Polkadot Developers Gains Access to Chainlink Oracle Through Moonbeam Integration

Thanks to the latest integration of Chainlink oracle into the Moonbeam smart contract platform, developers in the broader Polkadot ecosystem can now access reliable price feeds as they seek to build functional DApps. 

Webp.net-resizeimage (83).jpg

While the access to Chainlink oracles was first introduced into Moonbeam back in December last year, the access was to permit the parachain’s developers to access the needed data through the Chainlink oracle resident on Polkadot. The latest integration is a more direct linkup and is projected to expand the activities on the Moonbeam network.


“Price Feeds complete a critical component of Moonbeam’s developer infrastructure, and that’s something that will lead to the development of future DeFi products,” Niki Ariyasinghe, global head of partnerships at Chainlink Labs, said in a message.


Chainlink Oracles helps developers within a blockchain ecosystem work with external data from a particular protocol, helping to create applications based on data integrity. Considering how vital their roles are in the industry, stakeholders within the Moonbeam community had been requesting that Chainlink oracle be integrated for quite some time as confirmed by Derek Yoo, founder of the Moonbeam Network.


“Chainlink was a top requested feature from our community, and with the integration in place, friction is further reduced for developers building DeFi and other use cases,” Yoo said, noting that Chainlink is a “reliable oracle service.”


The Moonbean Network came on as the second winner of the parachain auction slot to build on the Polkadot blockchain back in November last year. Like the other winners including the Astar Network and Acala amongst others, Moonbeam is interoperable with the main Polkadot block known as the Relay Chain as well as the other parachains.


This interoperability will easily aid the integrated Chainlink Oracle to feed every developer in the Polkadot ecosystem, helping them to create new solutions across the board.

Image source: Shutterstock


Tagged : / / / /

Interlay Raises $6.5M to Bring Bitcoin DeFi to Polkadot

Key Takeaways

  • Interlay has raised $6.5 million in a funding round led by DFG.
  • The project plans to introduce tokenized Bitcoin to the Polkadot ecosystem.
  • The team is also hoping to launch a Polkadot parachain dedicated to Bitcoin-focused DeFi.

Share this article

Interlay has raised $6.5 million to introduce tokenized Bitcoin on Polkadot. The project is hoping to launch tokenized Bitcoin on Polkadot and later expand its offering to other Layer 1 blockchains.

Interlay Raises $6.5M to Launch Bitcoin on Polkadot

Interlay, a cross-chain interoperability project built on Polkadot, has closed a $6.5 million funding round.

DFG led the raise, while IOSG, KR1, Hypersphere, Nexo Finance, D1 Ventures, and Signum Capital also participated. It follows a $3 million seed funding round that took place in July 2021.

Interlay lets users lock Bitcoin on a decentralized network of collateralized vaults connecting Bitcoin and Polkadot. Users can then mint a Bitcoin-pegged token called interBTC and use it in the Polkadot ecosystem. interBTC can be used as collateral for DeFi lending and other activities like yield farming.

Tokenizing Bitcoin is not a novel concept. According to DeFiPulse, 328,651 BTC worth about $16.1 billion already lives on Ethereum in forms like BitGo’s Wrapped Bitcoin and Keep Network’s tBTC. Interlay’s solution, meanwhile, is aiming to become the first tokenized Bitcoin to launch on Polkadot via its own parachain.

DFG founder and CEO James Wo said that the team was “very proud to be an early supporter of Interlay,” and added that the solution was “expanding the cross-chain possibilities for Bitcoin.”

Unlike other tokenized Bitcoin protocols, which often depend on solutions such as centralized bridge contracts, the Interlay team claims thay interBTC is fully non-custodial. The interBTC founders have developed a decentralized protocol called XCLAIM that can be used to lock, issue, and redeem Bitcoin. The system is supported by non-custodial collateral vaults that maintain the physical backing of interBTC.

In the press release announcing the raise, Interlay’s co-founder and CEO Alexei Zamyatin discussed the project’s value proposition, explaining that “Bitcoin DeFi so far relies on centralized providers” and that interBTC offers a “trustless and decentralized alternative.”

The interoperability project first began its crypto journey after receiving a grant from the Web3 Foundation in March 2020. It’s currently running a canary network called Kintsugi on Kusama. The Interlay team says its next step is to launch a parachain. Polkadot has already concluded its first batch of parachain slot auctions and opened the network to the first five auction winners.

Interlay will participate in Polkadot’s second batch of auctions commencing Dec. 23, 2021. If it secures a parachain, Interlay will aim to integrate interBTC with the DeFi projects that already have their own parachains such as Acala and Moonbeam. After that, its roadmap includes plans to launch on other networks like Ethereum, Cosmos, Solana, and Avalanche.

Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.

Share this article


Tagged : / / / / /

Polkadot Has Launched Parachains

Key Takeaways

  • Polkadot’s first five parachains have gone live.
  • Acala, Moonbeam, Parallel Finance, Astar, and Clover are the first projects to launch on the network.
  • The next batch of parachain auctions will kick off on Dec. 23.

Share this article

The first five parachains have gone live on Polkadot. 

Parachains Finally Land on Polkadot

Polkadot has launched its first five parachains, kicking off the blockchain’s path to becoming an interoperable ecosystem.

Polkadot has been hosting parachain slot auctions since Nov. 11. Projects hoping to win a slot hosted crowd loans to raise DOT and staked the tokens they received to bid on parachain slots. The first five auction winners were Acala, Moonbeam, Parallel Finance, Astar, and Clover, projects focusing on decentralized finance, cross-chain interoperability, and other use cases. Each project now has a parachain lease until Oct. 20, 2023. 

Acala, a project aiming to create a DeFi hub on Polkadot, is among the most anticipated parachains set to deploy on the network. The project’s co-founder Bette Chain said of the launch:

“We couldn’t be more excited to be launching Acala’s parachain to provide a DeFi platform and native, decentralized stablecoin to the Polkadot ecosystem and beyond.”

Polkadot is a smart contract blockchain that will host up to 100 parachains. Founded by former Ethereum CTO Gavin Wood, it focuses on enabling application-specific parachains to communicate with each other. Parachains are secured by Polkadot’s main central chain, which is called the Relay Chain. Parachain slots are auctioned off to teams over a period of 96 weeks. 

Despite the rapid growth in the number of public blockchains, interoperability between chains is yet to mature. Sending tokens and data across chains presents challenges because every the blockchain ecosystem is fragmented. While many interoperable bridges have emerged, they are generally considered risky due to their dependence on centralized processes such as token wrapping. 

To address the interoperability issue, Polkadot enforces cross-chain communication at the protocol level and natively secures Layer 1 parachains through a process called shared security. Discussing how the parachain model solves the problem of and the novel value they create for Web3 space, Wood said:

“The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the Internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this.”

With only five parachains operating on Polkadot so far, additional slots will be allocated in batches over the coming months. The next batch of Polkadot parachain auctions is slated for Dec. 23, with auction winners to be awarded on Mar. 11, 2022. 

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. 

Share this article


Tagged : / / /

Moonbeam Wins Second Parachain Auction Slot on Polkadot

Moonbeam, an emerging protocol that prides itself as one of the most powerful Ethereum-compatible smart contracts on the Polkadot blockchain, has won the second parachain auction slot, riding on the wings of over 200,000 of its diverse community.

The keenly contested auction ended in the protocol’s favour after it secured a total of 35 million DOT (approximately $1.4 billion) from the participating community members.

The Polkadot blockchain is building its capability to host parachains or sub-smart contracts that can foster robust interoperability and transfer assets across the board. With five parachains billed to be floated in December, the Moonbeam success in the auctions trails that of Acala which Blockchain.News reported made the first breakthrough last week.

“Moonbeam has set a new precedent for crowdloans, receiving the largest total contribution from the most contributors by far,” the Moonbeam Foundation said in the official announcement. “Over 200,000 participants contributed DOT to the crowdloan across all sources, including the Moonbeam Foundation DApp, supporting exchanges, wallets, and liquid staking providers. The average contribution was approximately 170 DOT per participant, indicative of the broad participation from Moonbeam’s global community.”

At present, more than 95 million DOT tokens, approximately $3.8 billion, have been locked in crowdloans for parachain projects across the ecosystem. There are three more protocols in the running to win a slot as part of the parachains on Polkadot. Based on the total contributions in each protocol, according to data from Parachains.info, Parallel Finance, Astar, and Clover Finance are the most favoured to win the auctions at the time.

While the contributed DOT tokens are billed to be locked for the duration in which the parachain slot will be leased, participants are billed to be incentivized adequately for their support. The Moonbean Foundation said its rewards now account for 15% of its total GLMR token supply.

Image source: Shutterstock


Tagged : / / / /

Acala Wins Polkadot’s First Parachain Auction

Key Takeaways

  • Acala has secured a parachain on Polkadot.
  • The DeFi project narrowly beat Moonbeam in Polkadot’s first candle auction.
  • Parachain auctions are scheduled to run weekly through November and December. The second batch will commence on Dec. 23 and run fortnightly into early 2022.

Share this article

Acala received 32.5 million DOT worth $1.27 billion for the auction. 

Acala Secures Parachain Slot 

Acala has won Polkadot’s first parachain auction. 

The smart contract platform, which sells itself as Polkadot’s DeFi hub, announced the news late Thursday following a seven-day auction. “Thank you to everyone who took part in this historic event,” a tweet read. “We’re looking forward to kicking off the multi-chain future with you!”

Dan Reecer, VP of Growth at Acala, told Crypto Briefing that while the team had “no expectation” to win, but that it was pleased with the outcome. He added: 

We knew that the Polkadot community is thriving and incredibly supportive of all the parachains. We worked hard to educate the community, onboard them to the Polkadot wallet, and support them through the process, so it’s fantastic to see over 81,000 participants supporting Acala in the end.” 

Acala received 32,515,989.5 DOT worth roughly $1.27 billion from 81,218 contributors. Based on the total DOT received, Acala will distribute 105,893,309.1 ACA tokens to its community of contributors. Additionally, 24,116,159.8 LCDOT tokens will be distributed to crowdloan backers for use in the Acala Network. LCDOT is a liquid token that represents DOT while it’s locked up. 

Acala is one of the leading projects built on Polkadot. It’s hoping to become the home of DeFi on the network, with plans to launch products like an automated market maker, liquid DOT staking, and a decentralized stablecoin called aUSD. Acala is also optimizing for interoperability with the Ethereum Virtual Machine. 

To be eligible to join the network, projects must secure one of 100 parachains, individual blockchains that connect to Polkadot’s Relay Chain to make the network scalable and interoperable. 

Polkadot is currently in the process of holding auctions for projects hoping to join the network. In each auction, projects must raise funds in the form of Polkadot’s DOT token from their respective communities. The DOT gets locked until the parachain lease expires. To reward users for contributing DOT, projects typically native tokens. In this case, contributors will receive Acala’s ACA token. 

The first parachain auction launched last week and saw fierce competition between Acala and the cross-chain platform Moonbeam. Soon after launch, both projects had raised millions of DOT tokens, significantly outpacing every other entrant by a significant margin. Interestingly, data from DotMarketCap shows that Moonbeam received more DOT than Acala with 34,161,504 tokens contributed, but Acala won due to the candle auction format. 

The winner of the auction was determined by the project that had the most DOT contributed at a randomly selected point. The candle blew out at 20:32:42 on Nov. 15, at which point Acala was leading. The Moonbeam team congratulated Acala on winning the slot, commenting that “Polkadot’s success will be reflected in the activity that all its parachains will bring to its ecosystem.” 

Reecer told Crypto Briefing that Acala would launch on Dec. 18, with plans to roll out its Liquid DOT staking, the aUSD stablecoin, and automated market maker to follow into next year. “We are really excited for all that is to come in 2022 and beyond,” he said. Acala will have the parachain lease until it expires on Oct. 20, 2023. 

The first set of parachain auctions are due to run weekly from November through December, with the next one commencing today. An initial 11 slots are up for auction. The second batch of auctions will commence on Dec. 23 and run fortnightly. Each one is due to last seven days. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

This news was brought to you by ANKR, our preferred DeFi Partner.

Share this article


Tagged : / / / / /

What Are Polkadot’s Parachain Auctions?

Key Takeaways

  • The Polkadot ecosystem will host projects on individual networks called parachains.
  • The first Polkadot parachain auction is set to begin Nov. 11.
  • Acala, Moonriver, and Phala are three standout projects hoping to launch on Polkadot.

Share this article

The Polkadot ecosystem is preparing for one of its biggest events to date: the launch of parachain auctions. 

Polkadot Prepares for Parachain Auctions 

Layer 1 smart contract platforms like Solana, Avalanche, and Cardano have exploded in recent months. Polkadot is a similar network with big potential, but it takes a different approach to other Layer 1 blockchains by allowing for multiple chains known as parachains to be built onto the Polkadot network. Polkadot’s founder Gavin Wood touts the network as “a bet against blockchain maximalism.” 

The Polkadot network is comprised of a core relay chain to which several parachains connect. Each parachain acts a separate blockchain but comes with built-in interoperability with all other parachains on Polkadot. Parachain slots are limited, so competition is fierce over which projects will be able to secure them through the parachain auctions.  

The upcoming parachain auctions are a key steps towards Polkadot achieving its mission to become a scalable multi-chain network. This feature explores parachain auctions and some of the most prominent projects that could be joining the network in the coming months. 

What Is Polkadot?

Polkadot’s name itself goes some way to explaining how the project works. The Polkadot network can be thought of as an array of circles on a canvas, where each circle represents a different project. Polkadot is the base layer each project is built on. Projects that connect to Polkadot will be interoperable with one another, and every parachain will leverage the security of the Polkadot network while maintaining its own governance structure. Additionally, Polkadot says it is “future-proof” because it can upgrade without hardforks (other similar blockchains like Ethereum regularly complete hardforks for major upgrades). 

Polkadot’s Relay Chain launched its mainnet in May 2020, and its DOT token is currently the eighth largest cryptocurrency by market capitalization. Prior to launching Polkadot, Wood played a major role in the development of Ethereum and Solidity, the programming language for apps that run on Ethereum. He went on to set up the Web3 Foundation and Parity Technologies, the teams behind Polkadot, Kusama, and the Substrate programming language. 

Polkadot is frequently described as an “Ethereum killer,” though Wood has previously disagreed with this characterization. He recently said that just as one should not bill Microsoft as a Chrysler killer, one should not bill Polkadot as an Ethereum killer. 

Polkadot has four main components: the Relay Chain, parachains, parathreads, and bridges. The Relay Chain can be thought of as Polkadot’s heart. Parachains connect to it when they join the network. The Relay Chain itself does not support smart contracts and it only handles a small number of transaction types such as staking.

The slots parachains connect to are similar to cores on a computer processor. Bridges, meanwhile, connect parachains and parathreads to external networks such as Ethereum. Parachains are individual blockchains. Parachain auction winners can lease a slot for up to two years. Parathreads, meanwhile, allot eligibility for up to six months on a pay-as-you-go basis.  

To achieve consensus, Polkadot needs to fill four roles: nominators, validators, collators, and fishermen. Nominators stake DOT to validators they deem as trustworthy in order to secure the relay chain. Validators also make sure that every parachain “state” sent by collators is correct. Collators maintain parachains and participate in consensus. Fishermen report bad behavior to validators; the role can be filled by both collators and parachain nodes. 

What Are Parachain Auctions?

The parachain slot auction process was initially tested on Kusama, Polkadot’s Canary Network. On Oct. 13, the Polkadot community approved a proposal to launch parachain auctions. They’re set to commence Nov. 11, with an initial 11 slots due to be auctioned. Eventually, Polkadot is expected to host 100 parachains in total. 

The first 11 auctions will be split into two batches: the first batch will be auctioned weekly from Nov. 11, while the second batch will be auctioned fortnightly from Dec. 23. Each auction will last seven days. 

The auctions will adopt a modified version of the candle auction format. The winner of each auction will be determined by which project has the most DOT backing it at a randomly selected point. Polkadot will use this methodology to prevent last-minute bidding wars. Parachain auctions can reward leases of up to two years, while leases up to six months are available for parathreads. 

Initial Parachain Offerings

Many different types of projects can run on a parachain. These include DeFi applications, digital wallets, Internet of Things applications, GameFi projects, and Web 3.0 infrastructure. 

As the winning parachain slots go to projects with the highest DOT contribution at the end of the auction, many projects are unable to contribute enough DOT to secure a slot. This is where crowdloans come in. 

The so-called “Initial Parachain Offering” (a play on Initial Public Offering for equities) allows DOT holders to contribute funds to a project they want to support, as long as they live in a region that is not restricted from participating in the crowdloan. Many crowdloans have already taken place on Kusama, with hundreds of projects hoping to integrate onto the Polkadot network. It is worth noting that the Web3 foundation could potentially influence the projects that win slots through grants or DOT contributions—it’s already funded several Polkadot projects.   

Some projects have adopted strategies such as rewarding DOT contributors through airdrops. Any DOT contributed to a project for an auction gets locked until the lease expires. At that point, the project has the option to enter a new auction to win the slot again. 

It is worth noting that Polkadot also has its own “Common Good Parachains.” Slots can be allocated if it is perceived to benefit the overall network, “without requiring a bond, in perpetuity.” Such slots might be filled by a sophisticated governance chain or bridges. 

Polkadot Projects to Watch

Many projects are currently being built in preparation for the full launch of the Polkadot ecosystem. Perhaps the most notable to date are Acala, Moonbeam, and Phala. 


Acala is aiming to become the go-to DeFi protocol for Polkadot. It’s scalable, optimized for DeFi and offers EVM compatibility. Acala’s key products include an automated market maker, a decentralized stablecoin, liquid DOT staking, and Ethereum interoperability. 

Acala was founded in 2019, and has many prominent backers including Coinbase Ventures and Pantera. One of its founders, Fuyao Jiang, built the Polkadot-focused mobile wallet Polkawallet. Moreover, it has received several grants from Gavin Wood’s Web3 Foundation. Acala’s sister network, Karura, won the first slot auction on Kusama after raising over 500,000 KSM tokens. Karura currently has roughly $280 million in total value locked. 

Acala will reward DOT contributors with ACA tokens, though full details on the distribution are still to be confirmed. 


Moonbeam is a decentralized smart contract platform that seeks to help integrate Polkadot parchains and connect them to other blockchains like Bitcoin and Ethereum. It bills itself as “the easiest path to multi-chain.” Moonbeam’s sister chain, Moonriver, won the second Kusama auction after raising 205,000 KSM. Dozens of existing projects are already building on Moonbeam, including Chainlink and SushiSwap.

Moonbeam’s native token is GLMR. 10% of the genesis GLMR supply is due to be allocated to crowdloan contributors, though registration to the crowdloan is limited to those in certain regions. 


Phala is a decentralized, privacy-preserving database that has smart contract functionality. Founded in 2018, it’s one of the earliest projects hoping to launch on Polkadot. Given the public, transparent nature of information on blockchains, Phala allows for confidential or sensitive data to be handled by the blockchain. As technologies like ring signature and zk-SNARKS focus on providing privacy for cryptocurrencies rather than smart contracts, Phala offers a unique use case, dubbing itself as the “Global Confidential Compute Cloud.” 

Phala’s PHA token is already tradable on open markets as an ERC-20 token. Like Acala and Moonbeam, Phala has a large community, which may be a sign that it will have significant crowdloan support in the upcoming parachain auctions. Phala has also received grants from the Web3 foundation. 

Parachain Auctions and the Future for Polkadot

It’s clear that many people are betting on the multi-chain, anti-maximalism world that Polkadot is hoping to bring: the DOT token has risen roughly 380% since its recent July lows. Parachain auctions could usher in a significant new phase for the ecosystem as it takes a step closer toward achieving interoperability. 

Disclaimer: At the time of writing, the author of this feature held DOT, ETH, BTC, and several other cryptocurrencies.

Share this article


Tagged : / / / / / / /

Polkadot Breaks New Highs, Kusama Surges on Parachain Developments

Key Takeaways

  • Polkadot is getting closer to its first parachain auction on Nov. 11.
  • Picasso has announced it is Kusama’s 12th auction winner.
  • DOT and KSM look primed for higher highs.

Share this article

Polkadot and Kusama’s vision of enabling multiple blockchain ecosystems or networks to communicate with each other is moving closer to becoming a reality. Polkadot is set to launch parachain auctions this month. 

Polkadot’s Parachain Auction on the Horizon 

Polkadot is making significant strides to make cross-chain interoperability a reality. 

In an unanimous vote, the community has passed a motion to enable parachain registration and crowdloans. Developers will be able to register their parachains and seek additional funding as soon as Nov. 4. 

However, the first parachain auctions are not set to begin until Nov. 11. The auctions are crucial to deciding which projects will be selected to receive the right to develop a parachain integrated on Polkdot’s blockchain. 

On the other hand, Kusama, the pre-production environment blockchain for Polkadot, has already conducted several parachain auctions. Composable Finance’s Picasso project secured a slot Monday, becoming the 12th auction winner. With the new resource, Composable Finance aims to deliver a comprehensive decentralized finance ecosystem for Polkadot. 

Picasso’s head of product, 0xbrainjar, said the project was launching on Kusama to “test out performance there, before opening up even further community development and participation opportunities.” Further details, including a detailed roadmap, will be released in the coming weeks.  

The recent developments around Polkadot and Kusama have not been unnoticed. Their native tokens, DOT and KSM, have enjoyed bullish price action over the last 36 hours, both gaining over 15% in market value. 

Now, the two assets appear to be preparing to advance higher.

DOT and KSM Break Out

Polkadot has entered price discovery mode after breaching its previous record high at $49.86. DOT appears ready to advance further despite the significant gains posted, especially if it can slice through the Tom DeMark (TD) Sequential indicator’s breakout line at $53.30. It’s currently trading at $52.21. 

The formation of a parallel channel on Polkadot’s daily chart prints a similarly optimistic outlook. Every time DOT has risen to this technical formation’s upper boundary since Jul. 20, the uptrend has reached exhaustion, leading the price to retrace to the pattern’s lower edge. From this point, the price tends to rebound, which is typical activity for an asset in a parallel channel.

As the recent upward impulse follows a rebound from the channel’s lower boundary, the technical formation suggests that Polkadot could surge toward the middle or upper trendline. These potential areas of resistance sit at $60 and $89. 

Polkadot must continue to trade above $41 for the bullish thesis to hold. Failing to do so could result in a brief correction to $35 or even $30. 

Polkadot US dollar price chart
Source: TradingView

Kusama could also be about to experience a significant upward impulse as it approaches the TD’s breakout line at $441. This crucial area of resistance has prevented KSM from advancing further several times since the beginning of September. A successful breach of this barrier could encourage sidelined investors to enter long positions in preparation for a significant price increase.

Under such unique circumstances, Kusama would likely target $512 first. If it overcomes this resistance wall, prices could rise further to retest the May 18 all-time high at $626.68. 

Kusama US dollar price chart
Source: TradingView

In the event of a market sell-off, the $384 support level or the 61.8% Fibonacci retracement level at $327 could prevent Kusama from incurring significant losses. 

Disclosure: At the time of writing, the author of this feature owned BTC and ETH.

Share this article


Tagged : / / / / / / /

Polkadot Community Approves Parachain Auctions

Key Takeaways

  • The first Polkadot parachain auctions will begin in November.
  • The move is seen as a major step toward enacting multichain interoperability.
  • DOT token is responding to the news.

Share this article

 A proposal for Polkadot’s first parachain auctions was approved by its community today. These parachains are said to be the “last piece of core functionality” needed for Polkadot to realize its goal of multichain interoperability.

Polkadot Community Approves Proposal for Parachain Auctions

Polkadot, a layer-1 project promising to make blockchain networks interoperable with one another, took a major step toward that goal today by voting to approve a proposal to launch its first parachain auctions. 

The proposal was introduced on Polkadot’s community governance discussion platform, polkassembly.io, by Web3 Foundation member Joe Petrowski. He laid out that, given the success of Kusama’s parachains, as well as Parity’s public assessment that “the code for parachains, auctions, and crowdloans is ready for an initial production release,” Polkadot should be ready for this critical move. 

Parachain auctions decide which blockchain projects will be selected to receive one of Polkadot’s parachain “slots,” of which there are only a limited number that can only be changed through a governance vote. The winners of these slots win the right to develop a parachain integrated with Polkdot’s main blockchain. 

The winners of the auctions are determined not by the highest bidder at the time the auction ends, but rather by who was the high bidder at a randomly selected point in time during the auction’s duration that cannot be known until the auction is complete. 

There will be 11 parachain auctions divided into two batches. The first batch will start on November 11, with one auction per week, and the second batch will begin on December 23, with one auction every two weeks. In both cases, the auction duration will be seven days. 

When asked last month about the timeline for parachain auction launches, Polkadot co-founder Gavin Wood said, “It’s really just up to the governance of Polkadot… I can’t flick the switch myself.” In a nod to the nimbleness of the Polkadot governance community, just yesterday Wood tweeted

“Whereas other chains take months or even years to deploy an upgrade, @Polkadot and @KusamaNetwork created, voted and deployed new logic on to [sic] the chain within 8 hours. All going through a secure, stakeholder-governed decentralized process.”

Polkadot’s native DOT token has responded, up over 17.5% at the time of writing. Trading volume is up over 100% in the last 24 hours. 

SIMETRI Research
Sanctor Turbo Demo Day

Toward Multichain Interoperability 

Polkadot is a protocol that enables different blockchain networks to work together. Parachains are individual layer-1 blockchains that run parallel to the Polkadot Relay Chain, where their transactions are finalized. Parachains make interoperability between blockchains possible by connecting their architecture. Currently, there are roughly 100 parachain slots available on Polkadot. 

Kusama is an experimental blockchain that has been used to prepare Polkadot for parachain auction launches.

(Disclaimer: At the time of writing, the author of this feature owned DOT, BTC, ETH, and several other cryptocurrencies.)

Share this article


Tagged : / / / /

The Launch of Parachains: Where Are They Now?

Parachains are all the rage in the blockchain community right now.

In case you haven’t already heard of them, ‘parachains’ are next-gen blockchains that have been designed to transcend the limitations of legacy blockchain networks and break down the barriers created by the centralized web. They are integrated within the Kusama (KSM) and Polkadot (DOT) networks, and interconnected to form what is known as the ‘Kusama ecosystem’.

So far, Kusama has six parachains. Five of them were sold via auction between June 15th and July 20th.

Here’s a basic rundown of what each parachain does, and where in its roadmap each parachain currently is:

  • Statemine is a common-good parachain for digital assets. It was Kusama’s first live parachain. The Kusama Council recently passed a motion to authorize the upgrade of Statemine to make it permissionless. Once the network enacts this upgrade, anyone will be able to create assets and NFTs on Statemine with a 1 KSM deposit for each asset class.
  • Karura is a DeFi-Specific hub that enables users to swap, borrow, lend, and earn. It has recently completed Phase One (Crowdloan & Action), and Phase Two (Govern via PoA), of its launch process. It has now moved on to Phase Three, in which it will implement Govern via Council.
  • Moonriver is an Ethereum-like EVM compatible blockchain. It has recently completed Phase One of its five-stage launch process, which involved decentralizing and adding third-party collators to the active set. It has now entered Phase Two, which will enable on-chain governance.
  • Shiden is a smart contract platform that supports both Ethereum Virtual Machine (EVM) and WebAssembly. It is now working on Phase Two of its launch process. As part of this phase, enabled proof of staking will allow projects to start to get rewards from the network. Smart contracts and dApps will also be enabled, and collators will be increased.
  • Khala is a smart contract platform for confidential contracts. It is designed to tackle the issue of trust in the cloud by providing computing power to other blockchain applications while protecting the data layer. On July 26, Khala announced that it had finished implementing the Phala blockchain and the Khala parachain. It also announced that the Phala wallet had officially been launched, and that 24,961,006 K-PHA (the equivalent of almost U.S. $20 million) had been distributed, which was claimable on the wallet.
  • Bifrost is a DeFi protocol designed to stake liquidity of different PoS chains. It won the fifth round of the Kusama parachain auction most recently on July 20. On July 24, Bifrost publicly outlined its plan to promote the application and ecological development of derivatives. More recently on July 29, it announced that the Bifrost parachain mainnet is live, and that the collator has been upgraded to version 0.9.8.

Ultimately, parachains will enable Polkadot to realize its scalable multi-chain architecture. As outlined in the Polkadot whitepaper, parachains are the last piece of core functionality to be delivered for the platform. As it stands, Polkadot and Kusama are expected to only support up to 100 parachains slots on their networks.

Once everything is running smoothly, it will be completely left up to the community to determine how Polkadot develops, and which features and network upgrades are added over time. It will be interesting to see

Important Note: There have been reports of scammers approaching companies via Telegram, LinkedIn and Other Social platforms purporting to represent Blockonomi and offer advertising offers. We will never approach anyone directly. Please always make contact with us via our contact page here.


Tagged : / / /

Kraken launches Kusama Parachain Auction platform as KSM defies downtrend

U.S. cryptocurrency exchange Kraken has announced a “first-of-its-kind” Parachain Auction Platform enabling clients to participate directly from the exchange.

In a blog post on June 8, Kraken revealed the new platform will enable users that qualify to pledge support for Kusama projects vying for a Parachain slot by staking Kusama’s KSM tokens.

The rewards for contributors who support a winning bid vary and can include referral bonuses, early participation bonuses, and airdrops.

Polkadot’s multi-chain ecosystem will use sharded sidechains to process transactions in parallel. These Parachains are acquired in the auction process whereby projects try to outbid each other for the right to use the slot for 48 weeks with KSM tokens. Kusama is the testing and development network often dubbed Polkadot’s “Canary network.”

Only 100 Parachain slots are expected to be available, but this may change through protocol governance votes over time.The post stated:

“For Kusama auctions, the project with the most KSM bonded to support its bid, at the time the auction snapshot is taken, will generally be able to claim the auctioned parachain slot.”

The platform is not available to residents of the US, Canada, Japan, and Australia.

In its first Parachain auction, Kraken will allow clients to support the bids of at least two projects, starting with Karura and Shiden.

Karura is a DeFi hub and stablecoin platform for the Kusama network offering a crypto-collateralized stablecoin, a decentralized exchange, access to liquid staking, and an EVM (Ethereum Virtual Machine) compatible blockchain.

Shiden is a smart contract layer for the Kusama network upon which developers can design and build new DApps. It will be a cross-chain platform that also supports Ethereum and layer two protocols.

As reported by Cointelegraph, Polkadot creator Gavin Wood has proposed June 15 for first the Kusama Parachain auction. Following the first five weekly auctions, Wood recommended a pause to evaluate the performance of the network before commencing another batch of auctions.

In late March Acala Network was the first project to secure a Parachain slot on Polkadot’s Rococo testnet. On May 17, Polkadot announced that Kusama was finally ready to host Parachains.

The impending auction launches have given a boost to Kusama’s KSM token which has defied the market slump and surged 28% over the past fortnight. According to CoinGecko, KSM is up 12% over the past 24 hours, trading at $410 at the time of writing.


Tagged : / / / / / /
Bitcoin (BTC) $ 26,573.12 0.22%
Ethereum (ETH) $ 1,592.09 0.26%
Litecoin (LTC) $ 64.83 0.30%
Bitcoin Cash (BCH) $ 209.07 0.48%