Already, slots for the first parachains are now on different blockchain projects on the Polkadot network. Also, it has various niches including decentralized finance (DeFi), cryptocurrency investments and loans, and smart contracting.
Furthermore, Acala, Moonbeam, Parallel Finance, Astar, and Clover are the first parachains. Of course, that will lease a slot on Polkadot’s Relay Chain for up to 96 weeks.
More so, Polkadot thinks more protocols will come to light as its ecosystem continues to grow. That’s, as a result of the rising interest in the metaverse, resulting in interconnecting chains.
More so, The development is just five years of publications of the vision of a heterogeneous multichain framework in the Polkadot whitepaper.
Of course, Polkadot’s parachain is a necessary step towards achieving Ethereum co-founder Dr. Gavin Wood’s vision.
“No single blockchain design works optimally for every use case…”
“Each chain comes with trade-offs, making it good for some applications and not others…”
“The parachain model was created with the belief that the future of Web 3…”
“will involve many different types of blockchains working together,”
Then, Dr. Wood says
Additionally, Polkadot plans to allocate 100 parachain slots in batches to different blockchain projects.
Also, preparations are already live for the second batch of the parachain auction process. Notably, the date is from December 23, 2021, featuring a total of six auctions.
Lastly, Polkadot reveals the six winning projects will launch on its main network on March 11, 2022.
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