The Picasso Parachain
What is Picasso?
Picasso is a custom-built Layer 1 blockchain, with a native token $PICA. It is built on the Kusama network, and as such exists within the wider DotSama ecosystem. As a result of its use of a parachain, Picasso is both highly secure and efficient, and as an outcome of its proprietary technology stack, it is natively interoperable.
How is Picasso natively interoperable?
Picasso offers an entire cross-chain interoperable technology stack. It helps overcome the issue of liquidity fragmentation through reduced transaction costs, composable applications that enable flexible liquidity movement, and novel solutions to address key issues in the DeFi space. Picasso sits within the DotSama ecosystem. As such, it is able to open XCM channels to other parachains to enable seamless, secure, and costless transactions and liquidity movement without gas fees.
In addition, Picasso maintains the Centauri IBC-Substrate bridge, which enables it to connect to IBC-enabled blockchains starting with the Cosmos ecosystem, as well as Mosaic, the transfer availability pallet, which opens up a bridge to connect to EVM-compatible Layer 1s and 2s. Picasso’s suite of DeFi primitives like the Pablo DEX, are designed to attract and maintain deep liquidity through novel technology innovations, and strong alignment with user incentives.
What is Picasso’s vision?
The vision for Picasso is to become a cross-chain hub with a robust set of novel DeFi primitive pallets that attract liquidity from the larger DeFi landscape. Picasso, through its native interoperability, aims to become an ecosystem flush with liquidity from multiple different blockchain networks. These include EVM-compatible Layer 1s and 2s, and the Cosmos network of blockchains. As part of this vision, Picasso will act as an incubator parachain for applications, developers, and users. It will provide an interoperable ecosystem where different parties can easily interact and deploy different projects on an efficient and well-maintained blockchain infrastructure.
Within Picasso, the ultimate vision is for pallets to cover all major components of DeFi, including primitives, core/secondary functions, and application/tertiary infrastructures. Primitives are the essential elements underpinning all of DeFi, ranging from oracles, smart contracts, transaction execution, keepers, and governance. Core functions build on these primitives to deliver valuable functions such as DeFi lending. Finally, tertiary applications mould these core functions into even more complex and valuable opportunities such as yield aggregation.
Using this framework, to assist in and stimulate the development process for building on Picasso, we have developed a building base-level infrastructure from which other pallets can be created. Initially, we will be deploying our Oracle (Apollo), Vaults (Cubic), Mosaic and Centauri pallets, in order to provide a foundation for Picasso. Picasso helps achieve this by creating a natively interoperable platform, and a modularly composable Substrate pallet ecosystem, and helping move DeFi further along the spectrum of interoperability.
What value does Picasso bring to DeFi users?
Picasso enables users the opportunity to maximize their yield through flexible liquidity movements and native interoperability with other ecosystems. The Picasso ecosystem also has several tokens with strong tokenomics, that provide the opportunity for profitable avenues for users to gain yield and accrue value through token ownership. Picasso also provides novel technology solutions through pallets that address core needs DeFi users have.