Check Out These 5 Projects in Upcoming Polkadot Parachain Slot Auctions. Keep an eye out for them!

Polkadot’s native currency, DOT, is rising in value as the multi-chain network’s live debut nears. It has been five months since Polkadot’s announcement, but the price of DOT has now crossed USD 45.

The Polkadot ecosystem relies heavily on parachains. Because of this, the announcement of the Polkadot parachain slot auctions program has immediately become a sensation in the media. Aside from that, Polkadot has completed two rounds of Kusama parachain auctions, in which the participant projects raised about USD 1 billion from their individual crowdloan campaigns.

There will be two batches of Polkadot auctions: one for five pieces, and another for six pieces, according to an announcement by Gavin Wood and Robert Hebermeier. The Polkadot team has said that the auctions will most likely begin on November 11, 2021, and run through mid-March of 2022.

The auctions on Polkadot will undoubtedly be a competitive event, as Kusama has already tested and validated a number of unique projects’ features and code. If you’re looking for a front-runner in the next auctions, focus on the decentralized projects that have already received a lot of community backing through crowdloans.

Projects That Will Shape The Future Of Finance Through Decentralization

In terms of Polkadot parachains, Moonbeam appears to be the most prominent contender. To construct natively interoperable blockchain applications, it is a smart contract-enabled parachain that is fully compatible with Ethereum.

Polkadot features are being used to address Ethereum’s scalability, speed, and cost concerns. In the Polkadot ecosystem, Moonriver, Moonbeam’s sister network, now holds the upper hand.

As a result of the project’s success in the Kusama auction, the number of decentralized projects lined up to build on Moonriver has risen significantly since then. The total locked value (TVL) of the Moonriver ecosystem currently exceeds USD 90 million, thanks to a consortia of decentralized initiatives including decentralized exchanges, oracles, NFT platforms, crypto betting/gambling platforms, liquidity protocols, and decentralized marketplaces.

An important project that could be included in the first batch is Polkadot’s multi-chain DeFi liquidity hub Acala. In terms of scalability and Ethereum compatibility, this layer-1 platform is ideal.

Built-in liquidity and prefabricated financial applications are also included, as are cross-chain functions and enterprise security standards. First liquid staking derivatives for DOT and KSM have also been introduced by Acala and Blockdaemon, paving the way for new hybrid financial (HyFi) products on Polkadot.

Additionally, Acala’s sibling network Karura, which raised more than US$100 million in KSM tokens from a total of 20,779 worldwide community members, won the first parachain space in the Kusama parachain slot auctions. To help lay the groundwork for Polkadot DeFi, Acala is also the first enterprise to offer a stablecoin (aUSD).

DeFi’s privacy-preserving protocol, DeFi’s Manta Network, has emerged as a competitor in the first batch of auctions, with a good possibility of getting in on the action. It is built on Substrate and provides decentralized privacy protocols for payments, token exchange and loans, as well as synthetic assets, such as tokens.

DeFi suffers from a number of intrinsic problems, including scalability, privacy, liquidity, interoperability, and usability, which are all addressed by Manta Network by using zk-SNARKS to assure end-to-end anonymity. Therefore, the project is supported by several notable industry experts and investment organizations, including CoinFund, ParaFi Capita, SkyVision Capital, LongHash Ventures, and many more.. On the other hand, the Kusama parachain’s Calamari Network testnet is already operational on the Manta Network’s testnet.

After accumulating more than 218,000 KSM from 19,766 community members in the second batch of Kusama parachain spot auctions, it was awarded a second round slot in the auction. If DeFi intends to break into the mainstream financial sector, it will have to grow. Decentralized protocol Centrifuge, which connects real-world assets to the blockchain, has produced a viable solution that enables liquidity for real-world assets.

Anyone can use Centrifuge to tokenize their real-world assets such as invoices and royalties in order to interact with potential investors without the need for an intermediary. Borrowers can use the platform’s asset-backed lending dApp Tinlake to obtain loans secured by their tokenized assets.

Centrifuge’s testnet Altair debuted on Kusama following its successful quest for the ninth parachain spot. A total of 18,342 individuals of the Altair community contributed a total of 187,000 KSM. Subsocial, on the other hand, is responding to calls for a more creator-centric social media model.

Subsocial aspires to rebalance the connection between creators and communities in the face of increased social media scrutiny and censorship concerns by helping users build their own social platforms and markets.

It’s not just the artists that benefit from these networks, but also the people who use them. Subsocial’s creators have the ability to sell access to their content via subscriptions or collect community tips instead of relying on advertising and data collecting for income. Subsocial’s betanet chain has grown significantly since the debut of the betanet in 2020 and Sub.ID in August to allow users visualize their full Substrate portfolios.

Finally, the KILT Protocol is a promising new technology that should be on your radar. Because of the way it is built, KILT is an open-source protocol for issuing revocable, claim-based, and anonymous Web3 application credentials. Assert distinct properties on the blockchain that trustworthy entities can vouch for with KILT.

KILT was able to raise over 200,000 KSM from more than 12,000 community members and secure the sixth seat in the Kusama parachain auctions thanks to strong community support and valuable use cases. Polkadot’s identity and credential verification technology has since risen in popularity and has become the go-to option for all Polkadot projects.

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