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Introducing Clover Finance - A Foundational Layer for Cross-chain Compatibility

Published date: May 17 2021

1. Main goal

Clover is a one-stop cross-chain DeFi bridge that provides a seamless gateway to DeFi for everyone including those who are completely new to DeFi.

Clover builds a foundational layer to enable Gas-less user interactions to simplify user experience for non-crypto users, reduce the development threshold for upper-layer applications, and provide a wide range of developer tools from identity-based scripting capabilities to built-in cross-chain interoperability.

2. Core Features Of Clover:

  • Clover’s SPV Simulation Technology

  • EVM Compatibility

  • Gas-fee Distribution

  • Cross-chain Interactions

  • Cross-chain Explorer

  • Governance

3. Clover’s SPV Simulation Technology

This is how SPV works: 

  1. A user willing to peg-out some BTC or ETH sends funds to a predetermined covenant/contract address that escrows funds for further peg-ins, along with any respective proof data Clover needs for verification.

  2. Clover verifies an outside transaction inside a smart contract. This part is a quick run-through of transaction components, to ensure the caller isn’t trying to sneak through fake content.

  3. Clover then can verify that the transaction is included in a block by checking a Merkle proof of inclusion, then checking each block references the previous one, and then calculate the total Proof of Work spent to make that chain.

4. EVM Compatibility

Ethereum developers and projects to migrate their contracts onto Polkadot. By minimizing the changes required to run existing Solidity smart contracts on the new network, Ethereum projects can simply replicate their dApp and deploy it to Clover using MetaMask, Truffle, Remix, and other familiar developer tools. Clover EVM is based on Frontier, but the development team of Clover made a lot of changes to support Clover features. Such as: 

  1. New Gas Estimation Feature:

Clover EVM is based on Frontier, Clover team found out that the gas fee estimation under some cases may fail, such as nested smart contract calls. Clover provides a binary search based solution to solve the problem. 

  1. New EVM Economic Incentives:

In order to make developers easily do the development on Clover.  Clover EVM supports new economic incentives. The smart contract owner will receive part of the transaction fee once their contracts are called. Details are:

       - Up to 40% of the transaction fee will be sent to the smart contract owner.

       - Up to 60% of the transaction fee will be sent to the miner.

  1. Other EVM Configurations:

Clover changes the create_contract_limit from 0x6000 to 0xc000,  trying to reduce the chances that smart contract deployers have to split their big contract for deployment. 

5. Gas-fee Distribution

Clover incentivizes dApp builders by automatically sharing a percentage of the transaction fees with them. The redistribution will ensure a vibrant developer community and foster an innovative DeFi ecosystem on Sakura and Clover

6. Cross-chain Interactions

Clover comes with various open-source wallet implementations for interacting with cross-chain dApps without navigating between Polkadot based and Ethereum based networks. Users can seamlessly send, receive, wrap and unwrap cross-chain assets across Ethereum and Polkadot trustlessly.

7. Cross-chain Explorer

Clover offers seamless multi-chain indexing across Bitcoin, Ethereum, Binance Smart Chain, and Polkadot. Users can search through blocks, transactions, and accounts in an all-in one streamlined environment.

8. Governance

As an open platform, the future of Clover is collectively decided by the whole community. The community can propose, vote, and implement changes through governance smart contracts.

The governance structure is as follows:

  • Proposals: There will implement a proposal mechanism to update system parameters.

  • Voting policy: One token represents one voting power in the voting system. Only token holders can participate in the voting process and they can get rewards once the proposal is successfully complete.

  • Governing parameters: Token holders can vote to set and change parameters in the DeFi environment. The parameters include the percentage of tokens for burning, the percentage of tokens for staking, the number of tokens that a new listing needs to pay, and incentive token release schedule, etc.

  • Contract developments: This involves structural changes in DeFi environments. For example: implementing new functionalities, deploying the protocol on additional smart contract blockchains, and introducing more DeFi elements.

9. Clover Partnership 

Clover has made some strategic partnerships with other projects to spread their newly 2WP technology all over the crypto industry, The list of strategic partner of Clover until now including: Polkadot, The Graph, Chainlink, Prosper, Dodo, Polygon, Litentry, Advanca, BoringDAO, Injective Protocol, Crust, Showcase, Hedget, Snowswap, ETHA Lend, Bella, Dego, Manta Network, Easyfi, UniLend.

10. Core Team Of Clover

The core team of Clover includes:

  • Viven Kirby - Cofounder & Project Lead

  • Norelle Ng - Cofounder & Operation Lead

  • Burak Keceli  - Cofounder & Technical Lead


About Clover

Clover is a Substrate-based DeFi service platform built on Polkadot. Clover provides an easy-to-use interoperable blockchain infrastructure through its extensive support for Ethereum’s EVM-based applications and a wide range of implemented developer tools. Through its smart core, like Clover Scan and Clover multi-chain extension wallet, Clover will bring the smoothest and most advanced DeFi experience to its users.

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