- OIG Research Report: ParaState
Just now·4 min read
ParaState is a multi-chain smart contract platform that extends the frontier of Ethereum using the Substrate framework, which aims to bridge the application and developer ecosystem between Ethereum, Polkadot and other Ethereum compatible chains, to facilitate cross-chain interoperability and to achieve a self-sustainable community governance economy.
ParaState aims to provide an industry-standard, highly optimized, and extensible smart contract execution environment while maintaining Ethereum compatibility.
- Performance on steroids: Substrate-based blockchains, such as Polkadot parachains, already enjoy much higher TPS (transactions per second) than Ethereum. For a smart contract platform, compute performance is more important than TPS throughput. ParaChain utilizes the SSVM, recognized by IEEE Software as the fastest software execution sandbox, to execute smart contracts.
Built-in DeFi infra: ParaState comes with core DeFi infrastructure built-in, including the Uniswap exchange, stable coins, lending protocols, as well as price oracles. Those Ethereum DeFi software applications are already ported and adapted to ParaState’s Ewasm VM to enjoy higher performance and interoperability with the WebAssembly ecosystem.
Substrate + Ethereum: ParaState provides a smart contract virtual machine (VM) for all Substrate-based blockchains. ParaState’s Pallet SSVM is a leading implementation of Ethereum flavoured WebAssembly (Ewasm). By installing the Pallet, any Substrate blockchain can become Ethereum-compatible while taking full advantage of the modern WebAssembly ecosystem. A grant from the Web3 Foundation partially funds the Pallet SSVM development, and the team consists of Substrate Ambassadors.
A token backed by developer treasuries: ParaState pioneers an innovative sustainable, and decentralized open-source software development model. All Substrate blockchains that utilize the Pallet SSVM agree to collect a percentage of gas on all Ewasm transactions and contribute it to a developer treasury managed by the ParaState foundation. The STATE token from ParaState is “backed by” a basket of native parachain tokens contributed to the developer treasure as ParaState gains developer adoption and use.
Parachain team was the first to took the full Oasis Labs privacy chain and put it on Eth and then made it work with Uniswap and ended up winning the Oasis hackathon.
This project has received serious interest from the top VCs and incubators in this space. CMS Holdings and SevenX Ventures led the seed round. Other private investors include KNS group, Alameda Venture Signum Capital, HyperChain Capital, BiXin Ventures, Genesis Block Ventures, Inclusion Capital, Gate.io Labs, ZMT Capital, Polkastarter. More details can be found in the partner section of this article.
$STATE is the utility token of the ParaState ecosystem. $STATE token serves multiple utility purposes in the ecosystem.
- Gas fees to execute smart contracts and transactions on ParaState
Rewards to node operators/collectors and application developers
Governance for ecosystem treasure
$STATE tokens will have a deflationary model, where 50% of the gas will be burned, causing token supply to go lower over time. An exact breakdown can be seen below.
TBA = To be Announced
- Information has not been released yet
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- Date of publication:
- Fri, 06/11/2021 - 09:49
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