Polkadot has established itself as a dominant player in the crypto space with its native token, DOT, one of the market’s largest and most popular cryptocurrencies. Polkadot’s ecosystem has several projects building dApps and protocols for the Polkadot ecosystem.
Parachains On Polkadot
One of the main reasons why Polkadot (DOT) is unique is its parachain auction system. Any project wishing to launch a parachain and connect it to Polkadot’s Relay Chain must win a parachain slot auction. Parachain slot bids are made using DOT tokens. Projects can even launch crowd loans where supporters of a particular project can temporarily loan out their DOT tokens and help it win a parachain slot auction. The first parachain slot auction on Polkadot was won by Acala, a DeFi hub for Polkadot. Since then, several parachain slot auctions have been conducted.
The protocol’s governance body enabled the first batch of parachain auctions on Polkadot and set them for the first five available slots. The first batch ran from November 11th until December 16th, 2021, with each auction lasting seven days and consisting of a two-day starting period and a five-day ending period.
Top 3 Parachain Auction Projects On Polkadot
Moonbeam
Moonbeam is a blockchain platform building smart contracts for the Polkadot ecosystem. The project’s goal is to leverage tools for Ethereum smart contract development, combining them with Polkadot’s interoperability and scalability. By providing a full implementation of the Ethereum Virtual Machine, Moonbeam allows developers on Ethereum to port over their decentralized applications to Polkadot. Alternatively, they can create new applications using tools they are already familiar with.
With Moonbeam connected to Polkadot’s Relay Chain, dApps will benefit from the chain’s security and be interoperable with other parachains connected to the Relay Chain. Moonbeam’s native token is Glimmer (GLMR). The token’s primary function is facilitating transactions and smart contract execution on Moonbeam. The token can also be used for staking and governance purposes.
Manta Network
The Manta Network is a privacy-focused project on Polkadot that is known for zero-knowledge (ZK) applications. The protocol uses zk-SNARK technology to give users complete anonymity when making transactions, ensuring they remain secure and confidential. This focus on privacy makes it quite popular with users and investors who prioritize security and anonymity. The protocol’s underlying technology also facilitates faster transaction processing, allowing it to handle more transactions per second than traditional blockchains.
The Manta Network consists of two separate networks: Manta Pacific and Manta Atlantic. Manta Pacific is an Ethereum Virtual Machine (EVM) equivalent platform for ZK applications, operating on a Layer2 basis. Manta Pacific primarily focuses on scalability and security, leveraging technologies such as Celestia and Polygon zkEVM for data availability and enhanced performance, respectively.
The Manta Atlantic network is a ZK Layer1 network, a decentralized platform that focuses on modular on-chain compliance identities. The network’s diverse suite of products includes staking, zkNFTs, and other ecosystem projects.
Astar Network
The Astar Network is a hub for dApps on Polkadot, providing a highly scalable smart contract platform that leverages Polkadot’s famed interoperability features. The Aster Network supports multiple Layer2 scalability solutions like Plasma, zk-rollups, and the Optimistic Virtual Machine. Astar also supports the Ethereum Virtual Machine and WebAssembly, giving developers more flexibility.
The protocol’s native token, ASTR, fulfills several roles on the network and is used for staking, paying transaction fees, and governance purposes. The Astar Network also comes with a feature called dApp Staking, allowing users to stake their ASTR tokens on different dApps. This acts as a significant incentive for developers to launch dApps on Astar.
An Array Of Other Projects
While we’ve looked at only three, Polkadot has an array of fascinating projects. Participating in parachain auctions is an excellent way to earn tokens from these projects. The projects also highlight the vibrant and diverse ecosystem being built on Polkadot.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
