4 Polkadot Parachains to keep an eye on
Published on 3 April 2022
The Polkadot ecosystem has been growing rapidly and incorporating new networks behind the auction system.
These blockchains are called parachains, since they are different blockchains linked through a slot to the main Polkadot network.
At the end of 2021, an auction process began to obtain each of the slots made available. Investors locked up their DOT coins for two years to support the projects and allow them to win auctions. As compensation, investors received native coins from the winning projects in proportion to the amount of DOT locked.
Here are some of the first winning projects that are worth following closely in 2022.
1- Moonbeam
This blockchain defines itself as an “Ethereum-compatible smart contract parachain”.
Within the new multi-chain world, it is presented as a fully compatible solution with Ethereum Virtual Machine, which includes compatibility with smarts contracts and other functionalities. It promises to combine the power of Polkadot with the simplicity of Ethereum.
After winning the third parachain auction with a huge support, it began to consolidate itself as one of the most promising projects for 2022.
The Glimmer token “GLMR” foresees a total supply of 1,000,000,000. Just over 200,000,000 units are currently in circulation (April, 2022).
Moonbeam is the successor to the Moonriver project that operates on the Kusama network.
2- Acala
This blockchain is a decentralized finance hub that has also been incorporated into the Polkadot main chain after winning one of the first auctions.
Its ACA token has a projected total supply of 1,000,000,000 and around 800,000,000 units are currently in circulation (April, 2022).
The DApp can be connected to the polkadot.js wallet and allows multiple DEFI options. It offers a bridge, a swap, and an earning section with different pool options.
It also allows ACA Token staking and the posibility to earn rewards with an APR close to 10%.
We also found their a stablecoin named aUSD. It is a decentralized currency, multi-collateralized and backed by crosschain assets. Its value is stable with the US dollar.
Acala is the successor to the Karura project that operates on the Kusama network.
3- Centrifuge
Another of the winners of a slot in the parachain auctions. Its mission is to create a bridge with the real world, allowing invoices, real estate, royalties and other assets to be connected with decentralized finance.
It allows to take loans to operate in the real world without intermediaries and provide liquidity. It also promises rewards to investors
The token is known as CFG . It had an initial issue of 400,000,000 units and anticipates more issuance in the future
Centrifuge is the successor to the Altair project operating on the Kusama network.
4- Interlay
It is another of the parachain winners. Promise a different solution. According to the Homepage it will be possible to invest, earn and pay with BTC on any blockchain.
An asset called interBTC is created that establishes a 1:1 relationship with BTC. It is fully collateralized, interoperable, and censorship-resistant.
It contemplates 4 steps: the first one is to block BTC in a vault. The second is mint interBTC. Third: use those interBTC in DEFI products such as Yield farming, lending and more. The fourth step allows you to redeem the interBTC into BTC again.
The token is INTR and will have an unlimited supply. During the first 4 years, 1,000,000,000 units will be issued and an annual inflation of 2% is expected.
Published on 3 April 2022