Polkadot Rolls Out DeFi Consortium with Chainlink & Paves Way for 1000 nodes

Polkadot has turned out to be the recent Ethereum contender to roll out a decentralized finance consortium. Officially disclosed on December 3, the consortium intends to resolve the decentralized characteristic of the Polkadot environment, offering a platform for its users to debate on the use of the Polkadot Network and its core Substrate technology pack for DeFi.

Oracle network Chainlink is one of the founding members of the alliance. Dan Kochis, global head of business development, stated:

“Chainlink is excited to help steer the direction of Polkadot’s growing ecosystem of decentralized financial applications. By promoting developer best practices for DeFi protocols, the Polkadot ecosystem can become stronger than ever.”

Plasm Network, which offers layer-two technology, is another founding member of the network, in addition to decentralized insurance platform provider Tidal Finance and non-custodial mechanized liquidity provider Polkaswap.

At present, the consortium is welcoming applications from developers working on Polkadot Network or Substrate.

Polkadot has also stated that it will roll out a “thousand validators” plan in December, which will provide support and rewards to individuals looking to operate a Polkadot node in an attempt to strengthen the number of validators by 1,000.

The plan is based on the same scheme that was rolled out on Polkadot’s associate network parachain Kusama in February. At the end of February, Kusama had around 180 nodes. Currently, it has 700 validators and 393 in the line-up.

In spite of staking two-thirds of Polkadot’s supply, the network currently consists of only 249 validators, indicating that several stakers are looking at the option of using external service providers.