The Centrifuge Parachain is Live!
Here’s what’s coming next: token utility, integrations, and how to claim your CFG
The Centrifuge Parachain is live! So, what’s next? If you haven’t had a read yet, check out Lucas’s post on our Real World DeFi Roadmap.
In short, we are focused on CFG utility and growing liquidity in Centrifuge with integrations across the Polkadot ecosystem.
Crowdloan claims go live next week. Read on to learn more about how to claim your CFG from the crowdloan and how to start putting it to work in the Centrifuge ecosystem!
CFG Token Utility Proposal
👉 Head over to the governance forum and check out the new proposal to add additional functionality to CFG.
This proposal asks the community to consider adding 2 new functionalities to CFG to improve the protocol and support more growth in the long-term.
1. Turn on fees:
With the new pools, borrowers could pay protocol fees that would go into the on-chain treasury.
2. Staking to launch pools:
As new pools go live, token holders could indicate trustworthy pools by staking to them. To incentivize that only quality pools launch on Centrifuge: the stake could be slashed, but also could earn part of the transaction fees of the pool it is staked to.
These changes can have a positive impact on the protocol’s future growth potential, and CFG holders’ participation in that growth, by creating a link between CFG and the growing use of the protocol.
Join the discussion about this proposal on the forum!
Integrations to grow liquidity in Centrifuge
With the launch of NFT Playground on Altair and Centrifuge Parachain Launch — we are coming another big step closer to exciting integrations with the best teams building in the Polkadot ecosystem.
What integrations will be a key focus in the coming months?
Our team is working on bridging stablecoins to Altair and Centrifuge, CFG and AIR to other parachains, and other NFTs to our chains. Here’s a peek into what’s coming 👇
Acala & Karura
Centrifuge is an early supporter of aUSD as we believe a trustless and censorship-resistant stablecoin solution is essential to bootstrap the growth of Kusama & Polkadot ecosystems.
Moonbeam & Moonriver
Moonbeam’s new XC-20 standard allows native ERC-20 tokens to be moved easily across dotsama parachains (as for XCM tokens). With many Ethereum based protocols planning to launch their dapps on Moonbeam due to their EVM compatibility, this makes Moonbeam another strategic partnership for Centrifuge.
Statemine & RMRK
Statemine is the common-good chain which supports fungible and non-fungible tokens. Connecting to this parachain is essential to interact with tokens like KSM, RMRK NFTs, and other stablecoins.
More information about these integrations is coming in a future post, so stay tuned 👀
How to claim CFG from the Crowdloan
Once claims go live next week, just follow these simple steps:
- Navigate to https://centrifuge.io/parachain/crowdloan
- Connect the account with your DOT wallet that you used to contribute to the crowdloan, using the polkadot.js extension
- You should now be able to see your CFG rewards displayed on the page, including bonuses.
- Once the claims go live you will see a button to claim rewards. Click the Claim rewards button. It could take around 20–30 seconds so don’t click away from the page!
- Done! You should see the CFG in this account on the Centrifuge parachain. Go to the Polkadot portal and make sure the network is set to “Centrifuge”
You can also find a detailed tutorial here.
Happy claiming and welcome to all the new CFG holders!
