DFG Contributes 200,000 $DOT to the Composable Finance Crowdloan
With the second batch of Polkadot Parachain Auctions set to begin on December 23, 2021, DFG has decided to throw its hat in the ring, yet again, and deploy its held $DOT as a way to fuel a member of its Polkadot Ecosystem Fund’s endeavor to conquer one of the first six slots available in this parachain auctions’ batch. In the recently closed auction, Acala and Astar, which DFG has invested in and supported during their crowdloans, have successfully won the first and third slots respectively.
By allocating 200,000 $DOT to the Composable Finance crowdloans, DFG reaffirms its commitment to support as many Polkadot partners as possible in order to achieve a parachain slot and continue working towards making blockchain and Web3 a fully adopted technological advancement while providing the world with the base layer of solutions that will promote paradigm-shifting and disruptive ideas.
Composable Finance aims to become a leader within the Polkadot ecosystem by offering creative and innovative products that will increase accessibility to DeFi. Through its collective vision, a suite of bespoke offerings, and products, Composable Finance aims to embed collaboration where competition has been. Retreating back to the values of decentralism to invite, collaborate and work with other projects and investors who reconcile in their vision.
0xbrainjar, Head of Product at Composable Finance, shared his thoughts on the importance of the solutions being provided by the project.
“Cross-chain interoperability in DeFi is not just a singular, finite concept, capable of being resolved instantaneously with the establishment of cross-chain bridges. This is a common misconception, perpetuated by so many projects working to resolve lack of interoperability in the space. Instead, at Composable Finance, we conceptualize cross-chain interoperability as occurring on a continuum, beginning with the most basic level of cross-chain transfers and expanding all the way to chain-agnostic behaviours.”
James Wo, DFG Founder and CEO, shared his thoughts on why the investment firm firmly believes in the solutions being created by the Composable Finance team.
“For recent years, we have all witnessed the growth of DeFi in island-like environments, and even though the evolution of the sector has been impressive, we are convinced that it is yet to achieve its maximum potential.
By working closely with 0xbrainjar and the whole Composable Finance team, our understanding of what DeFi can become has taken a completely different path. Their vision to unlock the interconnected ecosystem of blockchains via a cross-chain, cross-layer networking fabric, making DeFi eventually blockchain-agnostic, has great value to the industry and those of us who truly believe in what is being built by teams such as this one.”
Please stay tuned for more upcoming announcements in the upcoming weeks.