Clover Finance is an EVM-compatible Polkadot parachain that aims to facilitate cross-blockchain interoperability and improve the overall user experience within the decentralized finance sector. CLV is the Clover Finance platform's native token. Although Clover Finance users can pay transaction fees in any supported digital currency, these are converted into CLV to pay validators. CLV also serves as Clover Finance's governance token.
The project's documentation describes Clover as a blockchain operating system. Its architecture is broken down into four layers: the storage layer, the smart contract layer, the DeFi protocol layer and an external application layer.
Clover's EVM compatibility makes it simple for developers to migrate existing decentralized applications to the network. To incentivize migration, the Clover network rewards DApp developers with a percentage of gas fees paid by their users.
Another change to the gas fee model of networks like Ethereum aims to make DeFi more accessible to novice users. Rather than requiring a user to pay their transaction costs in a designated currency, such as ETH, Clover instead deducts fees from the amount transacted, regardless of currency. Transaction relayers cover costs in CLV and are compensated with the transacted currency.
Additionally, the network uses an identity-based Dynamic Fee Schedule, which calculates transaction costs based on a user's previous interactions with a particular protocol. This reduces fees for frequent DApp users, while infrequent users pay more.
Helping to deliver a more seamless cross-chain user experience is Clover Finance's "always-on" multichain wallet. Users can simultaneously connect to both Web3js-based and Polkadotjs-based DApps, meaning they can interact with any Ethereum- or Polkadot-compatible applications from a single wallet. Clover has also built a multi-chain explorer called Clover Scan, enabling users to reference multiple blockchains in a single location.
CLV has a total supply of 1 billion tokens. Of this, the team allocated 15% to three public sales, 2.5% to a private sale, and 20% that was split between early backers and the team itself. An additional 7.5% is reserved for marketing, 40% for the ecosystem and parachain offering, 12% for the Clover Foundation, and 3% for contributor grants. Subject to a vesting period of up to 36 months, tokens entering circulation in the future may put downward pressure on CLV price.
However, the token's utility within the ecosystem should ensure healthy demand, positively impacting CLV price. The cross-chain token incentivizes node operators, is part of the network's fee structure, and serves as a governance token.
Viven Kirby, Norelle Ng and Burak Keçeli are credited as Clover's founders. Kirby previously served as the Microsoft Dynamics Architect at the IT advisory services firm AXSource and is Clover's project lead. Ng is Clover's operation lead and previously was an advisor and venture partner for Bithumb Global. Finally, before assuming the role of technical lead at Clover, Keçeli founded the B2B cross-border payments startup Staqq and gaming startup MBO Games.
Clover's early backers include OKEx Blockdream Ventures, Polychain Capital, Alameda Research, Hypersphere and others. The project also lists more than 25 notable blockchain projects as strategic partners. They include The Graph, Chainlink, Polygon and BoringDAO.