With the hammer of the second round of slot auctions on the Polkadot Canary Network Kusama, a total of 2.464 million KSMs are locked in parachain slots and crowd loans (approximately 21.28% of the current total issuance). According to previous plans, the Polkadot Parachain Slot auction will also officially open. A few days ago, the progress on Polkadot Github showed that the proposal to open the Parachain auction has been voted and approved by the Polkadot Council. The Polkadot Parachain Slot Auction is scheduled to open around noon on November 11 (UTC time).
At that time, users can use DOT to vote for supported projects to help them participate in the auction. In anticipation of the slot auction, Polkadot Token (DOT) has performed strongly recently. On October 21, 2021, Polkadot’s price reached a maximum of $45.541. As of press time, DOT currently stands at $43.64, the total market value. Reached 45.723 billion U.S. dollars, an increase of more than four times over January.
As the next-generation blockchain protocol and one of the cross-chain star projects, Polkadot has achieved leapfrog development in 2020, both in terms of development progress and ecological construction. First of all, Kusama’s parachain slot auction is progressing smoothly, and the market participation is quite enthusiastic; secondly, the Polkadot ecological project has developed rapidly and has captured huge value. According to Polkaproject’s website, Polka Project has reached 496 ecological projects, covering infrastructure, tools, wallets, stablecoins, browsers, games, DeFi, DApps and other aspects.
So, what are the ecological projects worth paying attention to on the Polkadot blockchain? We will focus on the 11 projects that have won the Kusama Parachain slot and focus on the current ecological progress of the project testnet, including Acala (Karura), Moonbeam (Moonriver), Aatar (Shiden), Phala (Khala) , Bifrost, KILT, Manta (Calamari), HydraDX (Basilisk), Centrifuge (Altair), Parallel (Heiko) and Interlay (Kintsugi).
Phala Network (PHA)-privacy computing
Phala Network is the privacy computing infrastructure on Polkadot. It implements confidential smart contracts through the TEE (Trusted Computing Technology)-blockchain fusion architecture. The goal is to establish trusted and private communications based on Substrate and provide privacy computing services for the Polkadot ecosystem. The native token of Phala Network is PHA, and the current circulation is about 143 million, with a total of 1 billion. The specific distribution is as follows: 70% are mined by TEE miners; airdrops (including Polkadot community construction and parallel chain auctions) account for 9%, contribution of ecological resources such as KSM, DOT and other ecological resources to obtain PHA testnet rewards account for 1%, and private equity financing accounted for 15%. 5% is used for Phala development funds, operation and promotion. For more token information, please check the official website of the project.
Phala Network’s first test network Khala Network has entered the Holocene period, and has been on-line Ethernet Square PHA-way bridge -Khala, opening tokens mortgage function, transfer and other functions.
Official website: https://phala.network/
White paper: https://files.phala.network/phala-paper.pdf
Acala Network (ACA) ——DeFi center
Acala is a decentralized ecological financial center and stablecoin platform that provides support for cross-blockchain open financial applications. Acala has launched a cross-chain multi-asset mortgage stablecoin Honzon protocol, release Staking, asset liquidity Homa protocol, and decentralized exchanges and other core Layer 1 modules. It has multiple businesses such as stablecoin generation, DEX, and liquidity solutions. Section. The total amount of native assets ACA on the Acala chain is 1 billion, which are mainly used to pay transaction fees, node incentives, on-chain governance, algorithm risk adjustment, and Pallet deployment. Among them, 49.76% were allocated to the community, the foundation team accounted for 20.25%, early supporters accounted for 18.33%, and supporters accounted for 11.66%.
Acala’s first test network, Karura, is the first to obtain the Kusama parachain slot, which can provide its network with a series of infrastructure such as the pledged derivative LKSM, the stable currency kUSD based on multiple collaterals, and the automated market-making platform Karura DEX.
Official website: https://acala.network/
Bifrost Finance-DeFi Agreement
Bifrost (Rainbow Bridge) is a DeFi basic protocol based on Polkadot, allowing users to deposit their staking tokens and mint vTokens (Staking Derivatives Voucher Token) to obtain staking liquidity. At the same time, it can be obtained when the tokens are locked by a smart contract Staking rewards. Through Bifrost, you can convert PoS tokens into vTokens, such as converting DOT to vDOT.
Bifrost’s governance token BNC totals 80 million. Ecosystem accounted for 45%, founding team accounted for 20%, foundation accounted for 10%, seed round accounted for 10%, reserved 10%, and private sale accounted for 5%. After winning the Kusama slot, Bifrost successively launched vsKSM and vsBond mining, launched the SALP Farming module and the Swap module, and activated the kUSD transfer function and activated the BNC transfer function. It is worth noting that Bifrost has already opened up two-way cross-chain interoperability with Acala pioneer network Karura through XCM. BNC/kUSD has successfully launched Karura Swap at around 21:00 Beijing time on October 19th, becoming the first cross-chain operation of Karura Bootstrap. Chain trading pairs. This means the opening of a new era of parachain cross-chain DeFi combination.
Official website: https://bifrost.finance
White paper: https://whitepaper.bifrost.finance/en.pdf
Astar Network (ASTA)-DApp platform
Astar Network (formerly known as Plasm Network) is a scalable DApp platform based on Substrate in the Polkadot ecology. Its purpose is to become a multi-chain DApp hub. Ideally, developers can build any application on Astar Network without having to consider its scalability. ASTA token is a practical token of the Astar network, with a total of 500 million pieces, which mainly has 5 functions: DApp pledge, NPoS pledge, transaction, chain management, and creation of Layer 2 programs. ASTA’s token distribution ratio is as follows:
As one of the Kusama parachains, Astar’s pioneer network, Shiden Network, currently supports solutions such as Ethereum Virtual Machine (EVM), WebAssembly (WASM), DApp Staking and Layer 2. Through the DApp Staking function, developers can create smart contracts Or infrastructure while earning SDN tokens. In addition, Astar stated that it is ready to participate in the Polkadot Parachain slot auction, and has changed Crowdloan’s related strategy, and uses a fixed amount for each DOT investment. The minimum amount to participate in the Astar Crowdloan event is 5DOT. Specific information can be found on the official website of the project.
Official website: https://astar.network
Moonbeam (GLMR)-DApp platform
Moonbeam is a smart contract blockchain based on Polkadot, dedicated to providing development tools and networks familiar to Ethereum developers to achieve compatible functions. Moonbeam can be fully compatible with EVM, Web3 API compatibility, and a bridge that connects Moonbeam to the existing Ethereum network. Developers can easily deploy existing Solidity smart contracts and DApp front-ends to Moonbeam by making slight modifications based on their own development results. Moonriver (Moonbeam Xianxing Network) is committed to building a smart contract platform compatible with Ethereum on Kusama. Currently, Moonriver has realized Polkadot EVM full compatibility and transfer functions.
The functional token of Moonbeam’s mainnet is GLMR, which is mainly used to pay gas handling fees, participate in on-chain governance and pledge. In order to meet the continuous security needs of the network, Moonbeam has set an annual inflation rate target of 5%, so there is no upper limit on its token supply.
Official website: https://moonbeam.network
HydraDX (HDX)-Liquidity Agreement
HydraDX is a cross-chain liquidity protocol created based on Substrate. It uses a token model inspired by the tie curve to handle multiple asset pools and help coordinate the relationship between different participants and protocols. Compared with traditional AMM, HydraDX’s purpose is to reduce slippage, provide deeper liquidity (minimize liquidity dispersion), better internal composability and execution and user experience, hoping to provide “like” for cross-chain DeFi “Ocean-like” mobility.
HDX is the basic asset of the HydraDX liquidity protocol. The total number of tokens is 10 billion. The distribution ratio is as follows: 15% is allocated to founders, investors and advisors, 5% is allocated to Balancer LBP, and 5% is used as Stakenet and Testnet participants 75% of the rewards are used for liquidity provision and pledge rewards. Prior to September, the HydraDX pioneer network Basilisk won the eighth parachain slot on Kusama with more than 220,000 KSM locks. Basilisk will work with HydraDX. In the early stage, Basilisk can be selected to guide its liquidity, and after maturity and stability, it will be transferred to the HydraDX universal pool to further obtain liquidity.
Centrifuge (CFG)-Asset Financing Agreement
Centrifuge is a decentralized asset financing agreement. This platform allows investors to establish connections with organizations that need funds, connect real-world assets to DeFi, thereby reducing unnecessary intermediaries such as banks and reducing the cost of capital for small and medium-sized enterprises. And provide a stable source of income for DeFi investors. Through Centrifuge, companies can mark real-world assets and use them as collateral to obtain financing through the asset-backed loan Dapp Tinlake.
The maximum supply of Centrifuge project token CFG is 425 million, and the initial 400,000,000 will be allocated to the foundation and initial contributors, including the core team, investors and validators. Since its creation, approximately 25 million additional tokens have been minted as a reward for adoption. Altair, Centrifuge’s test network, has obtained Kusama Parachain slots.
Official website: https://centrifuge.io
Manta Network (MA)-Privacy Protection
Manta Network is the first privacy protection project on Polkadot based on zkSNARK technology. It aims to provide DeFi users with the highest level of privacy protection on the chain and become the privacy protection infrastructure for the entire decentralized finance. Based on the Substrate framework, Manta can provide plug-and-play privacy protection services for the entire Polkadot ecosystem. The Manta Network network token MA is a deflationary functional privacy token with a total of 1 billion. According to the actual use of the privacy protection network of its agreement and the growth in DeFi, users can make incentive dividends and redeem And the destruction of tokens and other operations.
Calamari (Manta Network Xianxing Network) currently has realized the two functions of privacy payment MariPay and decentralized AMM transaction platform MariSwap, providing privacy transaction and exchange services for all Kusama parachain assets (including KSM).
Official website: https://manta.network
White paper: https://eprint.iacr.org/2021/743.pdf
KILT Protocol (KILT)-Digital Identity Marking
KILT is a decentralized digital identity project established by the German team to issue autonomous, anonymous and verifiable credentials for Web 3.0. KILT brings the traditional trust process of real-world verifiable certificates (banking certificates, driving licenses, food certificates, etc.) into the digital world, while keeping your data private and ownership. Its goal is to become a standardized solution for decentralized identification (DID) and a verifiable credential for many Polkadot ecological projects.
At present, the KILT blockchain has been launched, and the runtime has been upgraded, introducing governance (internal testing) and the treasury. KILT features such as decentralized identifiers (DID) and verifiable credentials will be added in the next 2-3 months. When the KILT function test and the complete system are over, the Sudo module will be deleted and decentralization will be realized.
According to the official website, the total supply of KILT tokens is 150 million (the initial circulation is 34 million), of which 100 million are dedicated to the community, 4.5 million are reserved for crowd loan voting participants, and 50 million are allocated to BOTLabs. The main purposes of KILT are as follows: payment of gas; payment of certification fees; registering a new CTYPE on the blockchain; rewarding validators; maintaining network security, etc.
Official website: https://www.kilt.io
Parallel Finance (PARA)-decentralized lending
Parallel Finance is a decentralized loan agreement built on the Polkadot ecosystem. It provides margin collateral, auction loans, mortgage derivatives and AMM functions. It aims to bring higher returns to the Polkadot ecosystem and multi-chain assets. Through Liquid The innovative design of Staking, Margin Staking and Money Market protocols allows users to mortgage and borrow in the Parallel Finance system at the same time to obtain liquidity while earning double interest rates.
PARA is the native token of Parallel Finance, with a total supply of 10 billion pieces. The initial supply of PARA circulation will come from the Crowdloan reward attribution and liquidity mining plan.
PARA distribution plan and release schedule
Parallel plans to launch the mainnet in the fourth quarter of 2021. Currently users can access the testnet in real-time web applications to obtain core mortgage, lending and lending products. As of September, Heiko, the pioneer network of Parallel Finance, has won the Kusama Parachain slot and ranked first in the number of crowd loan tokens. As of September and 26, more than 170,000 KSMs were locked in Heiko Crowdloan.
Official website: https://parallel.fi
White paper: https://docs.parallel.fi/white-paper
Interlay’s vision is to release the potential of decentralized finance on various chains by providing various assets on the chain. Its current key product is Inter BTC , which will become a decentralized and trustless Bitcoin “bridge”, first connecting to Polkadot and Kusama. InterBTC allows users to mint Bitcoin-backed assets PolkaBTC 1:1 on the Polkadot blockchain and use these assets in a wide range of applications, including decentralized exchanges, stablecoins and loan agreements.
Kintsugi is the pioneer network of interBTC, responsible for the development of the BTC-Kusama bridge. Kusama brings the first fully decentralized and economically trustless 1:1 BTC-backed asset kBTC, which can help launch Karura, Moonriver, Shiden, etc. Chain liquidity and provide new BTC DeFi products.
Official website: https://interlay.io
Of course, in addition to the projects introduced above, there are many excellent teams and ecological projects on Polkadot. According to Gavin Wood, Substrate-based parachains can obtain the four major characteristics of “uninterruptible, upgradeable, unrestricted, and no handling fees”, so parachains and slots have become delicious. From the previous participation of Kusama, it can be predicted that mainstream ecological projects will inevitably strive to participate and win Polkadot’s slot auction. Therefore, as the auction date of Polkadot Parachain Slots approaches, if you are interested in Polkadot, you can focus on the crowd-lending strategy and details of each project in the future.
In addition, this event node also means that Polkadot’s ecological development has entered the next stage of the fast lane, and it is inevitable that there will be some fake Polkadot projects. Investors need to keep their eyes on the screen. For example, some projects titled “Supported by Polkadot” or using the prefix “Polka” are not necessarily projects supported or sponsored by the Web3 Foundation, and may even be purely popular rather than projects on Polkadot. Therefore, when choosing projects that support the bidding of parachain slots, investors are faced with many projects on how to select competitive or potential projects. Here are several perspectives that can be used as references: 1) The nature and core business of the project itself, Whether it can solve the actual cross-chain problem (just needed); 2) Whether the community size and consensus are strong enough; 3) Based on Substrate; 4) Grant sponsored by the Web3 Foundation and obtained several times; 5) Polkadot & Substrate For the friends project, you can refer to polkadot lightpaper for details, and join the official Ouyi community (vx: OKEx661166) to get the Chinese version of Polkadot lightpaper.
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