CLV x Parallel Finance: CLV launches XCM integration with Parallel Finance
And we are Live!
CLV is excited to announce the opening of its cross-chain communication with Parallel Finance. Cross-concensus messaging(XCM) via Horizontal Relay-routed Message Passing (HRMP) would allow for direct communication between the two chains.
XCM is a universal language that enables different systems to speak to each other. This means that with cross-consensus messaging(XCM) enabled on Polkadot between CLV Parachain and Parallel Finance, internal communication and transfer of CLV and PARA assets can be performed without the need for bridges.
This exciting update would bring $PARA to CLV’s ecosystem of decentralized applications(dApps) and make $CLV available to Parallel’s unique ecosystem of community-focused decentralized applications.
HRMP is the interoperability mechanism of the DotSama (Polkadot & Kusama) ecosystem that allows Parachains to exchange messages with one another on the same Relay Chain. Also known as XCMP-Lite, it is the working replacement of XCMP(cross-chain message passing) and has the same interface and functionality as XCMP. While XCMP is still being implemented, HMRP functions as a stop-gap protocol and is planned to be deprecated as soon as XCMP is fully implemented.
XCM integration ushers in a new era of communication between parachains, fostering interoperability and cooperation in the Polkadot ecosystem. And with CLV’s XCM integration with Parallel Finance, marking the beginning of lined-up collaborations, which further emphasizes our commitment to delivering tenable infrastructure that will spur on an influx of scalable dApps.
About Parallel Finance
Parallel Finance (with its Kusama-based Heiko network) is the Polkadot network-based DeFi super DApp protocol that features a composable and interoperable ecosystem of community-focused decentralized applications. The DApps include liquid staking (first of its kind on Polkadot network), AMM, decentralized money market, liquid crowdloan, stream protocol (DAO tooling), wallet, and yield farming applications. The protocol is committed to building a decentralized future that empowers the community, by increasing DeFi accessibility, capital efficiency, and security.
About CLV
CLV (previously Clover Finance) is a one-stop infrastructure platform for cross-chain and decentralized applications.
The CLV chain is a Substrate-based specialized Layer 1 chain that is EVM compatible and cross-chain interoperable. The CLV wallet is a multi-chain all-in-one wallet, for Day-to-Day, Defi, Gaming purposes.
Featured by Coinlist as one of the most noteworthy projects in 2021 and backed by major industry institutions such as Polychain Capital, Alameda Research, Huobi and OKex’s Ventures Arm, with our multi-dimensional products lineup, CLV uniquely positioned itself as “Passport to the Omniverse.
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