Before Christmas, the Polkadot parachain test network Rococo V1 was officially launched and running. Polkadot co-founder Robert Habermeier wrote, “Rococo is a public test network, jointly maintained by the Parity and Polkadot developer communities, designed to test the parachain consensus process itself and the parachain established by the community, as well as the mutual interaction.” The official launch of the Rococo V1 version means that the “big drama” of Kusama and Polkadot parachain slot auctions will gradually begin with the arrival of 2021.
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Project Overview
Acala Network
Acala Network hopes to unite with the Polkadot ecosystem to create an open financial framework. At present, it has launched the Honzon protocol for stable coins mortgaged by cross-chain and multi-assets, and the Homa protocol for releasing the liquidity of Staking assets. The parachain slot auction plan announced by the Acala project includes:
1. Acala and its leading network Karura will participate in the auction on the Polkadot main network and Kusama network respectively. Karura will plan to connect to Kusama first to become a parachain, and at the same time launch LKSM to release asset liquidity;
2. The Acala testnet Mandala has conducted cross-chain interaction tests with other Polkadot ecological projects on the Polkadot parachain testnet Rococo;
3. Acala plans to launch the derivative product PDOT in the first half of 2021, which will be used to release the DOT locked in the auction.
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Phala Network
Phala Network is the first privacy project of Polkadot Ecology. The core products of the project, pLibra and Web3 Analytics, have successively received Grant awards from the Web3 Foundation. Phala Network has announced the details of participating in Kusama and Polkadot parachain slot auctions:
1. Phala will allocate a part of PHA as a reward for successful bidding, which will be used to motivate investors who support Phala to bid for Kusama and Polkadot mainnet slots respectively;
2. Cooperate with some centralized institutions to conduct parachain slot auctions.
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ChainX
ChainX is a decentralized asset cross-chain transaction project in the Polkadot ecosystem. Any participant can competitively submit cross-chain data to each asset chain light node in ChainX. ChainX obtains the optimal chain and effective cross-chain data based on consensus algorithms. chain transactions. The parachain slot auction plan announced by ChainX includes:
1. ChainX will use 15-20% of the council fund and the computing power of the entire network to motivate supporters;
2. A series of measures are being explored, such as how to release the DOT and KSM liquidity locked in the auction, and how to attract users to lock up chips in advance. The overall plan completion rate exceeds 90%;
3. For the Kusama parachain, ChainX will launch an airdrop of MCP tokens for PCX tokens, which will be rewarded to project users as a parachain auction support;
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Darwinia
The Darwinia network is a cross-chain bridging network developed based on Substrate. Its focus areas include stable currency cross-chain, asset transaction exchange, etc. The current parachain slot auction plans announced by the Darwinia team include:
1. Darwinia Network and Pioneer Network Crab will participate in the parachain slot auctions of Polkadot and Kusama respectively;
2. Take out the native token Ring of the Darwinia project for incentives;
3. In the project's game Dapp "Evolution Odaily", provide Land rewards for auction supporters;
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Bifrost Finance
Bifrost is the basic protocol of Polkadot's ecological DeFi. It is committed to becoming an infrastructure for pledged assets to provide liquidity. Currently, it has launched a derivative vToken for staking and Polkadot parachain slot PLO. The parachain slot auction plan announced by the Bifrost project includes:
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Stafi
Stafi is a platform developed based on Substrate to provide liquidity for pledged assets. It is the first DeFi protocol to provide liquidity solutions for staking assets. Users can obtain rToken derivatives after token pledges, making it possible to conduct transactions during the pledge period. Lock asset transactions. At present, the collected information about the parachain auction of the Stafi project includes:
1. The Stafi project team is still discussing the specific slot bidding plan, including changes to the token model of the project itself, and specific incentives for reserving some tokens from the community;
2. The team has reserved 40% of the community incentive plan and will complete the distribution after the auction starts.
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Litentry
Litentry is committed to providing Web3.0 decentralized identity management services, creating an identity credit system on the chain by integrating network identity information on different chains. The information released by the project team about the parachain auction is:
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Zenlink
Zenlink is a Polkadot-based cross-chain DEX protocol, dedicated to enabling the sharing of DEX order books among the parachains of the Polkadot network. By integrating the Zenlink DEX Module, Zenlink can enable parachains to quickly have DEX capabilities and share liquidity with other parachains. The Zenlink project’s related plans for parachain auctions include:
1. Zenlink will launch the 1.0 test version according to the progress of the parachain to solve the liquidity problem of pledged KSM and DOT during the bidding process. It is planned to give priority to access to Polkadot ecological projects such as Acala, Bifrost, Stafi, etc., so that Polkadot ecological users can complete relevant DEX transactions on Zenlink;
2. Zenlink plans to take out some special Tokens to help project parties that cooperate with Zenlink participate in slot auctions.
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Crust Network
Crust Network provides a decentralized storage network for the Web3 ecosystem, supports multiple storage protocols including IPFS, and aims to build a distributed cloud ecosystem that values data privacy and ownership. Crust Network's plans to participate in parachain auctions include:
1. The Crust team added a parachain to Rococo, the Polkadot parachain test network, and entered the queuing sequence of the Rococo test network in October to maintain real-time support for technical updates related to the parachain;
2. CRU tokens will be airdropped to give back to users who support Crust to participate in the auction of Kusama and Polkadot slots.
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Plasm Network
Plasm Network is a scalable Dapp platform based on Substrate in the Polkadot ecosystem. Developers can build any application on the Plasm network without considering scalability issues. Plasm Network's preparations for parachain slot auctions are:
1. In order to participate in the auction, the Plasm project will temporarily freeze part of the network two days before the Polkadot parachain auction, and transactions on the Plasm mainnet will be temporarily effectively blocked;
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MXC
MXC is a one-stop solution provider for blockchain + Internet of Things. It adopts Polkadot cross-chain technology and realizes the interconnection of low-power wide-area networks around the world by realizing the connection of things. MXC’s auction plan for Polkadot parachain slots is as follows:
1. Using the dual token incentive mechanism of the project’s native token MXC and the “Data Highway” project token DHX, the project team will do its best to compete for the first batch of Polkadot parachain slots;
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Konomi Network
Konomi Network is a Substrate-based decentralized money market protocol designed to provide a money market for assets in the Polkadot ecosystem. According to the Konomi project, the plans for participating in parachain auctions include:
1. The project will first establish an independent testnet, then participate in Kusama’s parachain auction, and then participate in the Polkadot mainnet’s parachain auction;
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Moonbeam
Moonbeam is an Ethereum-compatible smart contract platform based on the Substrate framework. With the compatibility of Moonbeam smart contracts and Ethereum network tools, it can quickly build applications that work with users and assets on remote chains. The relevant information of the project participating in the parachain auction announced by the Moonbeam team is:
1. Moonbeam is currently running the test network and plans to participate in the Kusama parachain auction as soon as possible, and is expected to be officially launched before the Polkadot parachain auction;
2. The Moonbeam team is still waiting for the Parity team's more accurate schedule for the parachain auction;
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ONT
Ontology is a public chain project and distributed trust collaboration platform, including complete distributed ledger and smart contract system support. As an established public chain, Ontology announced around October that it would develop on the Polkadot chain, integrate Ontology’s decentralized digital identity DeID into the Polkadot chain, and also announced that it would participate in the auction of parachain slots:
1. Ontology integrates the decentralized identity solution DeID into the Polkadot chain, which will help Ontology build a parachain on the Polkadot chain in the future and participate in the parachain slot auction;
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Edgeware
Edgeware is a high-performance and self-upgradable WASM smart contract platform in the Polkadot ecosystem, which aims to solve scalability problems by adopting different architectures. Edgeware's parachain slot scheme is still in the team and community discussion stage. At present, the main parachain incentive schemes include:
1. Allocate 1.5%-3.5% of the Edgeware network to auction crowdfunding supporters;
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Equilibrium
Equilibrium is a decentralized interoperable asset market based on Substrate. Users can use Equilibrium to trade, borrow, and mortgage encrypted assets. According to the feedback from the Equilibrium team, the current parachain auction plan for the project is:
1. First, Equilibrium will have a swap plan, and the team will sell EQ tokens and convert them into DOTs for the reward plan;
2. Secondly, Equilibrium will be used to ensure that the opportunity cost of DOT can be covered during the auction of the crowdfunding module, and there will be a premium higher than the cost price in order to attract more investor support;
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epilogue
At present, the specific time node of the Kusama and Polkadot parachain slot auction has not been announced, but this does not affect the Polkadot ecological project to start corresponding preparations early, including the official announcement of the parallel chain incentive plan, updated technology to facilitate access to the parachain, etc. wait. Polkadot ecology wants to participate in the first batch of parachain slot auction Polkadot projects are not only the ones mentioned above, we will continue to pay attention to the information about parachain auction related projects in the future. With the rapid growth of the overall cryptocurrency market, it is believed that the Polkadot ecological project will take advantage of the "east wind" of the parachain to skyrocket and reach the sky.
