Polkadot Sets Date for Hotly Anticipated Parachain Auctions

By October 13, 2021DeFi
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The much-anticipated parachain auction process, where projects are allocated slots for building on the Polkadot cryptocurrency network, kicks off next month.

The first of the auctions is slated to begin on Nov. 11, according to the Polkadot Council. A proposal was submitted to the governance forum minutes ago.

Stepping back, the parachain auction process is an important milestone in realizing Ethereum co-founder Gavin Wood’s vision for an interconnected blockchain framework. (Parachains have already been running successfully on Polkadot’s already-live “canary” network, Kusama, with 11 parachain slot auctions taking place since the launch of Statemine on June 3.)

“Almost exactly five years after the vision of a heterogeneous multichain framework was first outlined in the Polkadot [white paper], parachains are now officially ready for launch on Polkadot,” Polkadot founder Robert Habermeier said in a blog post shared with CoinDesk.

The last technical steps to complete before launching parachains on Polkadot were the finalization of parachain disputes and Polkadot’s full code audit, both of which have now been completed, according to Habermeier.

DOT race

The ongoing Kusama parachain auctions have seen some 2.4 million KSM, Kasama’s native token, contributed to crowdloans by more than 49,000 unique addresses. DOT, the native asset of the Polkadot network, will be used in the upcoming auctions.

A gaggle of decentralized projects have won parachain slots so far, including decentralized identity protocol Kilt and decentralized finance (DeFi) building blocks such as Acala’s Karura Network, Moonbeam’s Moonriver Network, Astar’s Shiden Network and Phala’s Khala Network.

In terms of which projects are at the front of the queue for a Polkadot slot, Habermeier told CoinDesk via Telegram:

“While I obviously can’t vouch for any particular parachain or try to predict winners, Polkadot’s parachain auction model certainly benefits projects that are able to gather substantial community support through its crowdloan mechanism. We saw this on Kusama and I suspect we will see similar excitement for the early parachains on Polkadot.”

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