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- New chances will be generated by the blockchains operating parallelly inside the ecosystem of Polkadot via associated chains and guiding towards the web3, next step towards disseminated internet.
- The major concentration of the initial 5 Polkadot parachains will be towards credits, investments, and Decentralized Finance.
- More than $3.5Billion were staked for the initial compendium of Polkadot Parachains.
Parachains Launched by Polkadot
In the past few years, the adoption of blockchains has increased significantly, where interoperability stays the prime barrier for these blockchains. Polkadot proudly launched the initial parachains set after developing it for 5 years, separate blockchains operating parallelly inside the ecosystem of Polkadot via associated chains. The achievement marks a crucial success for the tech regarding interrelated blockchains. Interaction of the blockchains will be smooth while operating under the ecosystem of Polkadot.
Allocation of slots available on the Relay chain, which is the major blockchain of Polkadot, was done using dot parachain auctions. Clover, Astar, Moonbeam, Parallel Finance and Acala, were the winners of the initial auction. The major concentration of the winners is towards various concepts like DeFi, credits, smart contracts, etc. The winners are now capable of leasing a slot on the major chain (Relay Chain) of Polkadot for as long as 96 weeks. And with the growth of the ecosystem, especially with the growing development of metaverses, different protocols will come to light. There will be many interrelated blockchains in such circumstances instead of a single blockchain.
Credits, Investments, and Decentralize Finance are the Major Focus of Polkadot Parachains
Clover, Astar, Moonbeam, Parallel Finance, and Acala will be the initial Polkadot paracains that will be going live. The major concentration of these parachains will be credits, investments, DeFis, etc. Polkadot was generated by Gavin Woods, co-founder of Ethereum, in response to the problems associated with the interoperability among blockchain and various instances. The Ethereum Co-Founder stated, “No single blockchain design works optimally for every use case. Each chain comes with trade-offs making it good for some applications and not others. The parachain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together.”
Almost $3.5 Billion were on Stake
$3.5 billion was raised by the initial 10 partakers. Acala, a scaling and Decentralized Finance platform won the initial slot. Acala Dollar, decentralized exchange, trustless staking derivatives, decentralized stablecoins are among some Defi protocols that will be pre-accessed by the users, as per a press release.
Moonbeam, a smart contract platform compatible with Ethereum, became the second winner. Initiation of the roadmap regarding going completely live on the Polkadot network was announced by the platform, which is anticipated in January 2022. More than 200k users offered DOT tokens to the crowd loan of Moonbeam. At the end of the auction, over 35 Million DOTs were contributed to the same.
Among the winners in the auction was Acala, where its Co-founder Bette Chen stated, “After taking a bet on Polkadot and the Substrate framework when we started building over two years ago, we couldn’t be more excited to be launching Acala’s Parachain to provide a DeFi platform and native, decentralized stablecoin (aUSD) to the Polkadot ecosystem and beyond.”