What is Clover Finance?
The Clover Finance token or CLV is the native token of Clover Finance - a layer 1 blockchain based on Substrate with a focus on paving the way to Web 3.0. CLV stands for Connectivity, Legible, and Versatile.
CLV has more than one use case, however, one of its primary functions is governance. As a governance token, CLV allows token holders to participate in the decision-making process in Clover Finance via voting. In addition to governance, CLV can be used to cover transaction fees.
Furthermore, The Clover Finance token plays a key role in securing the network via staking.
The token itself is deployed on 4 blockchains - CLV M-Chain, CLV P-Chain, Ethereum (ERC-20), and BNB Chain (BEP-20).
There is a max cap of 1,000,000,000 CLV tokens which makes token supply deflationary. As such, it’s possible that the CLV price will grow as the token itself becomes more difficult to acquire, or, in other words, more scarce.
Clover Finance allocated its native tokens as follows:
- 20% - Ecosystem Incentive;
- 20% - Parachain Offering;
- 15% - Public Sale (Coinlist);
- 12% - Foundation;
- 10% - Core Team;
- 10% Early Backers;
- 7.5% - Marketing;
- 3% - Contributors Grant;
- 2.5% - Private Sale.
It’s important to keep in mind that all of the allocated tokens have a vesting period between 18 to 36 months.
You can acquire CLV via major supported exchanges including both DEXs and CEXs. Check out our recommended list of exchanges for CLV in the above section.
CLV is a digital asset, and, as such, it experiences periods of price fluctuations. Because of this fact, you should monitor the CLV price before making any purchase decisions. The graph provided above will help you in this process.
What are the Main Features of Clover Finance?
Clover Finance is a blockchain-based operating system (OS) built on Polkadot’s Substrate framework. It can be used to build cross-chain decentralized apps (dApps).
Besides a myriad of cross-chain features like a cross-chain DeFi bridge, CLV boasts EVM compatibility, a unique gas fee model based on network activity, and also offers a novel version of dApps called eApps, among many other features.
One of the primary goals of the project is to facilitate the creation of user-friendly Web3 products and services.
As discussed in the “What is Clover Finance” section, the platform operates using a Nominated Proof-of-Stake (NPoS) consensus mechanism. There are two key participants in this type of consensus - nominators and validators.
To put it simply, validators run nodes and earn rewards while nominators earn a share of those rewards by staking CLV tokens towards a validator which is also known as nominating a validator.
CLV Wallet is one of the featured products on the Clover Finance platform. It’s a non-custodial digital wallet for your crypto assets that offers EVM compatibility. Users can access it via different mediums including mobile, desktop, and web.
Moreover, Clover Finance offers a Bug Bounty program where independent developers can report vulnerabilities within the code of the platform and earn a reward.
Who Developed Clover Finance?
The Clover Finance crypto project was launched in the late spring of 2020. The mainnet of CLV, however, was launched a year later, in mid-2021.
It’s a London-based blockchain company co-founded by tech entrepreneurs Burak Keçeli, Norelle Ng, and Viven Kirby who take the roles of tech lead, operations lead, and project lead respectively.
Prior to co-founding CLV, the trio has contributed to other projects including Staqq, MBO Games, Amber Group, Bithumb Official, Outlier Ventures, and AXSource.
If you’re considering purchasing CLV, don’t forget to have a look at the Clover Finance price chart for more detailed information about the token and its trends.
