It’s only a little while now for Polkadot to launch its network. DOT, Polkadot’s native token is on the up and up. With the announcement by Polkadot’s team, its price went over US$45. This was its first time in five months.
Parachains are an important part of the Polkadot ecosystem. For this reason, the announcement for the schedule no doubt excited the market so much that it drove up the price upwards and got a lot of popularity and serious business. To top it off, Polkadot also finished two rounds of auctions. These were Kusama parachain auctions and both rounds were successful. The projects that had a go-round managed to raise a whopping USD 1 billion each from their crowdloan projects.
The Polkadot projects will emulate Kusama, according to Gavin Wood and Robert Hebermeler. This means that they will have 5 auctions in the first assortment. Then they will have 6 auctions thereafter. That being said, dates have yet to be set and could possibly change if the community decides to put a vote to it. Polkadot however slated November 2021, with it continuing into mid-March 2022.
That said, exciting and intriguing projects are currently being tested and validated. Once everything is underway, these anticipated auctions will likely be very competitive in nature. Numerous projects will bid for a few slots, but among those, it is possible to say there are a few that outshine their counterparts. These are mainly projects that have managed to get noteworthy community support already through crowdloans.
Easily the most popular among the projects, Moonbeam stands out. Moonbeam is a serious contender for the parachain slot. Moonbeam happens to be a smart contract-enabled parachain based on Polkadot. It boasts of complete compatibility with Ethereum. This makes it easier to build native interoperable blockchain solutions. A key advantage that Moonbeam has in comparison to alternatives is that it is scalable, fast, and cheaper. It aims to overcome Ethereum’s flaws and take advantage of Polkadot’s features.
Moonriver is a network associated with Moonbeam that is doing quite well. It is leading in the Polkadot ecosystem at the moment. From the point when it won a slot in the second Kusama auction, it has continued to flourish. Moonriver raised 205,935 KSM from over 10,000 users in this round. Ever since then, it has only gained momentum substantially. Numerous decentralized projects have now joined the Moonriver ecosystem. Some of these include decentralized markets, liquidity protocols, NFT platforms, oracles, and decentralized exchanges. All this has caused the Moonriver ecosystem to raise over US$90 million in total locked value.
Acala is a multi-chain decentralized finance liquidity hub of Polkadot. It is another important Polkadot project worth mentioning. It won a slot in the first batch of Polkadot auctions. Acala is a layer 1 smart contract platform and shines because it is highly scalable. Another advantage of this project is that it is also compatible with Etherum, which is a huge advantage. It comes bundled with liquidity and out-of-the-box financial applications within its interoperable cross-chain functionality and high-end security protocols.
The existing projects haven’t all been mentioned. Manta Network is another cutting-edge example. It is Polkadot-based and built on Substrate. It also happens to have a plug-and-play privacy-preservation protocol intended for decentralized finance. Manta Network stands out as a potential winner in the first collection of Polkadot auctions.
In this age of social media, Subsocial is a project to keep a keen eye on. It offers to address the need for a greater creator-centric social media approach. This project is welcome as it emerges at a time when many of us are concerned about social media’s impact on our lives, freedom of speech, and privacy. This project offers users the opportunity to reshape their social media experiences, between platform owners and their communities by developing their own platforms and marketplaces.