Polkadot-based SubDAO is withdrawing from auction of Parachain positions

Like a bride or groom changing their minds before the fateful “I do,” the highly anticipated Polkadot Parachain slot auction saw a candidate show up early. Now more details have emerged.

DAO run away

In its statement, SubDAO, a polkadot-based DAO protocol, announced that

“Through discussion with the development team and careful consideration, SubDAO Labs has officially decided to suspend the Polkadot Parachain Slot Auction and to give priority to cooperation with other organizations. SubDAO will use its contracts on Moonriver as a first step towards partnering with other parachains. ”

SubDAO [GOV] gives several reasons for the decision, including other growth options, multiple XCM updates, and high costs.

Given the first reason, SubDAO explains that there are other technological ideas it can explore in order to become part of the Polkadot ecosystem – like substrates and generic modules.

Next, SubDAO discusses XCM, a “cross-consensus messaging format” to support messages between chains. However, SubDAO believes that there have been many XCM updates that resulted in time consuming and bugs. SubDAO closed,

“Even if we secured a Polkadot Parachain slot at this point, the auction rent is wasted on debugging and networking. At the same time, the debugging and networking process distracts developers from their own core business. “

Finally, SubDAO raised concerns that caring for a kitten could become too much of a financial burden.

It’s not you, it’s me

So if SubDAO is doing a soul search, what is the next step? The cross-chain DAO protocol has announced that it will choose Moonriver to provide contracts. Moondriver network designation even like Moonbeam “Sister network,And is a growing parachain in the Kusama network.

Meanwhile, OKEx crypto exchange Confirmed SubDAO’s announcement and its decision to send DOT rewards to voters.

In addition, SubDAO announced that it would burn 20% of all GOV tokens in circulation to support its new strategy.

Moonlight edition

Is the ninth largest blockchain by market cap all it’s made of? The cryptocurrency researcher Max Maher compared the two polkadots [DOT] and cosmos [ATOM] use different metrics. Despite the huge differences in market capitalization, Maher found that, calculating the value of the network under Metcalfe’s Law, Cosmos would only have to grow 49% to match Polkadot’s level.

Maher goes on to argue that Polkadot could be overrated compared to Cosmos, or Cosmos could be undervalued compared to Polkadot.