SubDAO pulled out of the Parachain auction on Polkadot at the last minute

SubDAO pulled out of the Parachain auction on Polkadot at the last minute. The Polkadot Parachain auction saw a “faster turnover” when a project requested to withdraw from the game at the last minute.

Give up DAO

In its statement, a Polkadot-based DAO protocol, announced:

“Through discussion with the development team and careful consideration, SubDAO Labs have officially decided to stop the Parachain auction on Polkadot and to give priority to cooperation with other organizations. As a first step in this plan, SubDAO will use its contracts on Moonriver. “

SubDAO gave several reasons for this decision, including other development opportunities, multiple XCM updates and high costs.

As a first reason, SubDAO explains that there are other technological ideas to become part of the Polkadot ecosystem – like substrate (substrate) and generic modules.

Next, SubDA discusses XCM, a “cross-consensus messaging format” to support messages between chains. However, SubDAO believes that there have been too many XCM updates that have wasted time and caused a lot of errors.

“Even if it is possible to secure a parachain position on Polkadot at this point, the debug and connect lease will be wasted. In addition, the debugging and connection process distracts developers from their core business. “

Problems have to be slow

Vy, if SubDAO researches carefully, what’s the next step? The cross-chain DAO protocol announced that it would choose Moonriver to provide contracts. Moonriver Network refers to itself as the “sister network” of Moonbeam and a growing parachain in the Kusama network.

Meanwhile, the OKEx exchange confirm SubDAO announcements and the ability to send DOT rewards to voters.

“Since SubDAO decided to stop the Parachain position auction on Polkadot – OKEx stopped voting on December 3rd (UTC) at 12 noon and sent a bonus of 10% DOT of the total votes to compensate those who lost their money to have “.

In addition, announced that they will burn 20% of the GOV tokens in circulation to support their new strategy.

Cryptocurrency researcher Max Maher previously suggested that Polkadot is overrated compared to Cosmos, or Cosmos may be undervalued compared to Polkadot.

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