Facebook Is Making an Ecosystem For Creators On Polkadot Blockchain

April 10, 2021, 5:00 PM AEST - 7 months ago

Pontem Network will be the “Kusama” of Facebook’s Diem where users will be able to build their own Defi Strategies, Dapps, and other tools before launching them on Diem.

Diem is Facebook’s multi-billion-dollar growth strategy that focuses on creating a financial institution for the unbanked. Diem will be accessible to anyone with WhatsApp or Instagram and supports smart contracts and advanced features. Additionally,  Diem intends to launch a backed stable coin as its first use case.

Connecting The Regulated And The Unregulated

Pontem is a bridge between the regulated and unregulated worlds that will allow exchanging value between the two. Pontem Network has been approved for two grants, one from Web3 Foundation and one from Wings Foundation. The main goal of Pontem Network is to bring the Move Virtual Machine, Move Language, and the ecosystem surrounding it (Facebook’s Diem as known as ex-Libra) to Polkadot. Nearly 2 billion Facebook Diem users will be able to access decentralised tools and create new blockchain projects.

According to Pontem, Diem has some limitations & restrictions which they aim to solve by connecting Diem to the decentralised world. The network will help Diem users get access to all the use-cases provided by the unregulated society, such as financial instruments, DeFi and NFT, and even games.

Pontem aims to be an attractive choice for creators giving them the freedom to build in any direction on the ecosystem.

Pontem’s DeFi Usecases

As an example, Pontem Blocks can act as blocks of pre-set values used to build and create DeFi tools. Users will be able to mix them in various combinations to reach the outcome they are looking for. And the other part is that such development will be fast and effortless, with no need to write code, since users will be able to use ready-made modules and tools to build their ideas. The platform allows for easy migration to Diem

 It allows users to create their own strategies, unite all operations into one transaction, and give external developers a chance to monetize their own developed blocks.

Pontem Network

Pontem network supplies users with complete toolsets to develop Dapp projects, including a package manager that allows communication with other blockchains.

users will have a chance to take multiple actions such as swapping tokens, providing liquidity, or staking LP tokens* all in one place.

Pontem Network

Integration with existing liquidity protocols, including Ethereum ones (using different Polkadot bridges) will expand the uses for DeFi. And since Diem has so many users the ecosystem could become very popular due to it being a “financial framework straight out of the box”.

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