Weekly news from Kusama & Polkadot #48
1. OAK Network has won the 28th parachain auction on Polkadot
OAK Network is the winner of the 28th auction on the Polkadot network by raising 150k DOT worth ~$945k. The 150k DOT was also the crowdloan cap set by the OAK.
OAK Network is aiming to become a one-stop-shop for automation services that are desperately needed in the blockchain space across a variety of L1s and can be plugged into various DeFi platforms
There are many different and valuable usecases of OAK, such as:
- event-driven transactions
- repeated payments
- automated DCA (dollar-cost averaging)
- auto compounding
- stop-loss trades for your DEX
OAK Network has its own native token OAK with a total supply 1 000 000 000 and fixed inflation of 5%.
For a better understanding, go through our recent article about OAK Network.
OAK Network: Trustless automation for higher DeFi efficiency
The concept of decentralized finances is revolutionary in many ways. You can trade your tokens, lend them for interest…
2. Parathread 2223 won the 54th parachain auction on Kusama
Parathread 2223, which is a label of an anonymous parachain, has recently won the 54th auction on the Kusama Network by self-funding 1 001 KSM. Parathread 2223 was leading the blocks of the auction almost 96% of the time, so it was expected for it to win.
3. USDT and USDC stablecoins on Polkadot
The first Polkadot’s parachain to launch XCM transfer of USDT was Astar, followed by Moonbeam, who enabled the transfers of this stablecoin minted by the common-good parachain Statemint under the xcUSDT. This allows both Astar and Moonbeam dApps to use USDT tokens for trading.
The second biggest stablecoin according to its market cap, USDC, will also come to Polkadot by the end of 2022. Besides Polkadot, USDC will be also deployed on Optimism, Near, Arbitrum, and Cosmos.
USDT and lately USDC will be minted on the Statemint parachain, which is a common good parachain focused on the deployment of both fungible and non-fungible tokens (NFTs), similarly to Statemine on Kusama.
Besides USDT and USDC, there are other stablecoins in the Polkadot ecosystem, aUSD (Acala dollar), BAI (from AstridDAO which runs on the Astar Network), XSTUSD (XOR SynThetics — Sora ecosystem algorithm) and FRAX (fractional-algorithmic stablecoin).
4. Parallel launched a new DeFi feature called One-click Yield for DOT
Parallel Finance is doing everything for the user experience and accessibility in DeFi. They recently introduced a new feature called One-Click Yield for DOT. With that, you can leverage all the yield opportunities across Parallel Finance and maximize DOT APY with a single click. All the necessary actions are now combined into a single transaction for a seamless experience.
By depositing DOT to One-click Yield you are actually doing those steps in one:
- Staking 50% of DOT on Liquid Staking for sDOT
- Adding DOT + sDOT into Parallel AMM LP
- Depositing LP-DOT/sDOT into Parallel Money Market
For changes in your LP position, just go to Parallel Money Market and check your LP-DOT/sDOT under My Supply Position.
5. Moonbeam has launched the Orbiters Program
Moonbeam Foundation has launched the Orbiters Program. It’s a collator rotation program with a new way to engage collators on Moonbeam network. As most of the features, also Orbiters Program was firstly deployed on the canary network, Moonriver.
Orbiters Program aims to onramp new collators to the ecosystem, especially those less backed or capitalized. It offers collators a rotation program, which lowers the entry barriers.
6. Acala restarted most of its functions
After a few weeks, when Acala’s functions were mostly frozen, we finally got some releases. Some of the core functions of Acala were already restarted.
Due to community referendums for Stage 1 and Stage 2 of resuming Acala operations, which have already passed and been executed, LPs who choose to unstake LP tokens or withdraw liquidity on Acala now have the option to do so. Vault owners can manage debt positions to ensure they are safe before liquidations are enabled at Stage 3, which is already being held as referendum #39.
You can use Acala’s core functions including DEX trading, transfers, LDOT instant redeem, xcm, and EVM+ since the 29th of September. Oracles, liquidation, and CDP borrowing will be enabled at the above-mentioned Stage 3.
What exactly happened on Acala?
On the 13th of August, Acala launched the new liquidity pool which contained iBTC, the wrapped Bitcoin from Interlay. But right after the launch, misconfiguration of the Honzon protocol has been exploited resulting in an erroneous mint of more than one billion of aUSD. The Acala Foundation team quickly used the power of governance and paused certain parachain operations such as transfers or aUSD minting.
7. Polkadotters announced a one-day conference DOTBrno
Teams of KodaDot, Polkadotters and Authtrail just announced the one-day conference called DOTBrno. It will be held in the Czech Republic, Brno on 10.11.2022 happening as a side event to ETHBrno hackathon.
Prepare for 5 different talks from speakers related to Polkadot and Kusama, each for 20 min. Speakers and their topics will be revealed soon and if there’ll be high demand for tickets. In the end, there will be a panel discussion with the most interesting speakers of the Polkadot community.
Consider supporting us by the nomination of your tokens to the Kusama or Polkadot validator going by the POLKADOTTERS name.