Bluzelle September Recap
The month of September was a landamrk for Bluzelle ecosystem as there were several activities carried out and a handful number of partnerships formed. It was a great month filled with remarkable progress for the project.
This article is a summary of all events and partnerships that took place in the month of September. It is written to keep everyone informed of all that goes on in the Bluzelle ecosystem.
Mainnet Launch Progress Update
Bluzelle released progress update on the mainnet launch which took place on the 20th of August. During the mainnet, participants converted ERC20 BLZ to native tokens smoothly with the aid of the fully functional Ethereum-Cosmos relayer. All member who took part in soft mainnet enjoyed over 25% APY.
It was made known in the update on mainnet progress that the team is working and aiming to release a new important feature on the staking dashboard to allow participants earn much more than 25% APY of staking rewards. It was also said that the relayer would become autonomous, which means the relayer will automatically run once an Ethereum transaction is successful and the native tokens will arrive in the provided wallet in few minutes without any delay.
The team also made known their intention of releasing a new feature for higher earnings for staking and look out for more partnerships.
The Bluzelle Bridge
Bluzelle Bridge is the first automated ethereum to Cosmos relayer ever used in a live production environment. It was released on the 11th of September and is fully compatible with the latest version of Tendermint/Cosmos. It has been deployed onto the Bluzelle soft mainnet, it is fully automated and allows conversion from ERC20 to native tokens within few minutes.
The need for Bluzelle Bridge
Bluzelle has a dual-token system. While there exist Bluzelle Chain that is based on Cosmos, there is also a need for the maintenance of the ability for ERC20 BLZ tokens to be exchanged with others. There needs to be a connector that allows secure, stable, and automatic conversion of tokens between the two networks.
Features of the Bluzelle Bridge
• Bi-directional: The Bluzelle Bridge can perform exchanges between ERC20 BLZ to the BNT native token (based on Cosmos) and vice versa. This explains that Bluzelle network can remain in both the Ethereum and Cosmos ecosystem, and allow transactions to cross both networks. This will enable users to convert between tokens at any time.
• Fully Automated: The Bluzelle Bridge does not rely on manual interventions. Once the user submits a request to convert, the whole process is fully automated and users receives their tokens in minutes.
• Stable and Secure: The relayer was made ready for production use. It has deployed to the Bluzelle Soft Mainnet and is successfully handling the growing number of staking transactions in the system.
• Compatible with the latest version of Tendermint/Cosmos: This is important as Bluzelle is the first chain to use their latest version.
Bluzelle enters Polkadot ecosystem
Bluzelle excitedly announced its entry into Polkadot ecosystem in September. Polkadot is the flagship project of the Web3 Foundation (W3F) that is building a scalable, interoperable & secure network protocol for cross-chain applications. Bluzelle brings distributed storage capabilities to projects building on Polkadot’s Substrate framework as Bluzelle advances its goal of becoming the de facto data layer for Web3.
Bluzelle’s advanced data delivery network protects projects from data breaches, network failures and performance troubles. By entering the Polkadot ecosystem, Bluzelle provides a backbone to support innovation while positioning itself at the heart of the Web3 movement.
Polkadot’s scalable sharded blockchain, which is designed to support cross-chain composability, is ideally suited to launching decentralized applications (dApps). Bluzelle’s data delivery network enables dApps to realize this potential as it removes the need for reliance on centralized data centers.
As a blockchain-agnostic dApp storage solution, Bluzelle’s architecture aligns with that of Polkadot, this frees developers to launch new parachains at the same time retaining access to a reliable data network. Bluzelle Oracles, which helps projects store dApp data in a decentralized manner while storing and referencing historical prices, will be used to power a wave of Polkadot apps.
Bluzelle & Reef Finance Brings DeFi Mainstream Adoption with Polkadot
Bluzelle collaborated with Reef Finance, the first cross-chain DeFi operating system built on Polkadot. It is the first adopter of the Bluzelle Oracles. The integration of Bluzelle Oracles price feeds will enable Reef to capture real-time price information in order to power the next generation of DeFi applications.
Also, Bluzelle’s decentralized oracles capture off-chain data from numerous data input sources and makes them available on-chain for any smart-contract-enabled blockchain including Polkadot. This will allow Reef to leverage a decentralized network of independent oracles to obtain reliable market data. Bluzelle decentralized DB also made historical data available, this will improve the decision making of their AI engine.
Decentralized storage allows data from the Reef Finance platform to be stored on different hosts by distributing the files across the whole network without being restricted by centralized entities. Flexibly managing data and effectively enhancing data security and reliability through data encryption, secure backup, authorized access and other means is necessary for Reef Finance to scale up into a leading DeFi platform.
The Bluzelle team is working closely with Reef. As Reef becomes the first adopter of Bluzelle Oracles, Bluzelle sees their feedback as extremely valuable to help Bluzelle accelerate as the best Oracles in blockchain. And with Bluzelle, Reef Finance can bring DeFi mainstream adoption faster to the populace.
TomoChain Integrates with Bluzelle Decentralized Oracles to Bring Greater Security to DEX
Bluzelle excitedly announced its partnership with TomoChain, the efficient blockchain powered by proof of stake voting consensus. TomoChain integrates with the Bluzelle Oracles to enable reliable real-time price feeds and enhance their Defi offerings to developers.
This integration with Bluzelle Oracles will provide TomoDEX the most reliable real-time price data feeds, and offer a more comprehensive set of data solutions to developers building on Tomochain.
Bluzelle and TomoChain share the same vision to provide greater privacy, scalability and security to dApps, especially for Defi.
TomoChain has a wide range of products and protocols built on it. Bluzelle will work closely with TomoChain to explore more areas in collaboration to drive mass adoption in dApps & Defi.
Bluzelle Empowers Stafi to Unlock Liquidity of Staked Assets
Bluzelle empowers Stafi Protocol, the first DeFi protocol unlocking liquidity of staked assets and a project built on Polkadot. Being able to bridge off-chain and on-chain data with Bluzelle’s decentralized database and oracles, Bluzelle will help support data for Stafi’s staking contract, such as pledge, redemption, transaction, as well as mapping information between rTokens & Staked tokens.
Through Stafi’s staking contracts, stakers can get alternative tokens, called rTokens, which represent the staked assets and are tradable on CEX or DEX. It enables stakers to liquid their staked tokens while still receiving staking rewards from the original blockchain. This will reduce loss from market volatility.
Bluzelle partnership with Stafi is a great example of how Bluzelle’s decentralized oracles bridge external data on-chain for smart-contract enabled platforms including Polkadot. Bluzelle database allows Stafi to scale along with their increasing staking transactions.
As Bluzelle is also a proof-of-stake chain, besides supporting Stafi’s infrastructure, Bluzelle may look into introducing rBluzelle into its mainnet to support liquid staking of BLZ tokens with the help from Stafi. Bluzelle looks forward to exploring more in-depth collaboration with Stafi.
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