Polkadot enters sharding phase of its parachain ecosystem development and is moving towards becoming a reality as we are reading more in our latest altcoin news today.
The Polkadot ecosystem is growing to progress with Acala Network becoming the first to win a parachain slot on the Rococo testnet as Acala which is a decentralized finance hub for Polkadot announced that it secured the slot on March 26. Acala was launched in 2020 with the DeFi consortium striving to create a cross-chain open finance infrastructure on the polkadot ecosystem while Acala launched an ETH Virtual Machine based on the Polkadot Substrate framework that facilitates interoperability with ETH-based assets.
Acala has won the first parachain slot auction on @Polkadot testnet Rococo, and now Acala occupies the first public parachain slot on Rococo 🥳.
Keep on building 🛠️ pic.twitter.com/EscaM8dGqQ
— Acala – DeFi Hub of Polkadot (@AcalaNetwork) March 26, 2021
The official parachain launch took the platform another step forward to a goal of providing cross-chain interoperability on the expanding DOT ecosystem with as Polkadot enters the sharding phase. The multi-chain parachain will use sharded sidechains that process transactions parallelly and these are acquired in an auction process where the projects try and outbid each other for a slot. Polkadot launched Rococo as a parachain testnet in 2020 and wanted to see whether the communication protocols will sustain the inter-shard projects and their progress on the sister network Kusama.
Acala also has plans to launch a dollar-pegged stablecoin that is designed for use across other Polkadot-based projects. The new DAO alliance has been announced to promote the development of decentralized governance in the ecosystem as well. The alliance was launched by eleven genesis members like SubDAO, Stafi, Phala, Bifrost, Darwin, Zenlink, and DeepDAO. The alliance hopes to establish a development fund for the startups as the announcement noted:
“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 growth of Polkadot propelled the native DOT token on the charts by market cap as it gained 250% since the start of the year and is now trading at $32.70.
As reported recently, Polkadot will start using the fiat-to-crypto onramp provider Simplex’s solutions and will provide support for the network of crypto exchanges, brokers, and wallets. In an announcement made today, Simplex said that the Polkadot integration will allow crypto users to buy the token with a debit or credit card, bank transfer, or Apple Pay. The financial institution aimed for mass crypto acquisition and adoption and said that the addition of DOT to the list of supported assets will bring it closer to the goal.
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