A parachain of the Polkadot network, Clover Finance is a self-proclaimed “DeFi Hub” that fosters interoperability between independent blockchain ecosystems and decentralized applications. According to the project’s documentation, Clover’s cross-chain capabilitiesare a product of EVM compatibly, which allows developers to seamlessly migrate their Ethereum based applications and ERC-20 assets to the CLV chain.

Moreover, the protocol’s novel “SVP chain simulation technology” enables inter-chain communications. 

CLV is Clover’s native digital asset. It’sused to pay transaction fees, facilitate protocol governance and secure the network via validator staking.

Clover aims to create a user-friendly cross-chain ecosystem for DeFi. The project recognizes the technical complexities (how to pay for gas?) involved in conducting decentralized transitions. Thus, Clover has chosen to implement a “gasless” transaction framework in which a series of relayers act on behalf of the transactor and cover the gas fee in the base currency (i.e. ETH) while receiving compensation in the denominated currency (i.e. the asset ultimately being transacted).

To incentivize network use, the protocol has introduced gas fee redistributions to app developers, as well as “identity based” fees that grant users discounts proportional to their prior interaction with the network, the project’s documentation said.

Technically speaking Clover operates under a dual chain framework. The CLV chain is comprised on two separate entities, the CLV mainnet used for governance and exchange purposes, and the CLV parachain, which houses smart contracts and cross-chain compatible applications, according to Clover Docs. 

Clover’s interoperability is further enhanced by CLV wallet, a non-custodial, multi-platform application that allows users to interact with decentralized applications across blockchain ecosystems. In the same vein, Clover cross-chain explorer indexes blockchain data from Bitcoin, Ethereum, Polkadot, and Binance Smart Chain.

 Who created CLV?

Clover Finance was created by a group of blockchain developers led by Viven Kirby, a former Microsoft Dynamics architect at AXSource.

When was CLV created and how much was it worth?

CLV first hit markets in July of 2021 at which time it traded for roughly $0.86. According to CoinGecko, CLV hit a record high of $1.88 within its first month of trading before declining sharply over the latter half of 2021 and into 2022.

 How is the price of CLV determined?

CLV’s price is in part a function of the token’s deflationary nature. Per CoinGecko, CLV launched with a mint of 1 billion, of which 260 million are currently in circulation. New tokens are issued via validator staking rewards. 

Why does CLV have value?

Given the isolated and siloed nature of many DeFi networks and applications, Clover’s role as an interoperable hub for such projects would seem to define a substantive value proposition allowing developers to seamlessly transfer Ethereum-based applications and transact across multiple ecosystems.

What are the main benefits of CLV?

• Clover Finance provides an interoperable hub for DeFi focused ecosystems and applications.
• Clover’s “gasless” fee structure simplifies the process of conducting a decentralized transaction.
• CLV’s proprietary “SPV chain simulation technology” fosters inter-chain communication and 2-way pegs between Turing Complete blockchain networks.
• As a parachain within the Polkadot ecosystem, Clover benefits from the network’s enhanced speed interoperability functions.