In Brief:
- Polkadot launches its first Parachains or Parallelized chain.
- Acala, Moonbeam, Astar, Clover, Parallel Finance will be able to lease slots on Polkadot’s Relay Chain for up to 96 weeks at a time.
- Over 99 million DOT (approximately $2.4 billion) was collected during the auction of these five projects.
With an eye towards boosting the interoperability between multiple blockchains, the open-source blockchain platform Polkadot has announced the launch of its first Parachains (or parallelized chain).
In the past few days, the Parachains including Acala, Moonbeam, Astar, Clover, Parallel Finance were chosen after Polkadot’s Parachain auction which came into being after investing five years into research and development of Parachains.
These auction winners will now be able to lease slots on Polkadot’s Relay Chain for up to 96 weeks at a time, thanks to individual blockchains running in parallel within the Polkadot ecosystem.
It is also worth noting that over 99 million DOT (approximately $2.4 billion) was collected by the five projects during the auction period.
The ecosystem aims to expand its current slot allocation of five to 100 Parachain slots, which is the maximum capacity for Relay Chain. Out of these 100 slots, some would be used for governance-enabled common-good Parachains and Parathreads, as informed by Polkadot Founder Gavin Wood.
It was on October 14 when Polkadot announced the launch of its most-awaited project, ‘Parachain’ which led to a hike of 20%.
