We are excited to announce that the Tapio team has successfully completed all three milestones of our most recent grant proposal and has subsequently been supported and funded by Web3 Foundation. Feel free to read through our proposal on Github as well as explore the Stable Asset repository. This is our second grant from Web3 Foundation, with the first being followed by receiving the initial Acala Ecosystem Grant.
Briefly, what was delivered was the following, primarily regarding the Stable Asset XCM Module and including not only added capabilities, but also redundancy measures:
Our Stable Asset pallet is a protocol designed to synthesize various blockchain assets with the same value peg (e.g. various liquid staked and crowdloan derivatives) to increase usability, and standardize them across parachains, thus reducing the fragmentation of liquidity.
The concept has indeed found success both on the Acala Network and the Karura Network, however the time has come to fulfil our mission of it being the de facto standard for unified liquidity within the ecosystem. As such, we’re prioritising the development of a dedicated XCM Pallet for the Stable Asset protocol, and enabling the redeeming of LP tokens minted on the host chain, but also the capability for guest chains to mint natively with local derivative liquidity pools.
Terry Lam, one of Tapio’s co-founders commented, noting “We are supporters of Web3 Foundation’s vision to enable a decentralized and fair internet. The collective effort by Web3 Foundation demonstrates their commitment to enable teams like us to experiment with building innovative financial primitives on top of decentralized infrastructure and systems. We are proud to be recipients of W3F grants and builders in the Polkadot ecosystem.”
We’re excited to work with the community to continue building and greatly appreciate all the support we’ve received so far.
Tapio is a synthetic asset protocol enabling efficient liquidity for staking and crowdloan derivatives. It is designed to remove liquidity silos by synthesizing different formats of derivatives into a highly usable synthetic asset on Polkadot.
Our team is composed of engineers, financiers, security experts and serial entrepreneurs, and we’re focusing on improving and unifying the entire Polkadot ecosystem.