If you invested 1 $ KSM in Moonriver’s first crowd loan, you would receive about $ 15 MOVR tokens, now worth USD 5,700. That’s a 100X refund, and after the lock time, you get your $ 1 KSM. Want to get involved? Mark your calendar for November 11th, as Polkadot Parachain Auctions begin on this day. Polkadot parachain
You can book so many great benefits or more. But what is parachain? In this article, you will find out all about Polkadot Parachain Auction.
What is Polkadot?
Polkadot is an open-source protocol for sharding multichain that allows easy transfer of assets, data, and tokens between blockchains.
In addition to the interaction it offers, Polkadot offers a downturn in business by expanding transactions between parallel blockchains. The network is unique in that it is developed without the use of forks, making it one of the most innovative blockchains and the core component of Web 3.0, the rebuilt internet that is currently being built.
Through transfer chains, parachains, parathreads, collators, and bridges, Polkadot provides its users with advanced services that make it the 9th largest blockchain project in terms of market capitalization. Learn more about how Polkadot works and how to put it on our CoolWallet Pro hardware wallet for DeFi users in our Polkadot Staking guide.
What is Polkadot Parachains?
Parachains are a 1-level blockchain in Polkadot. They connect to the Polkadot Relay Chain for protection, balance, and cooperation. In addition, they got their word from Polkadot’s administration and linked to external blockchains such as Bitcoin and Ethereum using network bridges.
Think of a parachain slot as a parking lot in a small area near a stadium. Due to the amount of parking space per car owner, these spaces will be much needed and hard to find. Polkadot is a similar trend, especially now that the first spaces are available. Polkadot parachain
About 100 parachain spaces are available in Polkadot from now on. And the winners of the parachain slot auction get some of these slots. The remaining spaces go to Common goods parachains and parathreads. Regular parachain chains benefit the entire network. Polkadot Ready To Release Parachains on Kusama Network – Forex News by FX Leaders
Parachains are custom, project-specific blockchains integrated within the Polkadot (DOT) and Kusama (KSM) networks. Parachains can be customized for a variety of purposes. Basically, parachain exists as a stand-alone blockchain – with completely different tokens, governance systems, and performance. For parachains, transaction fees can be set differently than the main chain. Think of them as independent networks affiliated with Polkadot and others, allowing seamless cross-chain interaction. Polkadot parachain
Still connected to the main chain, parachains can enjoy the security of the Polkadot or Kusama network (Polkadot “canary” test network) and can share with the guarantors (people responsible for blocking the blockchain transaction) of a large chain, doubling the security of the mainchain -parachain.
How Do Parachain Slot Auctions Happen?
Parachain Auction is a 1-week candle auction which is one weekly auction. The Polkadot regime leases individual para chain spaces for up to two years.
At the end of this period, the slot will return to the auction, and the team will bid for the venue again. These vacancies can be frustrating, and teams can protect a nearby area before the end of their current lease. Polkadot parachain
Therefore, this means the continuing need for $ DOT tokens for years to come. Because well, $ DOT is the rent you pay to stay in Polkadot. Think of a rental auction. This creates a series of network outcomes in the $ DOT and ecosystem.
To participate in crowd loans, users need to lock $ DOT for two years. At the end of this period, users find their $ DOT unlocked. And even if a project fails to win a slot, it only takes a few days to open $ DOT.
Remember that the Parachains are the last piece of Polkadot’s core work. It is the key for Polkadot to see its ever-expanding multi-chain structure.
Polkadot, on the other hand, will start the auction on November 11, continuing throughout the week. This process continues until all vacancies are sold.
Note: users do not have to send $ DOT from their wallets to participate in mass lending. So the legal entities that run the crowd loan do not have to ask you to send your $ DOT to the address. So, let’s take a look at the most important forums for people to borrow from Polkadot:
Acala Network is a DeFi hub for Polkadot. It is an Ethereum-compliant platform for smart contracts. The platform offers an unreliable alternative ($ DOT liquid), stable coin combined (aUSD), and AMM DEX. The platform is considered a close relative of Karura. Since its inception in 2019, Acala has remained loyal to the road map as well.
The traditional Acala token is the $ ACA, which has a cap of 1 billion tokens. You can join the waiting list and newsletter to receive 7% $ ACA bonus prizes. Polkadot parachain
Astar is a portable, non-interactive, and segmented Web3.3 platform. It is closely related to the Shiden Network, winner of Kusama’s Auction # 3. Shiden is a Multi Chain dApps Hub in Kusama. Astar has 150,000 ETH as Total Value Locked (TVL), a community of 30,000, and more than 40 projects in its ecosystem.
Centrifuge connects assets to Defi such as invoices, houses, and buildings. Today, it has USD 36.6 million in TVL. In other words, borrowers can finance their real estate assets without banks or other intermediaries. Also, the provision of liquidity is open to the public, with investors earning $ CFG rewards.
This domain is intended to help dApps in Ethereum to process data from other chains. Altair, winner of the 9th Kusama Auction, a Centrifuge-related project. Therefore, the $ CFG is a traditional token with a cap of USD 430 mn. $ CFG is available on Coin list and CoinEx and trades at USD 2.04.
Darwinia Network connects various chains to build the next generation of Web3.0 Metaverse. Gavin Wood hailed Darwinia as one of Polkadot’s “most remarkable natural wonders.”
On the other hand, its traditional token, $ RING, has 504 million tokens as a revolving item and 10 billion as a total. $ RING is available at Gate.io for 5 cents.
Moonbeam is a related project of Moonriver, the second para chain of Kusama. This project helps to build applications in Polkadot. Therefore, Moonbeam dApps can integrate with Bitcoin and Ethereum as well. Its traditional token is $ GLMR, with a total value of $ 1 billion.
On the other hand, this platform supports Solidity, Vyper, and anything that includes EVM bytecode. Also, users can use Ethereum-based tools