Polkadot Parachain Auctions Explained The 3 Interesting Projects

The world of cryptocurrency is buzzing with the talks of the Polkadot parachain auctions. Hold on a second. Did you get anything of what we just said?

No. We don’t blame you. Here is everything on Polkadot parachain auctions. After that, we have something more.

What Is Polkadot Parachain Auctions

Let’s start from ground zero. Polkadot parachain is like a big host for other blockchain-based services. Furthermore, Polkadot has a big blockchain which is called the ‘Relay Chain’.

This ‘Relay Chain’ acts like a host for other blockchains. Companies simply connect to this ‘Relay Chain’ and use its network to provide their own blockchain-based services. The companies that connect are called parachain projects.

So, the Polkadot parachain auctions are the auctions for the slot on the ‘Relay Chain’ that are brought by these parachain projects. Polkadot has already conducted two rounds of auctions for the 100 slots available. Now we bring to you the three prominent companies that took part in these auctions.

The Three Companies

The first prominent company to participate in the Acala. Acala is a company that offers a lot of financial services using its blockchain. Also, the company shows a resolute resolve to be the best in the segment and to prove that took away the first slot on the Polkadot parachain.

Next in line is Moonbeam. It is a company that will smart contracts for the Polkadot blockchain ecosystem which will make it easier for developers on Ethereum to port their dApps into Polkadot. Moonbeam took the second slot on Polkadot.

Last but not least is Efinity. They are a company that wants to become the biggest NFT minting and trading service. And their stand as the third company to take away a Polkadot slot is to help in their journey to realize this dream.

At the end, Polkadot, no doubt is a big fish in the cryptocurrency waters.

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