Weekly news from Kusama&Polkadot #11
1. Parallel Finance secured a parachain slot in auction #4 on Polkadot
There wasn't any surprise in auction #4, because Parallel received so much support during auctions 1–3, so Parallel won the 4th auction with a large predominance. For the last 5th auction (last in the 1st batch), the biggest favorites are Clover Finance, Efinity and Manta Network.
10,75 mil. DOT was raised during the crowdloan which means in the first batch of parachain auctions, Polkadot will have its first lending protocol. The DeFi product is so much needed and popular with Ethereum users.
Parallel Finance is a decentralized money market protocol that allows you to lend, stake, and borrow in the Polkadot ecosystem. With their great user-friendly UI, an innovative lending and borrowing system, and margin staking that will allow you to massively increase your interest yields, they’re on their way to success.
You can learn more about Parallel Finance in our recent article.
2. Zeitgeist is the winner of Kusama’s parachain auction #17
Similarly as Parallel won the 4th auction on Polkadot, Zeitgeist was a favorite from the beginning of auction #17 on Kusama. And Zeitgeist by winning the auction is a great thing in one way — there is coming another big usecase to the Dotsama ecosystem — a prediction market!
Zeitgeist will bring to Kusama a layer-1 parachain optimized for Prediction Markets and ‘futarchy’ governance. Simply said, futarchy is a system that governs itself based on the signals coming from the predictions markets.
Let’s say Zeitgeist council will propose an increase of the max supply of ZTG tokens by 10%. Then, a prediction market is created on whether this action will have a positive or negative impact on the token price. People are betting real money, thus they are incentivized to use their best knowledge to predict the outcome of such a proposal and if most people believe in a positive effect, then the proposal will pass.
More about Zeitgeist can be found in our previous descriptive article below.
3. Phala announced the launch of Fat Contracts
Phala introduced the next generation of smart contracts called Fat Contracts. Fat Contracts are low-latency, high-performance, and easy-operation smart contracts based on the Phala privacy contract concept. The launch of Fat Contracts is expected to be at the end of December 2021.
Fat Contract is a kind of decentralized program instead of the smart contract, which supports real-time computation-intensive tasks and have the access to all the services even they are out of the blockchains.
Source: https://wiki.phala.network/en-us/docs/phala-network/fat-contract/
Phala is well-known as the confidential blockchain by combining TEE (Trust Execution Environment) and blockchain, which main goal is to move the computation off-chain and remove the limitations on the current smart contracts.
Do you want to know more about Phala? Go check out our article:
4. Nodle started crowdloan for Polkadot
Nodle just started their Polkadot crowdloan. There will be distributed up to 850 mil. NODL tokens with a minimum of 20 NODL per 1 DOT participated in the crowdloan.
Nodle Network comes to play with its IoT decentralization solution. With their protocol-agnostic wireless infrastructure, Nodle will reduce the cost of access into the network that will be powered by millions of smartphones. So in some of the next batches of auctions, we might see the first IoT parachain on Polkadot.
We wrote about Nodle just a few days ago, so feel free to get deeper into the project.
5. HydraDX triple-HDX referendum passed
Last week we informed you about the incoming HydraDX referendum. So now we can tell you that the referendum passed, so all account balances excluding those owned by the development team, investors and the HydraDX treasury, will triple the number of HDX tokens.
As we like the idea of having governance-owned DEX on Polkadot, we are pleased that this referendum passed. It will bring a higher level of decentralization to this parachain because the voice of the HydraDX dev team is now getting weaker with this proposal.
Of course, before HydraDX will become a parachain of Polkadot, the HDX balances will stay frozen, so the only thing you can do with your HDX is to stake them.
If you like this article, consider supporting us by the nomination of your tokens to Kusama or Polkadot validator going by the POLKADOTTERS name.
