Ethereum aims to serve as a general-purpose computing platform, unlike its predecessors. Moreover, Ethereum can entirely make new forms of applications possible. However, the crypto community has seen smart contracts deployed on the network over the past years.
Moreover, these smart contracts got deployed on the network, subverted by various exploits and bugs. Therefore, ParaState is a new effort in order to provide a better and more efficient alternative to the EVM on Ethereum.
What is ParaState?
ParaState is a parachain running parallelly on Polkadot. It has a connection with the Polkadot relay chain. Moreover, the Relay Chain’s validator set secures it. The goal here is to extend the frontier of Ethereum with a substrate which is an extensible blockchain development framework.
Moreover, the platform is intending to support more than 20 different programming languages to write Ethereum compatible smart contracts. The aim here is to unite a large community of developers boosting the interoperability between blockchains.
DeFi on the Parachains
The ParaState’s SSVM pallet has built-in support for the EVM. In addition, the platform will support all the DeFi applications built on Ethereum, including a decentralized exchange lending protocol, stablecoin, and price Oracles.
With this, users enjoy higher performance while being interoperable with the Web Assembly ecosystem of Ethereum. Moreover, the network is also planning to work with the Ethereum bridge providers on Polkadot.
This helps bring the Ethereum based tokens to the ParaState chain to improve user’s experience on the Polkadot network.
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