SORA Network with Polkaswap, A Composable DeFi Future

in Project HOPE3 months ago

The tool and architectural building of some project especially the Polkadot ecosystem make blockchain technology more interesting. Interoperability function has been the major solution Polkadot digital asset which gives opportunity to multi-chain and cross-chain with ease. A user holding an asset from chain A can swap it to chain B's asset with a simple term of burn and mint process.
A test on the HASHI of SORA Network brought limelight to this architectural design. This bridged the Ethereum chain and SORA chain on PolkaSwap and the transaction was successful within a few seconds.

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What Is SORA Network?

SORA is both a new economic system that decentralizes the concept of a central bank as well as a network that implements a new way to architect a parachain blockchain that connects to the Polkadot relay chain and ecosystem with in-built tools focused on DeFi. Considering its network, its function is to provide tooling for DApps that use digital assets, such as atomic token swaps, bridging tokens to other blockchains, and creating programmatic rules involving digital assets.
The network is still under development but the token and some other features are already functional on SORA NETWORK.

Tokenomics of SORA Network

There are three major tokens connect with SORA Network and each token has its purpose and function. Let's look at two of the token briefly.

XOR:

This is the utility and governance token of the network and it is used as a transaction fee within the SORA ecosystem. The token has the following features that make it a robust token worthy of holding:

A. It gives holders the capability to become a citizen member of the SORA Parliament in governance.

b. It has an elastic supply which is managed by a token bounding curve.

C. It can be used to add liquidity to pairs on Polkaswap and stake to become a validator or to nominate validators on the SORA Network
Check out the token contract address: 0x40FD72257597aA14C7231A7B1aaa29Fce868F677

VAL:

This is the utility and governance token of the network used to reward validators on the SORA Network, created by community governance.
Here are the characteristics of the token:

A. It is a deflationary token that decreases in supply over time with tokens burned at every SORA v2 network transaction.

B. VAL token is given as an elastic reward to the validators and stake nominators as a percent of the daily burned VAL.

C. A holder of VAL has the capability of receiving a part of the XOR token created by the token bonding curve to provide liquidity on Polkaswap. Also, holders can group into decentralized autonomous organizations to pool their liquidity and vote to provide liquidity to trading pairs on Polkaswap and receive PolkaSwap tokens as a reward

Check out the token contract address: 0xe88f8313e61a97cec1871ee37fbbe2a8bf3ed1e4

There are a lot of happening as the project undergo development and before the closure of this article, let's look into PolkaSwap briefly.

PolkaSwap the Composable DeFi Future

Polkaswap is a non-custodial cross-chain AMM DEX designed uniquely for the Polkadot and Kusama ecosystems and hosted on the SORA 2.0 network. As of the time of writing this article, Polkaswap is still in testnet and every interested can test it, Swap, provide liquidity, and bridge to other chains.

Below is the transaction carried out on Polkaswap testnet connecting Polkaswap App and Metamask and cross-chain.

In conclusion, SORA Network has a lot to offer the digital world especially the Polkadot ecosystem and connect to major chains with ease. do your own research and leverage the solution that lies with the SORA ecosystem

Reference

https://sora.org/

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