Polkadot rethinks the economics of parachain auctions

When you’ve built it, you realize you’ve actually built something a little bit, or even quite different, to what it was that you’re originally trying to build,” he told an assembled audience in his keynote address in Copenhagen, Denmark.

Wood left the CEO role at Parity Technologies — Polkadot’s lead development shop — in October 2022 to become the network’s chief architect. Alongside the Web3 Foundation, Parity launched the initial network in May 2020 after several years of development. But it wasn’t until November 2021, at the height of the previous crypto bull market, that the core primitive of parachain auctions went live.