Bitcoin
BTC$41 980.08

-1.11%

Ethereum
ETH$3 127.51

-1.56%

Tether
USDT$1.000642

0.01%

Binance Coin
BNB$468.87

-0.82%

USD Coin
USDC$1.000502

0.01%

Cardano
ADA$1.35

-9.44%

Polkadot moves towards sharding as Acala Network secures first Rococo parachain slot


29 Mar 2021

#Polkadot

Polkadot’s vision for a sharded parachain ecosystem is moving toward becoming a reality. The Polkadot ecosystem continues to progress, with DeFi platform Acala Network becoming the first to win a parachain slot on the Rococo testnet. Acala, the self-described decentralized finance hub for Polkadot, announced it had secured the slot on March 26.

Acala was launched in January 2020, with the DeFi consortium striving to create a cross-chain open finance infrastructure for the Polkadot ecosystem. In February, Acala launched an Ethereum Virtual Machine (EVM) based on Polkadot’s Substrate framework, facilitating interoperability with Ethereum-based assets.

The official parachain launch takes the platform a step further towards its goal of providing cross-chain interoperability on the rapidly expanding Polkadot ecosystem. Polkadot’s multi-chain “parachain” ecosystem will use sharded sidechains to process transactions in parallel. Parachains are acquired in an auction process whereby projects try to outbid each other for the slot.

Polkadot launched Rococo as a parachain testnet in August 2020 to test it’s inter-shard communication protocols before projects progress to deploying on Polkadot’s sister-network Kusama, and eventually the Polkadot mainnet.

Acala also has plans to launch a dollar-pegged stablecoin designed for use across any Polkadot-based project. A new Polkadot DAO Alliance has also been announced on March 26 to promote the development of decentralized governance in the Polkadot ecosystem. The Alliance was launched by eleven genesis members, including leading Polkadot projects SubDAO, Plasm, Phala, Stafi, Bifrost, Darwina, Zenlink, and DeepDAO. The alliance also hopes to establish a development fund for Polkadot-based startups, with the announcement stating:

“The Alliance will establish a DAO Ecosystem Development Fund with several million dollars to offer financial support for early-stage projects of DAO and Web 3.0.”

The rapid growth of Polkadot has propelled its native DOT token up the crypto market cap charts in 2021 as it has gained 250% since the beginning of the year, and is currently trading at $32.70 at the time of writing.


Related

Polkadot price moves higher as parachain auctions reduce DOT’s circulating supply
Polkadot price moves higher as parachain auctions reduce DOT’s circulating supply
Polkadot to debut parachain auctions after governance vote
Polkadot to debut parachain auctions after governance vote
Three reasons why Polkadot is en-route to a new all-time high even after a 256% rally
Three reasons why Polkadot is en-route to a new all-time high even after a 256% rally
Polkadot (DOT) ends weekend with 10% surge
Polkadot (DOT) ends weekend with 10% surge
Reasons why Polkadot could be the next altcoin to hit a new all-time high
Reasons why Polkadot could be the next altcoin to hit a new all-time high
Polkadot (DOT) and Kusama (KSM) skyrocket in price after attracting $30M in funding
Polkadot (DOT) and Kusama (KSM) skyrocket in price after attracting $30M in funding
Polkadot ETP hits Swedish stock market
Polkadot ETP hits Swedish stock market
Raise a PINT to Polkadot’s new index token: Six top projects sign up
Raise a PINT to Polkadot’s new index token: Six top projects sign up
Cross-chain DEX to be deployed on two layer-two solutions on Polkadot
Cross-chain DEX to be deployed on two layer-two solutions on Polkadot

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 69.6% 60 $41 980.08 -1.11% -4.28% $794 870 257 509 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.2% 73 $3 127.51 -1.56% -7.18% $372 891 153 254 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000642 0.01% 0.03% $78 364 852 449 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 59 $468.87 -0.82% -3.49% $77 417 695 076 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000502 0.01% 0.07% $46 059 036 016 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 76.4% 48 $1.35 -9.44% 4.09% $45 439 167 051 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 63.2% 79 $136.95 -2.75% -10.10% $43 024 397 105 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 70% 62 $0.743925 -1.72% -6.81% $35 457 804 798 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 72.4% 56 $81.82 1.09% 1.03% $29 241 624 904 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 74% 53 $24.32 -3.59% -11.19% $24 016 391 066 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 46 $0.164050 -1.35% 2.27% $21 764 580 700 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.4% 78 $83.70 -3.03% -11.85% $20 451 218 237 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 71.2% 53 $2.06 -4.40% -12.66% $15 255 717 058 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 70.8% 62 $0.000028 -2.66% -14.36% $15 131 590 866 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.999482 -0.12% -0.01% $14 344 134 549 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.