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First parachains launch on Polkadot
2021-12-20 08:17
Polkadot, a blockchain protocol that aims at bridging different blockchains, has announced the launch of its first set of parachains.
Parachains are individual networks that run parallel within the Polkadot ecosystem to create a harmonised, interoperable system.
Slots on Polkadot’s main blockchain - its Relay Chain - are allocated via auctions, Polkadot’s press release said. The winners of the first auction are Acala, Moonbeam, Parallel Finance, Astar and Clover - and focus on a range of areas from decentralised finance (DeFi), to investments and loans.
"After taking a bet on Polkadot and the Substrate framework when we started building over two years ago, we couldn't be more excited to be launching Acala's parachain to provide a DeFi platform and native, decentralized stablecoin (aUSD) to the Polkadot ecosystem and beyond," said Bette Chen, Co-founder of Acala.
Polkadot will ultimately offer 100 parachain slots, which will be allocated in batches over the coming months. The next batch of auctions will begin on or around December 23, 2021. The second batch will feature six auctions in total, with the six winning parachains onboard around March 11, 2022.
Launched in May 2020, Polkadot was originally conceived by Ethereum co-founder Dr. Gavin Wood to solve the issue of interoperability between blockchains.
DOT, Polkadot’s native token, is trading almost 4% lower as of writing.
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