The integration will make Nodle composable with Acala and support sending and receiving Nodle Cash tokens between multiple chains.
Nodle, Polkadot’s decentralized IoT (Internet of Things) network, has announced that it will be integrating Acala’s XToken pallet into its codebase. The integration will support the sending and receiving of Nodle Cash tokens between multiple chains such as Laminar, Acala Network, and others.
Acala is Polkadot’s all-in-one DeFi hub and is also working on Karura; the latter hopes to become the DeFi hub of the Kusama network.
The Hype Around Polkadot
There has been considerable hype around Polkadot. Over the past few months, the platform has proven to be a robust network, thanks to its built-in scalability, flexibility, and security.
Polkadot’s upcoming crowd loans are also creating a significant buzz around the network. The crowd loans would allow Parachains to join the Polkadot relay chain.
Advantages For Nodle
Becoming a Parachain would give Nodle significant advantages and incredible value, both of which will help the growth of the network. In addition, it will grant the network shared security access to the Polkadot ecosystem and give the network more exposure to the crypto community.
Some of the advantages of Nodle securing a Parachain slot would be
- Nodle Cash would gain access to the DeFi ecosystem, making it compatible with lending products.
- Nodle would gain access to decentralized exchanges (DEXes)
- Non-Nodle Cash token holders would gain exposure to Nodle Cash, enabling them to hold it in their wallets without leaving their preferred chain.
- Nodle can utilize the help of Polkadot’s large community of developers, helping it grow and further decentralize the network.
- Nodle developers will get exposure to other Parachains on Polkadot, allowing them to study their features and capabilities.
Acala Is Also Working On The DeFi hub of Kusama, Karura.
Acala is also working on the Karura network. The Karura network is an EVM-comparable and scalable network that has been optimized for DeFi.
Karura hopes to become the DeFi hub of the Kusama network and offer an array of financial applications that include a trustless liquid derivative (liquid KSM), an AMM-DEX, and a multi collateralized stablecoin with the backing of cross-chain assets (kUSD).
Nodle is Polkadot’s decentralized IoT (Internet of Things). It provides low-cost and secure connectivity and data liquidity to IoT devices. The network is powered by blue-tooth-enabled smartphones that earn Nodle Cash tokens in return for giving connectivity to IoT devices and sensors that are nearby.
Nodle’s IoT stack has several use cases:
- Connecting and securing physical assets
- Tracking valuable items
- Capturing data
- Providing insights for electronics manufacturers and several others
Nodle has created one of the world’s largest wireless networks in just two years.
Acala is Polkadot’s decentralized financial hub and stablecoin. Acala makes it easy to build or use financial applications, helping to improve trading efficiency and saving time.
It offers an array of financial primitives such as a multi-collateralized stablecoin backed by cross-chain assets such a bitcoin, a trustless staking derivative, and a decentralized exchange.
Acala has become the go-to platform for financial applications to use smart contracts and built-in protocols with out-of-the-box cross-chain capabilities.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Credit: Source link