Bithumb, a major cryptocurrency exchange based in Korea, announced the upcoming launch of Clover, a blockchain platform targeted for decentralized finance and powered by Polkadot (DOT) technology.
The company says that Clover will be an open platform for DeFi applications, leveraging cross-chain capabilities and connecting decentralized finance to the centralized exchange.
Clover is built on Substrate, Polkadot’s custom blockchain framework. While Substrate does allow for the launch of independent blockchains, Bithumb plans to launch Clover directly as a parachain, the term used to describe Polkadot shards.
Clover will feature a native token, called CLV. The token is both a utility and governance token. It will be used for staking and consensus, transacting on various marketplaces, earning dividends from platform usage and participating in governance. The community will be able to propose and vote on changes to the platform, with one token equaling one vote.
The platform is part of an overarching trend of centralized exchanges launching their own blockchains