Following the success of two rounds of the Parachain Kusama slots auction, where more than $ 1 billion in KSM tokens have been paid out and locked in by the global community, Polkadot has revealed its intention to roll out the highly anticipated slot machine auction. under parachain.
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Polkadot Parachain Slots Auction
With all of the winning projects on Kusama currently in their respective phases of the five-phase rollout process, the Polkadot team led by Gavin Wood has announced that the Parachain Polkadot slots auction will most likely start on November 11, 2021 and continue. until March 2022. the proposed first Parachain auctions on Polkadot, the blockchain intends to follow the same pattern for Polkadot auctions as Kusama, with an auction taking place every two weeks for a total of 11 auctions on two lots.
Polkadot Chains are individual Layer 1 blockchains that can operate in parallel and share data, providing a truly multichain and fully interoperable ecosystem where other Layer 1 chains like Bitcoin and Ethereum can seamlessly connect. . Polkadot will only support a limited number of parachaines, which is why there are so many stakes.
Following the announcement, Polkadot’s native DOT token exploded, hitting $ 45 for the first time in five months, foreshadowing the fierce competition that is approaching for limited slots. While several promising projects bid for slots, it is essential to note that all of the projects that won slots in the recent Kusama auction have enjoyed broad community support. As a result, these projects are more likely to have a competitive advantage over the others in the upcoming Parachain Polkadot slot machine auctions.
At the top of the first polka dot auction lot
The first project we want to talk about is Manta Network. DeFi is experiencing explosive growth, which has increased the need for better privacy features. Manta Network, the privacy-preserving DeFi stack built on top of Polkadot, addresses this need through its plug-and-play protocols based on Substrate frameworks. By using zk-SNARK, Manta Network guarantees end-to-end anonymity, high throughput and high interoperability between chains.
Manta Network is backed by leading investors such as Polychain Capital, CoinFund, ParaFi Capital, Spartan Group, CMS Holdings and LongHash Ventures. In addition to institutional support, Manta Network’s sister network, Calamari Network, has also received significant community support. According to reports, more than 16,000 backers have locked in 218,246.6461 KSM tokens through the Calamari crowdfunding initiative, helping the project secure seventh place in the parachain Kusama slot auction.
The next project on our list is set to revolutionize Web 3.0. Amid the growing demand for decentralized solutions offering privacy and data protection, the KILT protocol has established itself as an open source blockchain protocol for the delivery of stand-alone, anonymous and verifiable credentials. Unlike existing peer-to-peer solutions, KILT offers self-sovereign data and revocable credentials that use blockchain technology.
KILT received tremendous support from the community, as 12,211 community members contributed and locked in over 220,000 KSM to help the platform win the sixth round of Kusama parachain slots auction. As KILT continues to roll out new features on Kusama, the platform has become the preferred solution for decentralized identities and verifiable credentials for all projects within the Polkadot ecosystem.
Next on our list is a project that currently dominates the Polkadot DeFi ecosystem. Moonbeam Network, an Ethereum-enabled smart contract platform built on top of Polkadot, has massive plans for itself and Polkadot. By enabling Solidity smart contracts on Polkadot and ensuring full EVM compatibility, developers using Moonbeam can migrate their Ethereum-based dApps without any code changes, allowing them to take advantage of high throughput, low cost, high speed unmatched scalability and interoperability of Polkadot.
Supported by more than 10,000 community members who have blocked 205,935 KSM for Kusama auctions, Moonbeam’s sister network, Moonriver, is currently live on Kusama. Several promising decentralized projects across many industries have already started using Moonriver for their products and solutions, helping the platform cross $ 106 million in total locked-in value (TVL). Moonriver currently supports Automated Market Makers, Liquidity Protocols, Asset / Issue Platforms, NFT Platforms, DeFi Products, Oracles, Bridges, Blockchain Based Games and crypto betting applications.
Centrifuge is another powerful project to watch as it brings real-world liquidity to DeFi, helping the growing sector to tap into a multi-billion dollar industry. By connecting lenders and borrowers in a transparent and cost-effective way, Centrifuge opens up economic opportunities for all, without intermediaries and without the inefficiencies of traditional finance. Using Centrifuge’s decentralized asset finance protocol, anyone can tokenize their real assets (bills, royalties, real estate, etc.) and use them as collateral to access finance through Tinlake, the back-to-back loan dApp. to Centrifuge assets.
The project is supported by leading investors such as Fenbushi, IOSG, Fintech Collective, Crane Venture Partners, Moonwhale and others. Additionally, Centrifuge’s sister network, Altair, also received significant community support that helped it win the ninth round of the Kusama auction. According to reports, 18,342 community members have locked down over 187,000 KSMs to help Centrifuge secure the location for Altair.
Acala is another exciting project to watch out for. As the first winner of the Kusama parachain slots auction, Acala’s sister network, Karura, received tremendous support from the community, increasing Acala’s chances of securing a spot in the first batch of auction. In total, 20,779 community members contributed 501,137.66 KSM to help Karura win the very first Parachain slot in a pretty convincing way.
Dubbed the DeFi and Liquidity Platform for Polkadot, Acala is a Layer 1 smart contract platform offering full compatibility with Ethereum, along with out-of-the-box cross-chain capabilities and robust security. The Acala network will also offer a suite of financial applications, including a trustless staking derivative (Liquid DOT and Liquid KSM), AMM DEX and a multi-collateral stablecoin backed by cross-chain assets (aUSD) to accelerate the DeFi’s growth on Polkadot.