Editor's Note: This article comes fromCoin Encyclopedia (ID: coinwiki), Author: Yike Yangshu X, reprinted by Odaily with authorization.
Editor's Note: This article comes from
Coin Encyclopedia (ID: coinwiki)
, Author: Yike Yangshu X, reprinted by Odaily with authorization.
Recently, as the Polkadot ecosystem has made key progress in the Rococo V1 parachain testnet and other aspects, the performance of DOT in the secondary market has been in the limelight for a while.
However, there are also many doubts that follow, "Will DOT be the next EOS", especially "Is the Polkadot parachain slot auction a replica of the EOS super node election?"
Today we will take a closer look at Polkadot’s parachain slot auction, and take a look at the similarities and differences between it and EOS’s “Super Node Campaign”.
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What is a "Parachain Slot Auction"?
Polkadot is a scalable heterogeneous multi-chain blockchain, and cross-chain is its core vision. To achieve this goal, Polkadot's mechanism design consists of relay chains, parallel chains, and transfer bridges.
Relaychain is a blockchain created based on substrate. As the center of the Polkadot network, it is responsible for the verification of information interaction, protection and coordination of parallel chains, and maintenance of the security of the entire network;
The parallel chain (Parachain) is connected to the relay chain through the slot, and interacts with the relay chain, and is responsible for handling various "trivia". Different parachains can focus on different businesses and serve different needs;
Parachain slots (Parachain Slots) are the interface between the relay chain and the parachain. In order to share the security of the Polkadot network and conduct business interactions with other parachains, it must be realized through slots;
Parathreads (Parathreads) are designed for other requirements other than limited slots. It enjoys all the security and connection interoperability of the relay chain, and can ensure that the parachains that fail to renew the lease continue to maintain vitality, making each development team Can participate in the relay chain, everyone has meat to eat, which is equivalent to opening a fast channel for the parachain;
That is to say, all projects need to use parachains to access Polkadot ecology, and the pits of parachains are still relatively limited: because the operation of parachains needs to consume a certain amount of network computing resources, in order to ensure network efficiency and security, The number of parallel chains in the initial stage is limited, and the upper limit will be about 100, which means that the upper limit of the number of slots running at the same time is also about 100 (of course, in order to ensure that everyone can use the main network consensus, parallel threads came into being. , it is regarded as an hourly room, leave when it is used up, and does not take up space, so there is no limit on the number).
Therefore, for Polkadot ecological projects, parachain slots are regarded as "scarce resources", and auctions are held every six months, and only one slot is released each time. The lease period is 6 months. Divided into 6 months, 12 months, 18 months, 24 months.
Only those participating in the auction can bid freely, bid for a single or multiple adjacent lease periods, the highest bidder wins, and the winning bidder needs to lock (pledge) his DOT within the corresponding period. At the end of the parachain lease period, the deposit will be refunded.
If the project party has insufficient funds, it can also become a parachain through PLO (Parachain Lease Offerings, Gavin called it crowdloan, crowd loan) and apply for funding from the Web3 Foundation.
For example, through a series of incentives to attract investors to lock DOT to themselves, in turn, investors can also lock their own DOT in the auction module to support promising projects.
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What impact can "parachain slot auction" bring?
Most directly, the auction of parachain slots is undoubtedly a real demand support for DOT in the secondary market-the project party must hold DOT if it wants to bid for the slot (whether it is holding DOT by itself or through The form of PLO attracts ordinary investors to "borrow" DOT), and it is in a state of liquidity lock, so the total DOT lock rate (node pledge + auction lock) of the entire network will increase.
As of January 19, according to the data of polkaproject, there are currently 383 various ecological projects on Polkadot, and they will undoubtedly need to participate in the slot auction in the future, which is obvious for the secondary market demand of DOT support.
At the same time, the parachain slot auction mechanism actually gives us ordinary investors a good opportunity to participate - if we are optimistic about a certain project, we can lock your DOT to help them bid and help support their acceptance. down the development.
Different from the unpredictable risk of ICO, which directly sends money to the project party, the DOT in the auction is locked on the Polkadot relay chain instead of being directly given to the project party, and will be returned in full later, so if we support If the project bid is successful, these DOTs will be returned after a lock-up period (maybe half a year to two years), and if the auction fails, they will be returned shortly after the auction ends.
And when we lend DOT to the project party to participate in the auction, we can also get some token rewards corresponding to the project. This may not be a good opportunity to grow together with promising projects and share development dividends.
In other words, for our ordinary investors, the Polkadot parachain slot auction event is also a good opportunity to participate in and share the dividends of Polkadot’s ecological development. Polkadot currently has hundreds of projects gearing up. For investors, it is time to test their vision and investment discipline.
As for many people who questioned that "the story of the parachain slot auction is a replica of the EOS super node election", from the perspective of the need to lock DOT and the limited number of slots in the bidding slot, it is indeed the same as the super node auction of EOS in the past-need A large number of EOS votes, and the number of super nodes is limited.
This is indeed very easy to trigger hype in the market. In addition, the EOS super node election that year almost covered the entire circle, especially the trading platforms made great efforts to participate, and now the parties represented by the "Big Three" are also in the industry. The launch of their respective Polkadot ecological development funds is also similar to the popularity of EOS super nodes back then.
