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Acala Wins Polkadot’s First Parachain Auction With $1.3 Billion Secured

Acala, an Ethereum-compatible DeFi protocol for scaling DApps, has secured the first slot on the much anticipated Polkadot’s parachain auctions. 

  • Acala, a decentralized Layer-1 smart contract platform, recently won the first slot on the parachain auction on Polkadot with a total of 32,515,989 DOT ($1,250,895,296) locked from over 81,000 community members. The funds will be used for a myriad of cases.
  • The first features include launching a stablecoin on the Polkadot network and building a decentralized exchange (DEX).
  • The Polkadot community highlighted Acala as the most likely parachain to win the auction after raising over $600 million last week. 
  • The protocol will be onboarded on Dec. 18 alongside the other first five auction winners. Moonbeam is could become the second winner after reaching over 5 million transactions on its network and becoming the leading parachain on Kusama —Polkadot’s sister network.
  • Polkadot parachain auctions started on Nov. 11 after years of planning and building, to allow developers to integrate their own customized, project-specific blockchains on the Polkadot ecosystem.
  • CryptoPotato reached out to Acala, asking what’s next in the project’s pipeline. Speaking on the matter was Dan Reecer, VP of Growth, who said:

Now that Acala has secured a spot to launch on Polkadot, the real work in launching our blockchain begins. We will begin launching on December 18th, and this will start a phased rollout of several products. Going into 2022, we will launch our Liquid DOT (LDOT) staking product, our decentralized stablecoin aUSD, our AMM-style DEX, and our EVM+ development environment. This launch phase will also include progressive rollout of Acala’s on-chain governance. We are really excited for all that is to come in 2022 and beyond.

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Moonriver Surpasses 8 Million Transactions as Polkadot Parachain Auction Progresses

Moonriver, a canary-test network for the Moonbeam protocol, reached a milestone this week by hitting eight million transactions on its network, becoming the leading parachain in Kusama.

  • The platform announced on Twitter that it had reached the multi-million transaction count on Nov. 10, making it the largest adopted parachain on the Kusama Network.
  • Moonriver is one of the many successful parachains on Kusama, and it has secured a parachain slot for 2022 with over 60+ live integrations, 173,000+ wallets, and 2,000+ ERC-20 tokens supported.
  • Kusama is the sister network of Polkadot, which soared 15% to a new ATH following the anticipation for parachain auctions, allowing developers to register their parachains and seek crowd loan funding.
  • Moonriver is a canary-test network of Moonbeam, meaning it’s a small version of the original Moonbeam code used to test and carry out new features for a subset of voluntary users. 
  • At the time of this writing, Moonbeam sits at the number two spot of Top Five Crowd Loans on Polkadot’s first parachain auction and has raised upwards of $1 billion through its crowd loan.
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Polkadot Parachain Auctions Start Today: What You Need to Know

Parachains are an integral component of the Polkadot structure and vision. They are intended to connect to Polkadot by leasing a slot on the Relay Chain for up to 96 weeks with an option to review.

As CryptoPotato reported earlier in October 2021, after years of development, the team finally greenlighted parachains and said they are ready to be integrated while also proposing a date for the first Parachain Auction.

In this article, we attempt to breakdown the following concepts:

What is a Polkadot Parachain?

Essentially, parachains represent custom and project-specific blockchains that are integrated within the Polkadot network. They can be customized for a range of different use cases and feed within the main blockchain, which the team calls the Relay Chain – this is considered to be the backbone of the entire Polkadot network.

The Relay Chain is the one who’s responsible for the network’s integrated security, transaction settlement, and consensus. When integrated within it, all parachains benefit from the base features of the Relay Chain.

Although both projects are geared towards enabling developers to build various products and tools on their blockchains, Ethereum and Polkadot (where usually lies the comparison) are particularly different.

With Ethereum, decentralized applications (dApps) are created within the bounds that are set by the blockchain itself. With Polkadot, developers can create their own independent blockchains, which are maintained by collator nodes, storing the full history of each parachain and aggregating the parachain transaction data in blocks, which are then added to the Relay Chain.

And while the first Parachain slot auction began on November 11th, 2021, the team has been using Kusama – Polkadot’s Canary Network, to test out the concept at length. You can learn about Kusama in our guide here.

However, there are designated slots for parachains to be added to Polkadot’s Relay Chain, and these slots are being auctioned off where the winner gets to deploy their project for up to 96 weeks with the option to renew.

polkadot_cover

How do Parachain Auctions Work?

There are a few different things to consider when discussing parachain auctions.

Bonding is the process of locking up a number of DOT tokens throughout the entire duration of the lease. This is required to bid in the auction, and the bonded DOT cannot be used for any other activities.

This could also be regarded as an opportunity cost of not being able to use the locked DOT for other purposes, although the full amount is unlocked once the lease ends.

  • Auction Duration

The duration of the auction is open for a period of around a week, and at the end of the bidding period, the precise moment of the close is determined retroactively.

This is put in place to prevent sniping.

  • Slot Duration

Each slot on Polkadot’s Relay Chain can be leased for no more than 96 weeks. Projects are able to choose the length of the desired lease through 12-week increments, which are referred to as lease periods.

  • Crowdloans

Some teams might not be able to fund the auction on their own and might opt to bid with the help of a crowd loan campaign, allowing them to accept contributions from various DOT holders. The latter are then rewarded in a range of different ways, including through a distribution of the native token of the parachain.

The first-ever auction on Polkadot happened on November 11th, 2021, with an ending period of November 13th, 2021. The winning parachains are onboarded on December 17th, 2021.

For a closer look into the auction schedule of the first batch of five projects, take a look at the official website.

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Composable Finance Wins Kusama’s 12th Parachain Auction With a $45M Fundraiser 

Composable Finance has been declared the winner of the 12th parachain auction organized by Polkadot’s canary network, Kusama.

“We at Composable, are elated to announce that our efforts to obtain a Kusama parachain for Picasso have been successful — thanks to the immense support from you, our Community,” the project said in a Medium post.

Building a Simplified DeFi Platform

With Composable declared the winner in the recently concluded auction, its Picasso parachain will be rooted in Kusama’s relay chain starting November 28, 2021, through November 6, 2022.

Before its official deployment in the new setting, Composable Finance noted that it would need to test the performance of its parachain before launching further community development and opportunities.

Picasso is part of Composable’s ready-to-go decentralized economy for developers and users, as the team plans on making decentralized finance (DeFi) more user-friendly, interoperable, and flexible.

Backed by German-based blockchain organization Advanced Blockchain AG, Composable Finance is a cross-chain, cross-layer interoperability platform that plans on reducing barriers in the decentralized finance sector.

The winner of the Kusama 12th parachain auction offers a hyper-liquidity infrastructure layer powered by Ethereum and Polkadot Layer 2 protocols.

Composable Finance Raises $45 Million

On October 18, Composable Finance reopened its crowd loan for contributors to pledge their KSM and stablecoins.

Per the auction data, Composable Finance, which was grouped as one of the third batch candidates, successfully raised 115,071 Kusama (KSM) worth over $45 million from 10,304 contributors.

Contributors were awarded 2.5 billion PICA, the native token of Picasso, while their pledged KSM will be locked throughout the duration of the Composable Finance slot.

Kusama Parachain Auctions

In a bid to improve its utility, Kusama established a parachain auction that will be connected to its network. Since there are a limited number of available parachain slots, Polkadot’s canary network chose to award each auction slot to the best parachains.

So far, Kusama has awarded 12 slots to different projects, with the network gearing up for the 13th auction exercise.

As reported in September, KILT Protocol was announced the winner of the sixth Kusama auction after raising $85.8 million in KSM from 7,997 contributors.

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Polkadot (DOT) Soars 15% to New All-time High In Anticipation for Parachain Auctions

Heterogeneous multichain blockchain network Polkadot revealed the successful passage of a proposal to enable registration and crowd loans for developers. The network’s native token – DOT – is recording a new all-time high surpassing the $50 mark in response to the news.

Polkadot Council Approves Proposal

The Polkadot team announced the news via the official Twitter handle on Monday (November 1, 2021). According to details shared on the Polkassembly platform, a network upgrade proposal that would allow developers to register parachains and seek crowdloan funding for projects successfully passed the Polkadot Council.

The latest development comes less than a month after Polkadot announced that its parachains are ready to launch, with November 11, 2021, set as the date for the take-off. Additionally, the first batch of the parachain auctions will last for five weeks, with one auction per week. There would be a total of 11 auctions released in two batches.

Meanwhile, parachains were already being deployed on Polkadot’s canary network, Kusama, beginning in June, with Karura winning the first-ever parachain auction on the network. Since then, ten other parachains have been auctioned on Kusama.

Cryptocurrency exchange giant Binance also announced that the platform would support the Polkadot Parachain Slot Auction scheduled for November. With the Kusama parachain deployments already successful, the Polkadot blockchain network is looking to connect to the first-ever project.


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DOT Records New ATH

While developers initially used KSM to secure slots for their projects on the Kusama network, the favorable vote from the Polkadot council will soon see developers use DOT.

The price of the DOT token reacted positively to the announcement, rising 15% and printing a new ATH at $50.87, surpassing May’s previous ATH at $49.35. At the time of writing DOT is trading at $50.15, according to CoinGecko.

Meanwhile, the proposal needs to pass through a final stage, which is an approval from a public referendum. If the motion passes, “parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021.

dot-usd-nov1
DOT/USD, 1-year chart by CoinGecko

The news marks another milestone in the DotSama ecosystem development. Dotsama, which is a combination of the Polkadot (DOT) and Kusama (KSM), enables cross-compatibility between both networks.
Back in September, Polkadot website wallet Talisman raised $2.3 million from investors such as Advanced Blockchain AG, Hypersphere Ventures, Koji Capital, along with several anonymous Flex Dapps investors. Talisman will use the funds to release an early version of the DotSama wallet by November 22.

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The Weekly Recap: $60K BTC, Polkadot Parachains & When ETF?

For the first time since April, Bitcoin’s price is back at $60,000. It’s a major psychological level, even though, from a technical standpoint, it doesn’t contain that much resistance. In any case, this followed a considerable weekly increase and rumors of the approval of a futures-backed Bitcoin ETF in the US. Let’s take a dive.

This time last week, Bitcoin was trading at around $54K, but it was mostly up from there. It had almost reached $58K by Tuesday when BTC went through a brief pullback to below $55,000. From there, the price took for the skies and shot up to around $58,500 on Thursday.

It all culminated today, though, as the BTC price finally reached the coveted $60K mark. It’s worth noting that today’s increase happened as Bloomberg reported that a futures-backed BTC ETF might be approved by the US Securities and Exchange Commission (SEC) as soon as next week. This propelled the market further and pushed its total capitalization above $2.5 trillion.

With all of this above said, Bitcoin is up about 11% in the past seven days, and it managed to outperform the broader range of altcoins. Ethereum is up around 6%, BNB – around 5%, XRP – about 5%, and so forth. The clear winner from the top 10 is Polkadot which is up an impressive 18%.

Polkadot’s gains came immediately after the project announced that the much-anticipated parachains are ready to be deployed on its mainnet. The first auction is supposedly taking place in November, and Binance has already announced its support for it.

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Elsewhere, updated information from Cambridge’s Bitcoin hashrate monitoring resource revealed that China is no longer the leading miner – this spot was overtaken by the US. This shouldn’t come as much of a surprise, though, following the recent regulatory crackdown and miner’s exodus.

It’s becoming particularly interesting to see how things will develop in the near future. There’s not a lot of retail FOMO just yet in the market, and we all know what happens once there is.

Market Data

Market Capitalization: $2.538T | 24Volume: $154B | BTC Dominance: 46.4%

BTC: $60,108 (+11%) | ETH: $3,820 (+6%) | ADA: $2.17 (-5.2%)

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This Week’s Crypto Headlines You Better Not Miss

Bitcoin Touched $60K on Reports that SEC-Approved Futures ETF is Closer than Ever. The price for the leading cryptocurrency touched $60K for the first time since April today. This came on the back of a Bloomberg report predicting that an SEC-approved Bitcoin futures ETF might be right around the corner.

Polkadot Parachains Ready to Launch, Auction Dates Proposed. Polkadot – the heterogeneous multichain network – announced a massive milestone this week. After years of conceptualizing and development, the team revealed that parachains have finally received the green light and can go live on the mainnet.

Ethereum Has The Most Upside Potential, Says Mark Cuban. The billionaire owner of the Dallas Mavericks, Mark Cuban, said that Ethereum has the most upside potential. This doesn’t come as a big surprise as the entrepreneur has been pretty vocal about his support towards the network in the past.

Cambridge Data: The US Has Become the Leader for Bitcoin Hash Rate. It’s light out for Chinese Bitcoin miners following the most recent regulatory crackdown. Data from Cambridge reveals that the US has definitively overtaken the top spot in terms of hashrate.

Over 85% of Circulating Bitcoin Has Not Moved in Three Months or More: Analysis. Recent analysis shows that more than 85% of Bitcoin’s entire circulating supply hasn’t moved in more than three months. This gives legs to the current rally and also validates the narrative that the bull run hasn’t topped out with the former all-time high.

Coinbase Joins the NFT Craze: Plans to Launch Its Own Marketplace. The leading US-based cryptocurrency exchange, Coinbase, revealed plans to launch its non-fungible token marketplace.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Polkadot, and Polygon(Matic)- click here for the full price analysis and overview.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Binance Will Support Polkadot’s Upcoming Parachain Auction in November

Binance, the world’s biggest cryptocurrency exchange, has continued to express its support for the ecosystem development of the sharded heterogeneous multichain blockchain network, Polkadot.

In an official announcement on Friday, the company revealed that it will start the Polkadot Parachain Slot Auction which is scheduled to commence in November.

“A separate announcement will be posted with more details. Please stay tuned for the upcoming initiatives!,” the exchange said.

What are Parachains?

Parachains are distinct layer 1 blockchains that can run in parallel and send data to each other. Their presence in Polkadot will usher in a multichain architecture of different blockchain networks in the Polkadot ecosystem.

The protocol intends to enable several other layer 1 blockchains like Bitcoin and Ethereum to seamlessly connect to its ecosystem, allowing them all to work together as part of a larger one.

Additionally, Polkadot parachains can seamlessly share data with other blockchain networks and unlock a lot of opportunities within the crypto space.


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The integration of these parachains will encourage a lot more interoperability across different DLT networks in the coming years.

Over the past five years, the Polkadot team has been experimenting with its parachain technology and every testing was carried out on its canary network, Kusama.

Earlier in June, Polkadot successfully deployed the first batch of parachains on Kusama. Since then, Kusama has auctioned about 11 parachain slots, increasing the number of activities on the network.

Polkadot’s Parachain Auctions to Begin November 11

The success of the parachains deployed on Kusama is a key determining factor in how ready Polkadot is to officially launch its parachains.

Currently, the Polkadot Parachain code is finally ready and the auctions are scheduled to start on November 11, 2021.

The first batch of the Parachain auctions will last for five weeks, featuring one auction each week. Additionally, every auction will select a parachain slot for a total of 96 weeks.

DOT Experience Massive Surge

Following the announcement of the proposed dates for the Parachain Slot Auction on Wednesday, Polkadot’s native token, $DOT, surged by more than 19% to a high of $43.6 on that same day. Since then, though, the asset has retraced slightly and currently stands around $40.

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Uncategorized

Polkadot Parachains Ready to Launch, Auction Dates Proposed

Polkadot was first introduced in a Whitepaper almost five years ago. Now, the heterogeneous multichain network announces a massive milestone – its parachains are officially ready to launch on the mainnet.

Polkadot Parachains Greenlighted

Polkadot’s parachains are one of, if not the most integral component of its network. They represent diverse and specialized blockchains that connect to Polkadot’s Relay Chain.

They also constitute the multichain aspect of Polkadot’s architecture and are the final piece of the puzzle, so to speak.

Today, Polkadot announced that parachains are ready to be launched, and the team, spearheaded by Gavin Wood and Robert Hebermeier, revealed that the first auction might begin on November 11th, 2021.

It’s important to note that parachains have already been successfully deployed and running on Kusama – Polkadot’s Canary Network since June this year. In the months since then, Kusama auctioned 11 parachain slots. As a result, Kusama’s network saw massive activity and has been running smoothly nevertheless, which is an important factor considering how ready Polkadot is for the parachain launch.

Dr. Gavin Wood and Robert Habermeier, speaking at the Sub0 conference on behalf of Parity Technologies, announced Parity’s position that all of the potential technical barriers to the launch of parachains have been successfully surpassed.

Habermeier also explained that there are optimizations in the work, including contextual execution, which should speed up the block time, parathreads, and so forth.

Parachain Auction Slots

According to the Proposal for First Parachain Auctions on Polkadot, there’s a suggestion for rolling out 11 auctions batched in two.

The first batch would start on November 11th, 2021, and see the final auction taking place on December 15th. This means that there will be an auction every seven days.

The second batch, on the other hand, would start on December 23rd and finish on March 9th, 2022. This means that there will be an auction every fourteen dates.

This proposal isn’t final and has to be voted in for the dates to be set in stone.

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Uncategorized

Wanchain Integrates Polkadot Into Its Cross-Chain Infrastructure

Decentralized blockchain interoperability solution, Wanchain, has recently announced the integration of its non-custodial cross-chain infrastructure with the sharded heterogeneous multi-chain blockchain network, Polkadot.

Wanchain Connects Polkadot to Other Networks

According to a press release shared with CryptoPotato, Wanchain has deployed several direct bridges connecting Polkadot to other blockchain protocols, including Ethereum, Moonriver, Wanchain, and Avalanche.

The integration will allow project developers on supported networks to build various decentralized applications (dApps) using Polkadot’s native token, DOT.

Wanchain’s solution seeks to eliminate the hassles that developers face when trying to interact with tokens created on other blockchain networks.

Its interoperability infrastructure will connect Polkadot to a broader array of cross-chains in the DeFi space, allowing DOT to be traded across multiple chains and used with several EVM-compatible smart contracts.


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Speaking in a comment, the VP of Business Development and Operations at Wanchain, Li Ni said,

“We firmly believe that blockchain technology will only gain mainstream adoption once assets, data, commands, and users are no longer isolated on a single chain or constrained by a single standard. Last month, Wanchain deployed cross-chain bridges connecting Moonriver and Avalanche to the larger cross-chain DeFi industry. Now, Wanchain is connecting Polkadot to the rest of the blockchain world.”

Building an Interoperable Future

The project has often described itself as the world’s most advanced cross-chain solution with the ultimate goal of building a highly decentralized and interoperable future.

As such, the integration with Polkadot, one of the hottest blockchain networks in the cryptocurrency industry, is a major milestone for Wanchain.

It also believes that the blockchain industry is rapidly developing and the next phase of its innovation will be marked by the cross-chain interoperability of assets, data, and smart contract calls.

Just a few months ago, Wanchain partnered with Moonbeam, an Ethereum-compatible smart contract protocol on Polkadot, to develop a multi-chain solution that will improve the DeFi ecosystem of Polkadot’s canary network, Kusama.

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Uncategorized

Moonbeam Partners with Lido to Offer Liquid Staking on Polkadot

Moonbeam – a Polkadot parachain smart contract platform with Ethereum compatibility, has partnered with Lido, a liquid staking derivatives protocol currently live on the Ethereum and Terra blockchains, to bring liquid staking to the Polkadot DeFi ecosystem.

The press release shared with CryptoPotato informed that the integration would enable Lido to provide liquid staking to Moonbeam and its Kusama-powered sister network, Moonriver.

It will also allow Polkadot (DOT) users to stake their digital assets while still having access to the liquidity of the staked position, enabling holders to leverage their crypto assets productively.

Liquid Staking Derivatives to Fuel DeFi Growth on Moonbeam

Moonbeam’s founder, Derek Yoo, is convinced that the integration of liquid staking derivatives, like Lido, is expected to significantly increase the total volume of assets coming into the protocol.

As a result, the total value locked (TVL) increases, as well as more transaction growth opportunities for the DeFi protocols running on Moonbeam.


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He noted that these liquid staking derivatives are “an essential component to support the growth of the DeFi ecosystem on Moonbeam and Polkadot.”

Yoo added that Moonbeam had been impressed by the experience and technical knowledge of the Lido team, in addition to the rapidly growing popularity of the protocol. He also expressed Moonbeam’s excitement to integrate with them to “bring stDOT and other staking derivatives to the Polkadot ecosystem.”

Lido to Expand its Staking Services Across Major Protocols

Lido claims to be one of the biggest and most widely used liquid staking protocols. The project intends to expand from Ethereum and provide liquid staking on several other blockchain protocols, including Terra, Solana, and many more.

Lido uses Moonbeam as a starting point for its expansion to Polkadot by providing the Ethereum-compatible parachain infrastructure and cross-chain integrations.

The project’s DAO has selected MixBytes, a team of professional blockchain developers, to handle the technical integration for Moonbeam.

MixBytes’ CEO, Misha Putyatin, disclosed that they had been “deeply impressed by the Moonbeam team and ambitions.” This is because the protocol met their technical standards with the EVM smart contracts, cross-chain integration capabilities, and support of its protocol-level dependencies via the DeFi ecosystem. The latter includes stableswap AMMs, lending and borrowing, and other protocols that Lido requires to succeed.

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