DAOventures is being built on one of the world’s leading blockchains, Polkadot!
Pioneering DeFi products require innovative solutions. We’re excited to be utilising the power of Polkadot’s novel blockchain framework
DAOventures plans to make the power of decentralized finance available to the mainstream investing markets, with a suite of tools that will enable anyone to grow and manage their investment portfolios easier than ever before. We are looking to lower the barriers for mainstream investors and in order to do this we need to build on a blockchain that best suits the mechanisms and requirements of DeFi protocols.
In the DAOventures engineering roadmap, we will be prioritizing cross-chain integration with other public blockchain networks such as Polkadot. Polkadot offers a powerful array of features that DeFi projects can take advantage of. Speed, scalability and interoperability are just a few of the benefits that come alongside building on Polkadot and below we highlight how building on Polkadot’s substrate will enable DAOventures to offer a scalable, permissionless and interoperable DeFi platform to the world.
Interoperability
Interoperability is what sets Polkadot apart from Ethereum and other blockchains and Polkadot supports multiple blockchains through a mechanism called “sharding” or parachains. This allows transactions to be processed efficiently and in parallel.
As an open-source multichain, Polkadot facilitates interoperability between other blockchains and enables cross-chain transfers of tokens and data, which is essential if the DeFi space is to evolve in coming months.
Scalability:
The Polkadot blockchain connects private and public blockchains and networks through parachains that allow other blockchains to connect as sidechains. With its parachains, Polkadot can support an infinite number of blockchains and allow them to connect together.
With most transactions considered final in under a minute, Polkadot can currently handle more than 1,000 transactions per second (tps), compared to just ~25 tps for Ethereum at its peak.
Speed:
Ethereum is currently the most leveraged DeFi network, and the blockchain’s limited throughput has created issues with DeFi applications in recent months, namely high fees. The Ethereum blockchain can process roughly 10–14 transactions per second (tps) at full load, or just over 30 transactions if blocks are fully optimized.
For decentralized exchange (DEX) platforms and other DeFi protocols that rely on fast transaction times this is a promising alternative, and one that DAOventures plans to take advantage of.
Cost
The sudden explosion of DeFi protocols on Ethereum has also pushed Gas fees for transactions sky-high in recent months and has made swaps, yield farming and liquidity mining borderline inaccessible to the everyday user due to increased prices. Building on Polkadot offers an alternative at least until ETH 2.0 can address these issues.
“We are currently building on Ethereum and understand its limitations; scalability and gas fees. Our technical team brainstormed based on other available public blockchain networks and decided we will be building on Polkadot to scale. This is planned in the roadmap and we are looking to implement this in Q2-Q3 in 2021.” — Victor Lee, DAOventures Co-Founder
As DAOventures will be built on Ethereum initially, we plan to use Moonbeam to integrate into the Polkadot ecosystem. Over the coming months, we’ll also be exploring bringing DVG to other blockchains based on speed, scalability and developer activity on the network.
Stay tuned for more announcements as we get closer to the DVG public token sale in coming days!
About DAOVentures
DAOventures is a DeFi robo-advisor and automated money manager platform. Imagine “Robinhood for DeFi”. It is our mission to make DeFi simpler, accessible & inclusive. We believe in creating a simpler, more accessible, and more open world that is permissionless, inclusive and guided by our DNA of continuous learning, integrity and transparency.
