Polkadot was one of 2020’s most anticipated mainnet launches. Despite launching in May 2020, the Web 3 Foundation – which developed Polkadot – has been hard at work with other teams to create an ecosystem of blockchains and applications on the network. In this report, we outline the basics of Polkadot’s mechanics while highlighting a few stand-out projects that are helping build DeFi on Polkadot.