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Polkadot has established itself as a dominant player in the cryptocurrency industry with its token, DOT, one of the largest and most popular cryptocurrencies on the market. Polkadot's ecosystem has several projects building dApps and protocols for the Polkadot ecosystem.
Polkadot’s Parachain
One of the main reasons Polkadot (DOT) is unique is its parachain auction system. Any project that wants to launch a parachain and connect it to Polkadot's relay chain must win the parachain slot auction. Bidding on parachain slots is done using DOT tokens. Projects can also launch crowdloans, where supporters of a particular project can temporarily lend DOT tokens and help win parachain slot auctions. Polkadot’s first parachain slot auction was won by Acala, Polkadot’s DeFi hub. Since then, several parachain slot auctions have taken place.
The protocol's governance body has activated the first batch of parachain auctions on Polkadot and set it up for the first five available slots. The first batch ran from November 11 to December 16, 2021, with each auction lasting seven days and consisting of a two-day start period and a five-day end period.
Top 3 Parachain Auction Projects on Polkadot
moonbeam
Moonbeam is a blockchain platform that builds smart contracts for the Polkadot ecosystem. The goal of this project is to leverage tools for Ethereum smart contract development, combined with the interoperability and scalability of Polkadot. Moonbeam provides a full implementation of the Ethereum Virtual Machine, allowing Ethereum developers to port their decentralized applications to Polkadot. Or, you can create new applications using tools you're already familiar with.
Once Moonbeam is connected to Polkadot's relay chain, dApps can benefit from chain security and interoperate with other parachains connected to the relay chain. Moonbeam’s native token is Glimmer (GLMR). The primary function of the token is to facilitate transactions and smart contract execution on Moonbeam. Tokens can also be used for staking and governance purposes.
manta network
Manta Network is a privacy-focused project on Polkadot known as zero-knowledge (ZK) applications. The protocol uses zk-SNARK technology to provide users with complete anonymity when making transactions, maintaining security and confidentiality. Its focus on privacy makes it popular with users and investors who prioritize security and anonymity. The underlying technology of the protocol also promotes faster transaction processing, allowing it to process more transactions per second than traditional blockchains.
The Manta network consists of two separate networks: Manta Pacific and Manta Atlantic. Manta Pacific is an EVM (Ethereum Virtual Machine) equivalent platform for ZK applications that operates on a Layer2 basis. Manta Pacific primarily focuses on scalability and security, leveraging technologies such as Celestia and Polygon zkEVM for data availability and improved performance.
The Manta Atlantic network is the ZK Layer1 network, a decentralized platform focused on modular, on-chain compliant identity. The network’s diverse product suite includes staking, zkNFT, and other ecosystem projects.
Asta Network
Astar Network is the hub for Polkadot's dApps, providing a highly scalable smart contract platform that leverages Polkadot's renowned interoperability capabilities. Aster Network supports multiple Layer2 scalability solutions such as Plasma, zk-rollups, and Optimistic Virtual Machine. Astar also supports Ethereum Virtual Machine and WebAssembly, giving developers more flexibility.
ASTR, the protocol's native token, fulfills several roles in the network and is used for staking, transaction fee payments, and governance purposes. The Astar Network also offers a feature called dApp Stake, which allows users to stake ASTR tokens on other dApps. This serves as an important incentive for developers to launch dApps on Astar.
Array of other projects
We've only looked at three, but Polkadot has a series of interesting projects. Participating in parachain auctions is a great way to earn tokens for these projects. The project also highlights the vibrant and diverse ecosystem that is being built on Polkadot.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
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