Partnership Announcement: KYVE will Provide Data for Composable’s Picasso Parachain
To further develop Picasso into a fully operable DeFi ecosystem, Composable Finance has partnered with KYVE, which will become the data provider for our Kusama parachain. KYVE will be integrated into Picasso to help store and serve data reliably which will ultimately benefit both developers and end-users.
More on the Collaboration:
Composable is pleased to be collaborating with KYVE to incorporate its decentralized caching and archiving solution into our parachain. The addition of KYVE will provide Picasso and the dApps built on it with a data storage framework which supplies access to verified and reliable information.
More specifically, KYVE will serve as an additional data provider for our Apollo pallet, which is an MEV-resistant oracle. Oracles in general provide a critical service in the DeFi space, acting as primitives underlying more advanced functions by providing feeds of data such as prices. Apollo also has the added benefits of protecting against frontrunning and allowing applications to determine their own risk and price models.
Because of the essential nature of oracles, it is vital that Apollo has accurate, up-to-date, and readily available data. This will ensure the best performance for applications building along our Picasso parachain. By using KYVE, we are confident we will be able to have superior data feeds provided through Picasso.
Working with KYVE to integrate its technology into our parachain, the combined efforts of our teams will ensure we make the best use of KYVE’s Web 3.0 middleware. Our shared mission of striving to create limitless scalability makes this partnership ideal for bringing Picasso to its full potential.
More About KYVE:
KYVE Network has a vision to build the most efficient decentralized middleware of Web 3.0. To serve this vision, the company introduced KYVE in June. As part of this announcement, the team shared its goal of helping projects achieve infinite scalability by reliably and permanently storing their data.
The thought behind this offering came about when its creators realized there was no simple and standard solution for data access on different blockchains. The only way to manage this task would require custom work by developers creating a lot of hassle for an essential function of Web 3.0.
To overcome this issue, KYVE developed its underlying technology, which provides a decentralized archival framework. The offering is a unified solution with flexibility as it works for all blockchain data needs. The protocol’s composable nature allows developers to create their own individualized storage pools for their projects. Through KYVE’s framework, all data streams are validated, standardized, and permanently stored.
In order to advance its efforts, KYVE has set up a strategic partnership with Arweave, a decentralized blockchain offering which enables users to store documents and applications forever. Arweave’s protocol is built into KYVE’s framework which provides the immutability, scalability, and availability of data resources over time.
Shortly after KYVE’s product offering announcement in June, the company shared that it had closed a $1 million pre-seed round. Investments were made by notable companies such as Permanent Ventures, Solana Foundation, and Avalanche Foundation, in addition to a number of angel investors.
With an impressive lineup of collaborators, KYVE has already integrated onto the Avalanche, Cosmos, Polkadot, and Solana blockchains, in addition to Arweave. As stated on its website, the protocol’s backers are its users.
As we integrate KYVE into Picasso, we are excited by the possibilities this data solution will open to our team and developers on Picasso. Throughout this process, we will keep our community informed on our developments.
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