When it comes to DeFi, there are two major areas of competition to look out for. Firstly, at the core layer a fierce battle is taking place to take market share away from Ethereum as a base smart contract platform – against this, we can see equally important work being done around offering layer 2 solutions to Ethereum’s existing ecosystem.
Learn more about what’s happening around Ethereum
Secondly, we can see rapid innovation occur around multi-chain and cross-platform liquidity solutions. Polkadot (DOT) has been somewhat of a leader in this space; and as the Polkadot ecosystem continues to evolve, we can see a growing number of solutions being developed around interoperability and governance which may be setting a new standard in the industry.
In a previous article, we already discussed Reef. In this post, we take a deeper look at Akropolis (AKRO).
What is Akropolis (AKRO)?
Akropolis is a protocol enabling developers to launch decentralized applications (dapps) that provide financial services owned and operated by users.
Like most DeFi protocols, Akropolis was initially implemented on Ethereum. However, it is able to be implemented on any blockchain with a Turing-complete virtual machine. Akropolis has also built on Substrate, which led to the Polkahub and Polkahub Bridge solutions that integrates Akropolis with the Polkadot ecosystem.
As opposed to having a central entity managing and providing access to these services, Akropolis dapps are governed by autonomous communities that can vote on protocol changes, provided they stake AKRO. This token can be earned by providing liquidity to dApps built on Akropolis.
Just as we’re seeing with Reef, Akropolis has also integrated existing DeFi protocols built on Ethereum, including Compound, Aave and Maker. This means that dApps on Akropolis can integrate any of their services into these liquidity pools.
Developers that wish to build on the protocol, do so on AkropolisOS. The AkropolisOS is the cornerstone of the project, built as a modular framework using OpenZepplin SDK and rooted in Façade software design. AkropolisOS was created to allow developers to set up and manage a Decentralized Autonomous Organization (DAO) quickly. Also, the software comes with a range of smart contract modules and tools for managing various DeFi protocol integrations.
Examples of dApps built on Akropolis
The two best known dApps built on Akropolis are Sparta and Delphi.
- Sparta enables users to take out loans, on the condition of a 50% collateralization; and users can also provide liquidity to the protocol and earn an interest. Sparta also comes with its own cryptocurrency: ASPT.
- Delphi makes it possible for users to participate in various farming activities across DeFi in a easy way. The dApp also makes it possible for users to dollar cost average into Bitcoin or Ethereum in an automated way. Delphi’s cryptocurrency is ADEL.
AKRO is currently priced at $0.08, yielding an ROI of around 1500% in little over a year, and charting a 10x since the start of the year 2021. With a $200 million market cap, this is among the projects we’re keeping a close eye on at AAX.
Next to major crypto assets such as Bitcoin and Ethereum, AAX lists a range of DeFi-related tokens, including AAVE, Compound, Bancor Network Token and ChainLink, but also some of the newer Polkadot-associated tokens, including Reef.
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