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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

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
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 ETP hits Swedish stock market
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

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.8% 25 $47 196.24 -0.90% 3.21% $888 165 398 031 $28 837 572 321
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 52 $3 398.91 -4.99% 2.10% $399 589 395 021 $18 208 097 601
3 Cardano (ADA) ADA Cardano predictions 70.8% 64 $2.35 -2.73% -2.59% $75 328 517 583 $2 502 610 105
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $409.43 -3.42% 0.29% $68 840 128 039 $1 526 352 217
5 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000772 0.01% 0.06% $68 306 683 609 $68 957 512 774
6 XRP (XRP) XRP XRP predictions 71.6% 54 $1.072339 -2.16% -0.49% $49 994 826 614 $3 103 899 431
7 Solana (SOL) SOL Solana predictions 60.4% 90 $141.39 -8.05% -21.59% $41 967 915 927 $4 484 230 918
8 Polkadot (DOT) DOT Polkadot predictions 62% 81 $33.64 -3.04% 13.14% $33 221 971 526 $2 377 880 173
9 Dogecoin (DOGE) DOGE Dogecoin predictions 68% 66 $0.241295 0.66% -1.25% $31 687 836 517 $2 275 287 430
10 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000646 0.05% 0.04% $29 328 222 348 $2 841 145 920
11 UniSwap (UNI) UNI UniSwap predictions 69.2% 57 $24.44 -7.08% 8.72% $14 946 944 071 $538 878 731
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 69 $64.90 -2.78% 33.59% $14 296 604 632 $2 005 002 749
13 Terra (LUNA) LUNA Terra predictions 65.2% 67 $35.17 -7.63% -14.27% $14 128 224 406 $1 175 443 764
14 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000776 0.04% 0.07% $12 836 275 840 $5 753 613 485
15 Chainlink (LINK) LINK Chainlink predictions 71.6% 57 $28.11 -6.49% 3.99% $12 747 308 610 $1 498 687 851

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