SORA Economy: A New World Economy

Samuel Olapade
3 min readFeb 13, 2023

The crypto industry keeps releasing different projects to solve problems affecting our financial services.
In today’s discussion, we look into Polkadot ecosystem, I quite understand that many revealed that the ecosystem is kind of complicated to understand and to my own understanding possibly because you are yet to interact with the network.

Let’s check out of the projects. The SORA Network

SORA Network on Polkadot

According to the Japanese, SORA is known as Sky and as a network it’s an on-chain governance system which is govern by the XOR token that allows producers to make proposals for funding and all token holders make decisions how to allocate XOR so that the best goods and services get created. This brought in the SORA economy.

SORA Network on Polkadot

We see SORA Network built on Parity Substrate as a standalone blockchain, which set to utilize a parachain on both Kusama and Polkadot, it’s will also connect with more through bridges.

It’s cleared that without a wallet, there will be difficulty in interacting with a network. SORA Network comes with a non-custodial AMM DEX, focusing on interoperability to connect the rest of the crypto ecosystem to Polkadot providing boundless liquidity, I’m talking about Polkaswap

There is one key factor with SORA this Token Borning Curve.

Here, the team introduces Token Bonding Curve to help mitigate boom-bust valuations of most cryptocurrencies, and manages the challenges of not having an elastic supply of capital. In addition, there is no single actor or committee in SORA governance rather clear separation of powers allows for careful review and avoids self-selection.

What Can Be Done On SORA Network

As DeFi adoption can not be overemphasized, SORA also also her users on its network to take benefit in DeFi solutions they provided which are:

* Staking

As a user you can become a nominator by staking tokens and receive rewards. Becoming a validator means you a part of user’s securing the network and entitled to get rewarded via the block you produced.

* Governance
In decentralized network, governance is one of the solutions that project sees as a sustaining factor and at SORA, you can become a citizen and be eligible to be selected for the SORA Parliament (coming soon) to collaborate with decision making on network updates and capital allocation.

The DeFi Wallet for the Future

Recently, we see the launch of new wallet which set to cater for the future in terms of DeFi solution.

Fearless wallet is here
It’s a web extension, Android, and iOS native mobile Polkadot/Kusama wallet for the Dotsama ecosystem with the best UX, performance, and security. Version 2.1 with brand new UX/UI nomination pools staking.

Check it out here….

What are you waiting for, learn more about SORA Network by visit the official links.

Website | Twitter | Telegram

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Samuel Olapade

I am a expert in community management for crypto, blockchain and web3 platforms. With over 5 years diversified experience in the industry.