Parachains officially launch on Polkadot network

The long-awaited integration of numerous blockchains into the Polkadot network ended this weekend with the formal launch of five parachains.

The five parachains that went online this weekend were picked after successful parachain auctions: Acala, Astar, Clover, Moonbeam, and Parallel Finance. During the auction period, the five projects received about 99 million DOT, valued around $2.4 billion. Winning projects basically lease their parachain slots for a period of 96 weeks.

The Polkadot team annouced:

“The launch of parachains on Polkadot represents the culmination of the original vision outlined in the Polkadot Whitepaper in 2016,”

Polkadot’s fundamental features were detailed in the Polkadot Paper, as was the network’s sharded multichain design. As explained in the article, parachains are the final piece of basic functionality to be completely released. Polkadot’s future evolution is up to its community of DOT holders, who will vote on any future modifications through the network’s on-chain governance structure.

The winning initiatives are centered on a variety of use cases, including decentralized finance and lending. The concept is that each network may accommodate distinct usage profiles while remaining connected to Polkadot’s Relay Chain.

According to a recent ecosystem map created by The Block Research’s John Dantoni, there are more than 200 projects focusing on Polkadot spanning 19 verticals.

According to a website that follows auction results, a number of further parachain auctions are presently underway.

Patrick

Coincu News