Bitcoin
BTC$26 909.29

-0.86%

Ethereum
ETH$1 860.75

-0.46%

Tether
USDT$1.000420

0.02%

Binance Coin
BNB$304.46

-0.81%

USD Coin
USDC$1.000252

0.04%

XRP
XRP$0.504162

0.03%

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

Moonbeam (GLMR) launch brings EVM interoperability closer to the Polkadot network
Moonbeam (GLMR) launch brings EVM interoperability closer to the Polkadot network
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

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90.8% 10 $26 909.29 -0.86% 2.64% $521 762 781 363 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 94% 5 $1 860.75 -0.46% 4.26% $223 747 212 959 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000420 0.02% 0.05% $83 257 322 855 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 91.2% 1 $304.46 -0.81% -0.21% $47 452 043 680 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000252 0.04% 0.02% $28 886 516 964 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 82% 37 $0.504162 0.03% 12.53% $26 208 072 378 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 87.6% 10 $0.363100 -3.09% 1.49% $12 666 261 005 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 86.8% 17 $0.071627 0.22% 1.85% $9 998 019 293 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 80.4% 35 $0.892154 0.39% 1.50% $8 278 715 292 MATIC 7 days price change
11 Solana (SOL) SOL Solana predictions 84.8% 29 $20.65 -0.37% 7.13% $8 189 640 134 SOL 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 78.8% 37 $0.074779 -0.81% -3.05% $7 603 269 311 WTRX 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 78.4% 37 $92.96 3.94% 10.15% $6 790 470 965 LTC 7 days price change
14 TRON (TRX) TRX TRON predictions 79.6% 35 $0.074543 -1.38% -3.19% $6 725 556 753 TRX 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 92% 10 $5.23 -1.79% -0.56% $6 222 851 370 DOT 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.

© 2015-2023 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.