Keeping Up With The Evolution of DeFi On NEAR: New Partnerships
Amazing DeFi tools and applications are born everyday in the NEAR ecosystem. To keep up with the evolution of DeFi on NEAR is an arduous task but hopefully this series is making things a little bit easier for the NEAR community.
In the fourth article of the series ‘The Evolution of DeFi on NEAR’ we will discuss the new NEAR partnerships that were announced in the month of October. We are going to look at partnerships in the domains of cybersecurity and privacy, insurance, climate, and more.
Cyber Security and Privacy
Cyber security and privacy are NEAR Protocol’s long time commitment. Their dedication to these important causes is shown in their support for the Cypherpunk Guild as well as projects that are aiming at the enhancement of security and privacy. Only in the past month, NEAR struck a partnership with HAPI, a protocol that aims at the prevention of hacker attacks, and Panther, a protocol that is working on restoring economic privacy.
HAPI: The On-Chain Cybersecurity Protocol
Hapi is an on-chain cybersecurity protocol with trustless oracles preventing hacker attacks. Concretely, it allows CEX like Coinbase or Binance to be warned in case stolen funds are deposited on their platform allowing them to block the funds until the situation is cleared. Also, with the HAPI smart contract and the Oracle DEXs like Uniswap, Sushiswap will be able to identify suspicious wallet addresses and reject any transaction request to avoid money laundering. And lastly, it helps crypto traders by warning them on high-risk coins.
The partnership with NEAR was announced on the first day of October. And as explained by the founder of HAPI:
“ Cooperation between NEAR and HAPI team will be rooted in the idea of expanding the ecosystem of NEAR by the way of new Launchpad on Near — Boca Chica Mars Edition, securing the blockchain from malicious activities such as Money Laundering and hacking attempts, and collectively extending the DeFi space on NEAR.” -Dona Mara
As NEAR is going to further expand and become the home of thousands of DApps, such partnership is of great value to the community that will be able to benefit from a safer environment.
Panther: Building a decentralised Web with no surveillance
Panther is a protocol that aims to accelerate the development of privacy-first DeFi and Web3 applications. The way they are doing it is by building its infrastructure natively into EVM compatible parachains and empowering developers with a set of APIs, SDKs, and deep integrations.
Panther has received a grant from NEAR to explore the development of open-source privacy infrastructure (Rust libraries, APIs, and tooling) needed for a native Panther deployment on NEAR. As well as to deploy Panther’s privacy solutions on Aurora.
Co-Founder and CEO of Panther, Oliver Gale, describes the partnership with NEAR as “a step towards building an interoperable privacy and compliance compatible blockchain future”. With NEAR, Phanter’s mission to restore privacy, data ownership, and sovereignty of transactions to Web3 users will become reality for an increased number of users.
Solace: The cross-chain insurance protocol
Solace is a cross-chain insurance protocol that helps to make DeFi a safer place to invest. Since the DeFi sector boomed in 2021, it is also getting more liable to hacks and exploits. By providing coverage for DeFi liquidity providers and market makers in cases of smart contract breeches, Solace is helping to make DeFi a safer and more appealing environment for users.
Solace received a grant of $30.000 from the NEAR foundation to continue its development of cross-chain coverage protocol on NEAR. In October it will go live on Aurora, and soon after it will start protecting NEAR’s community users.
Power Pool: High yield pools and indexes
Power Pool is multi-chain DAO manager of non-custodial, structured, thematic investment products. It allows building actively managed pools/indices with auto-harvested and more complex structured investment products. The products it offers are high yield, gas-efficient, and target various L1 and L2 chanis.
NEAR’s scalability and low costs attracted Power Pool, who saw an opportunity for building a new generation of DeFi products on NEAR. On the 12th of October their partnership was announced, which will simplify the process of investing in DeFi. Thanks to structured products Power Pool will help circumvent issues of price volatility and associated risks of periodic downside loss.
For more updates on Power Pool check their Twitter.
Request App: A better way to invoice & pay for crypto businesses
Request App is an application that allows crypto organisations and freelancers to manage all their crypto transactions in one place. Through Request apps users will be able to manage all their invoices, expenses, payroll and accounting.
On the 8th of October, Request App announced the introduction of its services to the NEAR community.
For more updates on Request App check their Twitter.
Ariadne: The Defi leading thread
Ariadne is a DeFi marketplace, a system that gives a low-cost and blockchain agnostic access to yield farms and builds financial products on top of that.
On the 13th of October, Ariadne announced the beginning of a partnership with Aurora, from which they also received a grant to bring DeFi products to Aurora. Currently in testnet, smart contracts have been successfully deployed on Aurora.
For more updates on Ariadne follow them on Twitter.
Open Forest Protocol: An on-chain carbon economy
NEAR’s infrastructure and values have attracted the Open Forest Protocol (OFP), a project that aims to bring forth a fully on-chain carbon economy and make forestation transparent, accountable, and scalable.
OFP is committed to address climate change through a blockchain solution that is easy to use and allows to measure, report, and verify environmental data affordably and transparently.
Just a few weeks ago OFP has announced their beta launch in early November, which will be followed by the submission of their first data uploads. In the first quarter of 2022, the protocol will go live.
For more updates on OFP follow them on Twitter.
In this article we covered the latest NEAR partnerships with HAPI, Panther, Solace, Power Pool, Request App, Ariadne, and OFP. To receive the latest updates on the evolution of DeFi on NEAR, make sure to stay tuned and read the second article.