The Picasso Parachain

The Picasso Vision

If we procure a parachain and create Picasso, we will be able to bring DeFi into Polkadot early, before the release of cross-chain message passing. Thus, we will be one of the first projects in this ecosystem to deliver dApps like options protocols, lending protocols, and others.

What is a parachain and what will it be used for?

Parachains are independent blockchains on Polkadot/Kusama that are interoperable with each other and connect to external networks like Bitcoin and Ethereum via bridges.
Composable Finance is developing a parachain on Polkadot (first being architected under the name ‘Picasso’ on Kusama, Polkadot's Canary Network) that will underpin our entire ecosystem and provide enhanced access and utility to parachains.
Our overarching goal is for the Composable Parachain to include pallets for all DeFi primitives, as well as those for the secondary and tertiary functionalities that enable DeFi to be so valuable to users. Initially, Composable will build a vault pallet (Cubic) and an oracle pallet (Apollo) to kick off innovation on this platform by other developers. The end result is an entire ecosystem of DeFi on our parachain, streamlining and improving functionality when compared to the present DeFi landscape.
Our model thus unleashes an unprecedented opportunity for an instantly accessible DeFi ecosystem within the Polkadot network.

What problem does Picasso resolve?

While projects operating along Polkadot and Kusama will have access to each other, forming an ecosystem, this ecosystem is projected to develop quite slowly, with cross-chain message passing being enabled eventually.
Thus, there is a need for a well-maintained parachain that enables people to deploy their own products, without needing to obtain and maintain their own entire parachain. At this time, there is no option for finding a parachain with the basic DeFi primitives. Further, there is no solution for developers to build on a parachain and vote on which pallets they want added to it.
Therefore, parachains are presently incredibly inaccessible and can be difficult to work with, despite their high demand and high potential.

How does Picasso facilitate our overall project?

Composable Finance seeks to build an entire ecosystem around the Composable parachain.
Picasso will enable developers to participate in an instantly-available, broad DeFi ecosystem on Polkadot.
Through its parachain incubator model, Composable will be able to provide a broadly accessible decentralized economy to developers, applications, and users. This solution will enable developers to have access to a well-maintained parachain that they can build on - with a mechanism for voting on which pallets they want to add - without having to jump through the hoops required for obtaining and maintaining their own parachain.
Picasso has a built-in mechanism for users to vote on which pallets they want to add to a run time. This will be accomplished through our parachain's native Picasso (PICA) tokens, which act to provide token holders with governance votes.
Unlike many other projects seeking parachains, our creation will not be an application-specific chain; rather, the idea is to truly create our own optimized and widely available DeFi ecosystem. We will build out this parachain once we procure it, with the input of community members, to create an entirely composable DeFi landscape from within Polkadot. Thus, developers will not have to clamor for impossibly large sums of KSM or DOT, and then fight for a parachain slot - only to enter into a still-developing ecosystem. Instead, through Composable, developers can have easy, customizable access to a broadly reaching network of various applications and tools, all in one cohesive space, facilitating unlimited creativity and innovation.
Last modified 1mo ago