass adoption of DeFi: blockchain interoperability.