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On December 29, 2020, Reef Finance (REEF), a DeFi aggregator based on Polkadot, opened at a price of 0.3 US dollars after Binance went live, and basically remained above 0.1 US dollars for the next 5 minutes. According to the REEF seed round , Institutional rounds, and private placement rounds are calculated at the prices of 0.0007 USD, 0.0009 USD and 0.00125 USD respectively, which is equivalent to “one hundred times opening”.
In contrast, the recent rise of DOT itself is quite eye-catching, especially in the context of the upcoming parachain slot auction event. At present, it is not only the hot performance of DOT and related tokens, but the ecological construction of Polkadot has already begun. It is rudimentary and worthy of attention.
The long-awaited “slot auction”
Polkadot has recently reached a critical moment of development. On January 11, Polkadot testnet Rococo V1 will open the parachain test qualification registration, which means that the next Polkadot and Kusama parachain slot auctions will gradually begin:
After the parachain testnet Rococo V1 functions stably, the public welfare parachain will be launched on Kusama first, and then the Polkadot parachain will be opened for auction.
To understand the meaning of “slot auction” to Polkadot, we need to return to Polkadot’s mechanism design-Polkadot is composed of a relay chain + N parachains, and the parachain can enjoy Polkadot’s sharing It is safe and can interact with other parachains.
However, the number of parachains is limited. If you want to become a parachain, you need to bid for “slots”. Each project can lock DOT to participate in the bidding. Successful bidding projects can realize asset cross-chain based on the Polkadot mainnet. Therefore, the “slot auction” has always been regarded as a key first step for Polkadot to truly open its own network ecology.
At the same time, in this process, not only the project side, but also users can use DOT and KSM to vote for projects bidding for slots and obtain corresponding rewards. Therefore, even from the level of supply and demand in the secondary market, “slot auctions” are also powerful for DOT demand. support.
Bill Laboon, Director of Technical Education of the Web3 Foundation, also announced the progress of the Polkadot project yesterday. Polkadot version 0.8.27 has been launched, and the Web3 Foundation has issued more than 200 grants (100 of which are after May 2020. So far, 69 teams have completed the project and 112 teams have successfully delivered the first part of the work).
In addition, as of now, 100+ chains are ready to connect to Polkadot, and 60+ testnets have been launched. There are currently more than 550 validator nodes and 7000 nominators, and more than 60% of DOTs are in mortgage (staked ), Polkadot has reached the critical moment of connecting the past and the future.
“Sit two and look at one”, the “friend” and “only opponent” of Ethereum
On January 13th, OKEx recently announced that it will support Polkadot (DOT) and Kusama (KSM) parachain slot auctions. So far, leading trading platforms such as Binance, Huobi, OK, and Matcha have basically all increased their efforts to actively deploy the Polkadot ecosystem.
In fact, the previous major trading platforms, especially the top three, have also launched their own large-scale Polkadot ecological support plan, especially Binance, which has established a tens of millions of dollars Polkadot ecological fund a while ago, except for the above. The new currency mining supports DOT, and on the 28th, the Ethereum in the currency display on the homepage was suddenly replaced with DOT, which is almost equivalent to the “exposed banker”.
In addition to Binance, Huobi officially launched the 1:1 DeFi project HDOT, which anchors DOT on October 1, and launched the “Polka Eco Sponsor” system on December 4, stating that it will screen the Polkadot ecosystem that meets the requirements. Professional investment institutions and investors become “Polka Eco-sponsors”, and the sponsors will have the right to recommend Polkadot ecological projects to Huobi Global. The recommended projects can be launched in the Polkadot Ecological Zone of Huobi Global after approval.
On the same day, Huobi Innovation Lab set up a “Polkadot Ecosystem Support Fund” worth 5 million U.S. dollars, which is said to be mainly developers, event initiators, content creators, and Polkadot ambassadors in the Polkadot ecosystem. Any individual or organization that plans to contribute to the Polkadot ecology will provide sponsorship.
OKEx also has a deep layout in the Polkadot ecology. It established the Block Dream Fund, a fund that empowers global high-quality blockchain projects, with an initial capital of 100 million US dollars. It focuses on investing in the Polkadot ecology as one of its strategic fulcrums.
The last time such a grand event was probably when the EOS node was running. Now with the resignation of BM, EOS has obviously gradually been unable to keep up with the rapid progress of Ethereum, and other “Ethereum killers” who have been so powerful in 18 years are also It died down.
Now Polkadot has not only captured the favor of trading platforms and other capital, but its own ecological construction has also been steadily advancing, and it has almost become the “only ethereum opponent” currently “sit down and see one”.
According to PolkaProject data as of January 13, 333 projects have been born in the Polkadot ecosystem, including network infrastructure such as Acala and ChainX, DEX such as Zenlink, development tools such as Noise Explorer, wallets such as Polkawallet and Ledger, Validators, etc. Validators, as well as blockchain browsers such as Polkascan, a sufficiently rich and diversified independent ecosystem covering underlying technologies, wallets, oracles, NFT, DAO, smart contracts, bridges, DeFi, Internet of Things, and games has taken shape .
Gavin Wood mentioned in the 2020 year-end summary: Polkadot is already the second largest DeFi ecosystem and will gradually be compatible with Ethereum in 2021.
According to the picture, which tracks in the Polkadot DeFi ecology may run out of the dark horse?
For many friends who have regrets in 2020, if they missed the DeFi ecosystem of Ethereum, it seems that the opportunity corresponding to Boka should not be missed anyway.
Then if you use the current Ethereum as the blueprint, “according to the picture” predict the most anticipated and potential star track in the Polkadot DeFi ecosystem, and what are the projects that are currently worthy of attention (except for the non-Pokkar-native projects from Ethereum) ?
- “Pokadot cross-chain Uniswap”-Zenlink (ZLK), a cross-chain decentralized transaction network based on Polkadot, is committed to building a new generation of cross-chain DEX network. By integrating the Zenlink DEX Module, Zenlink can enable parachains to quickly have DEX capabilities and share liquidity with other parachains; Zenlink DEX aggregator can link all DEX DApps on Polkadot. On December 12, 2020, based on the asset management and DEX module in the Zenlink DEX Module, the first real cross-chain transaction use case was successfully realized. Zenlink has delivered two rounds of Web3 Foundation Grant and the third round of Grant has been approved;
- “Staking service provider”-Stafi (FIS), provides a decentralized protocol for staking asset liquidity, provides liquidity for users’ staking assets, and solves the risk of currency price fluctuations during the staking lock-up period. The Stafi protocol resolves the contradiction between the security required by the system and the liquidity of its tokens by distributing ABS Tokens to staking participants;
- “Polkadot MakerDAO”-Acala, which provides an alternative infrastructure for DeFi on the Polkadot multi-chain ecosystem, adopts a governance structure similar to MakerDAO, and has split governance (ACA) and stablecoin (aUSD) on the Polkadot network ；
- “Synthetic Asset Agreement”-Coinversation, the first synthetic asset agreement on Polkadot, users can use CTO or DOT to deposit the system’s default stable currency CUSD;
- “Layer 2 solution”-Celer Network, provides fast, easy and secure off-chain transactions for payment transactions and generalized off-chain smart contracts;
- “DeFi Basic Protocol”-Bifrost Rainbow Bridge (BFC), is committed to becoming an infrastructure for pledged assets to provide liquidity. Currently, it has launched a derivative vToken for Staking and Polkadot Parachain card slot PLO. vToken can be used in DeFi, DApp, DEX Optimize transactions in multiple scenarios, such as, CEX, and realize the transfer channel of pledge rights such as Staking and PLO through vToken, and realize the risk hedging of pledge assets.
To benchmark the Ethereum DeFi ecology, Polkadot has successively launched projects on popular DeFi tracks such as DEX and aggregators, but we still have to maintain a cautious attitude. You must know that even with Ethereum, the construction of the DeFi ecology has gone through two years of dormancy. Step by step, sufficient infrastructure and other support have been gathered to usher in an unprecedented explosion in 2020.
At the first Polkadot community meeting on December 3 last year, Gavin Wood said “Make blockchain great again”, let us wait and see.