Centrifuge Acquires Polkadot Parachain Slot, Rules DeFi Ecosystem

Decentralized asset protocol Centrifuge has won a parachain slot in the Polkadot ecosystem.

This event will allow the network to bring the Real World Asset (RWA) market closer to Polkadot.

The Centrifuge network has already recorded a TVL amounting to almost $50 million since its launch in May 2020. What’s more, it was able to finance $64 million assets. Hence, the connection of Centrifuge with Polkadot will allow the platform to expand its reach in financing more assets in the space.

In terms of technology, this partnership will allow Centrifuge to provide cheaper transaction fees. It will also be able to bridge liquidity seamlessly between chains and increase interoperability across the entire blockchain multiverse.

Furthermore, now that Centrifuge is already connected to the Polkadot parachain, the network will have the ability to scale up and unlock liquidity. In addition, Centrifuge will be able to have the largest access to the DeFi ecosystem since it also has the support of Ethereum aside from Polkadot.

On the other hand, the network continues to develop its platform to provide the best user experience to all its investors. As a result, once the Centrifuge parachain is live and running, the network will be able to attract more projects such as Tinlake. Indeed, this is a piece of good news that will bring joy to the increasing community of Centrifuge.