Five parachains have been awarded slots to be the first to build upon the Polkadot mainnet. The winning projects will lease their parachain slots over the next 96 weeks (almost two years) and will focus on various niches in cryptocurrency, including decentralised finance (DeFi), crypto investments and loans, and smart contracting.
In total, nearly 99 million DOT (worth approximately US$2.4 billion) was deposited by the five top projects. The winning parachains from Polkadot’s first round of auctions are, in order: Acala, Moonbeam, Astar, Parallel Finance, and Clover.
Parachains Like a ‘Blockchain on Steroids’
Creator and co-founder Gavin Wood has long had a vision for an interconnected blockchain framework, and Polkadot was purposely built with parachains in mind. In 2016, the Polkadot Whitepaper outlined the network’s core features and told of its sharded multichain design. Built to be a network for cross-chain interoperability, Polkadot offers scalability for other chains to build on while sharing the security of the entire network. Click here to read more about Polkadot’s parachains.
Polkadot core developer Shawn Tabrizi breaks down parachains as being “like a blockchain on steroids” via Polkadot’s official Twitter page:
100 Parachain Slots to Launch on Polkadot
Over the next few months, Polkadot will allocate 100 parachain slots to various blockchain projects, although not all will go through an auction process. The next batch of auctions begins on December 23 and will see six more winning projects be awarded slots to launch on the Polkadot main network on March 11, 2022.
Recently DOT reached a new all-time high of US$54.98 after last month’s news of the impending launch of Polkadot’s parachain auctions. DOT is currently ranked #10 on CoinGecko. Across the board, the market has dipped in the past few weeks and $DOT is currently at US$24.50.
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