SORA 2024 Year in Review

This year brought significant progress, including SORA v3 milestones, Palau blockchain-based bonds, decentralized order book, SORA Card launch, Kensetsu platform, and more.

As we wrap up 2024, it’s time to peek at the strides made in the SORA ecosystem. With the community’s support and contributors, this year was one for the history books.

Sit back, grab a cup of your favourite beverage, and join us as we reflect on the achievements of 2024.

You Are Here: 2024 Summary Edition

Polkadot Parachain

2024 came in swinging as SORA snagged its Polkadot parachain, winning the 59th auction in style. With 46,422 DOT contributed, SORA crushed it with a 41.6% lead. The result? A shiny new SORA-Polkadot bridge bringing DOT and KSM trading to Polkaswap.io and opening the door to bridging with other parachains in the Dotsama ecosystem like Astar and Curio. Nailed it.

Oh, and not to be outdone, the Kusama parachain lease got renewed. The HASHI bridge also took leaps forward with mobile compatibility for Substrate networks and marched toward Multi-EVM support. Support for moving TON from The Open Network to SORA was also added to HASHI.

On-chain Order Book

Polkaswap officially launched its fully decentralized, on-chain order book on the mainnet, transforming it into a hybrid exchange that combines with its AMM swap.

Setting itself apart, Polkaswap’s on-chain order book is a leap forward in secure and fully decentralized, blockchain-based data handling, establishing a benchmark in genuinely decentralized finance.

Kensetsu Launch

In 2024, Kensetsu launched as an overcollateralized stablecoin platform to strengthen decentralized financial stability in the SORA ecosystem. The platform debuted with KUSD, a USD-pegged stable asset that functions similarly to MakerDAO. Kensetsu’s native token, KEN, drives farming incentives and protocol rewards to encourage ecosystem growth. The platform expanded opportunities by introducing KUSD-based liquidity pools (such as KUSD-DAI LP), which the Ceres builders team later integrated into the Demeter Farming platform.

Thanks to the partnership with Band Protocol, Kensetsu easily allowed the SORA community to create over-collateralized stablecoins like KAU (stablecoin pegged to the price of gold, which will be given out soon as parachain crowdloan rewards) to unlock additional liquidity options for the community.

SORA v3

The SORA community introduced the next step in ecosystem development: SORA v3. This version is still in development but combines the strengths of centralized and decentralized systems to create a hybrid financial network. The SORA v3 Hubchain infrastructure enables cross-border transactions and connects central bank networks, fostering global cooperation and financial stability. In fact, it is being tested by a central bank as we speak! The introduction of KUSD for builder funding — along with deflationary burn mechanisms for XOR, KUSD, and TBCD — strengthens the ecosystem, making it more resilient and scalable for future growth.

The groundwork laid in 2024 for SORA v3 has positioned the ecosystem for further advancement in 2025 (and the SORA v3 Fujiwara testnet will launch soon).

Learn more about the latest developments towards SORA v3

Aggregate Liquidity Technology (ALT)

Polkaswap expanded the implementation of Aggregate Liquidity Technology (ALT), based on published research from SORA contributor Dr. Makoto Takemiya. ALT makes swaps more capital efficient by pulling liquidity from multiple sources — XYK, TBC, XST, and the Order Book — ensuring users get the best available price. The ALT mechanism is now live on both the swaps and trade pages on Polkaswap.

DeFi Goes Mobile with the SORA and Fearless Wallet

The SORA Wallet made major strides in 2024. Want Demeter Farming on the go? Done. You can now manage your liquidity pools and farm rewards right from your phone through both SORA and Fearless Wallet. Plus, the HASHI bridge is now fully mobile-accessible via Fearless Wallet — a game-changing upgrade.

Palau Blockchain-Based Savings Bonds Prototype on SORA v3

In 2024, the SORA ecosystem demonstrated its versatility when the SORA v3 Hub Chain powered Palau Invest, a blockchain-based savings bonds prototype. This collaborative initiative between Soramitsu, Japan’s METI, and the Palauan Government enables citizens of Palau to earn yield while investing in national development projects such as roads and public facilities.

Part of METI’s “Global South Future-Oriented Co-Creation Project,” the platform exemplifies how SORA’s advanced technology can be leveraged to reshape financial landscapes. By operating on the SORA v3 Hub Chain’s Hyperledger Iroha 2-based network, Palau Invest combines efficiency and scalability, marking a milestone in Palau’s financial innovation journey and reinforcing SORA’s role in driving decentralized financial solutions globally.

SORA Economic Forum 2024

The third annual SORA Economic Forum took place in November 2024, bringing together leading economists, blockchain experts, and thought leaders. The forum explored SORA’s expanding influence on global economic systems, with discussions focusing on how its decentralized governance and tokenomics could create a more equitable and resilient economy. Through engaging and insightful presentations from central bankers, government think tanks, and other thought leaders, participants examined the world’s changing financial landscape, which can hint at SORA’s evolving role in shaping decentralized finance’s future. You can watch recordings from the event on the SORA YouTube channel.

SORA Card is Live

December brought us the highly anticipated SORA Card. It offers virtual IBAN features and crypto-fiat swaps to EEA (European Economic Area) residents. Phase 2 introduced seamless fiat wallet integration and full payment functionality. These upgrades transform the SORA Card into a powerful financial bridge between traditional finance and DeFi, making crypto-to-fiat conversions effortless.

Register and get your SORA Card.

Interoperability

The SORA network has established new HRMP channels with Polkadot Asset Hub and other key networks, enabling trading of assets like the Liberland Dollar (LLD) and Polkadot’s meme coins. Additionally, the bi-directional TON bridge is nearing completion, connecting SORA with The Open Network (TON).

Ceres and Apollo

The Ceres team delivered impressive results with Apollo, a cutting-edge lending and borrowing protocol that captivated the community. Its testnet generated significant excitement — and rightfully so. Meanwhile, Demeter Farming achieved major milestones, surpassing 100,000 transactions and introducing XOR/KUSD farms with attractive APRs.

SORATOPIA

Enter SORATOPIA, a samurai-inspired Telegram game that will change your life. With engaging gameplay and unique rewards, it became a community favourite. Features like pray-to-earn, referral rewards, and quests made it even more addictive. New updates and exciting features like boss fights, and on-chain check-ins are coming soon — stay tuned!

See You, 2025

While 2024 was remarkable, the SORA ecosystem is just getting started — even more exciting developments await in 2025, which you can track through the SORA Integrated Plan. Together, we’re revolutionizing economic systems and empowering humanity. Now, as always, it’s time to get back to work.

Not financial advice. Always do your own research.

About SORA

SORA is an innovative, adaptive, non-debt-based monetary framework that facilitates economic stability, particularly for financially vulnerable countries. As a groundbreaking platform, SORA exemplifies the potential of blockchain technology in fostering a more inclusive and stable global financial system.

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