Weekly news from Kusama&Polkadot #30

1. Polkadot enables messaging through XCM to allow native token transfers across parachains

The Cross-consensus messaging format (XCM) on Polkadot was launched last week as the result of upgrade v9190 of the Polkadot relay chain. This upgrade like many others was the subject of the referenda, concretely this one was approved in the referendum #60 of the on-chain governance. As the result, parachain messaging on Polkadot is now enabled and HRMP channels can be created.

Due to that, DOT is now live & usable in DeFi on various parachains such as Moonbeam, which has added xcDOT, which is an XC-20 representation of DOT.

XCM allows Polkadot-based blockchains aka parachains to communicate with each other, which means sending messages and also sending tokens from one parachain to the other. Polkadot now finally started the path to be the interoperable multi-chain ecosystem.

2. Common good parachain Satemint allows minting NFTs

In the same referendum (#60) mentioned above, there was another upgrade, but not of the Polkadot relay chain, but of the common good parachain Statemint. Statemint was upgraded to v900, so from the moment of execution, users on Statemint are allowed to teleport DOT from the Relay Chain, teleport it back, open HRMP channels, and perform all assets including NFTs operations without restrictions. This means the actual launch of Statemint and its functionality.

3. Polkadex won the 16th parachain auction on Polkadot

Polkadex is the winner of the 16th parachain auction on the Polkadot network by raising 973k DOT worth over $12M from 2 313 contributors.

Polkadex was leading the auction most of the time, as you can see in this visualization from parachains.info.

source: parachains.info

Polkadex Orderbook is a non-custodial, peer-to-peer exchange that connects the benefits of CEXes and DEXes into a next-generation trading platform. Polkadex has also the on-chain IDO platform called the PolkaIDO, which makes IDOs fairer and more transparent. Polkadex entering the Polkadot multichain ecosystem by winning its own parachain slot will definitely multiply the DeFi momentum of Dotsama.

4. Parallel Finance launched their liquid staking token sDOT

Parallel Finance recently launched the first liquid staking product on Polkadot. Liquid staking is quite simple and beneficial for users. Firstly you need to transfer your DOT into Parallel. After that, you visit the staking page of the Parallel web interface and decide how much DOT you want to use for liquid staking.

Staking in Parallel Finance

At this moment, the staking APY is 14.5% + 67.42% extra in the PARA token.

From now you can lend and borrow both DOT (which you didn't stake into sDOT) and also sDOT on Parallel’s Money Market for amazing APYs. After a couple of days of launch, the TVL of liquid staking on Parallel is about $5.37M

The lending of sDOT and DOT on Parallel's Money Market

5. Shiden launched compounding rewards for dApp staking

The compounding feature is automatically deployed into the existing Shiden's dApp staking portal. After claiming your rewards, you will see your stake increase. Making the restaking feature as frictionless as possible will encourage compound growth for nominators and also developers, which will result in an increase in Shiden's TVL.

source: Valeria Kholostenko article

Similarly how upgrades are tested firstly on Kusama, the canary network of Polkadot, also Shiden is kind of a testing ground for Astar, which is to this moment the #1 TVL Smart Contract Hub for WASM + EVM on Polkadot. So we can expect the compounding rewards for dApp staking on Astar very soon!

dApp staking is an innovative way how developers to get extra paid for developing dApps on Shiden and Astar. Nominators on the other way are incentivized to stake their $SDN and $ASTR tokens on dApps they like and want to support.

6. Shiden won the 35th auction on Kusama

One more piece of news from Shiden, who actually won the 35th auction on the Kusama network. By raising 12k KSM from 398 contributors worth $1.33M, Shiden secured its second parachain slot. Shiden is the canary network of Astar and the securing of the next slot before the first one is passed through is definitely a piece of good news for the user base and devs.

Consider supporting us by the nomination of your tokens to Kusama or Polkadot validator going by the POLKADOTTERS name.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Polkadotters | Kusama & Polkadot validators

Polkadotters | Kusama & Polkadot validators

Czech bloggers & community builders. We are validators of Polkadot, Kusama, Darwinia, Crab, Bifrost, HydraDX, StaFi, Centrifuge under the name: POLKADOTTERS