Weekly News from Kusama & Polkadot #63
1. Subsocial has won the 37th parachain auction on Polkadot
Subsocial has won the 37th auction on the Polkadot network by self-funding 15k DOT worth ~$92k. In the past, Subsocial had secured a parachain slot on Kusama by winning the 16th parachain auction on Kusama. Subsocial will be the second parachain to migrate from Kusama to Polkadot after KILT.
Subsocial is a unique social networking platform designed to support future social networks. It features built-in monetization methods and censorship resistance, allowing users to own their content and social connections.
Developed with Substrate pallets, Subsocial is a one-of-a-kind in the Dotsama ecosystem and can be used for various social interactions such as YouTube, Shopify, or Airbnb.
Subsocial-based social media allows users to control their content and monetize it while also being protected from censorship.
2. Litmus has won the 66th parachain auction on Kusama
Litmus secured another parachain slot on Kusama by self-funding 3 000 KSM worth $104k. Litmus is already a winner of the parachain slot no. 23, which is going to expire very soon.
Litmus is a canary network of Litentry, which is a protocol that enables the aggregation of decentralized identities across multiple networks. It includes a system for indexing DIDs and a credit computation network built on Substrate.
Litmus protocol offers a decentralized and interoperable service for identity aggregation, addressing the challenges of resolving DIDs across different systems. It also provides a secure way for individuals to manage their identities and for dApps to access real-time credit and reputation information of identity owners across different blockchains.
3. Polkadot XCM v3 merged: enabling new features and unlocking the future of blockchain technology
After a 15-month development period, Polkadot’s XCM version 3 has been successfully merged into the main branch of the Polkadot repository, enabling new features such as bridges, cross-chain locking, exchanges, NFTs, conditionals, and context-tracking.
XCM v3 unlocks new possibilities for the teams and enables them to add new features to their chains and shape the future of blockchain technology, true innovation is now unlocked and the future of Polkadot is here!
The successful merge of XCM version 3 was announced by the creator of Polkadot, Dr. Gavin Wood, on January 17th.
4. KodaDot unveils new Gallery redesign, offers rewards for best survey feedback
KodaDot has finished a new redesign of gallery items, which is now ready on beta. To make the best of Kodadot’s product and improving user experience using kodadot.xyz, KodaDot is now collecting users feedback.
KodaDot is rewarding 3 participants with best answers by $30 payable in KSM. If there will be more amazing answers beyond 3, Kodadot will hold a lottery on their Twitter account.
Here is the gallery redesign beta https://beta.kodadot.xyz/ and the link to the survey.
5. HydraDX Omnipool listed ETH
HydraDX Omnipool, a revolutionary decentralized exchange launched a few weeks ago, has listed the ETH token as WETH (Wrapped Ether) last week. This move is in line with the exchange’s goal of being the ocean of liquidity for Polkadot. The addition of WETH enables more trading pairs and better market depth for Polkadot-based tokens.
This listing also enables users to trade ETH on the Omnipool with more flexibility and efficiency. The ETH listing is expected to attract more users increasing the exchange’s overall liquidity. Besides swapping, users can also provide liquidity of WETH with actual cap of 99 WETH.
ETH can be bridged into HydraDX by using Wormhole bridge & Acala. Before that, don’t forget to bind your Substrate address to your EVM account.
It’s definitely a big milestone in the development of HydraDX Omnipool, an exchange that supports single-sided liquidity for the assets.
At this moment, there are those tradable assets on HydraDX Omnipool:
- HDX — a native token of HydraDX
- DAI — decentralized stablecoin
- DOT — the main token of the Polkadot network
- WETH — bridged ETH via Wormhole bridge
- LRNA —non-tradable (yet) hub token, through which all trades are routed
6. Kintsugi & Bifrost LP goes live with KSM/kBTC
Kintsugi & Bifrost liquidity pool is now live. With the addition of KSM/kBTC, Bifrost has now 16 active pools.
KSM/kBTC LP farming now offers ~69% APY, payable in three different tokens: KSM, ZLK & KINT.
Two months ago, Bifrost and Kintsugi launched HRMP channels (XCMP-Lite) on the Kusama network, allowing for the availability of tokens BNC, KINT and kBTC on each other’s networks.
Furthermore, Kintsugi’s kBTC can now be traded on Zenlink DEX. The three parties, Bifrost, Zenlink and Kintsugi, also established an incentivized pool for KSM-kBTC (mentioned above) which further expands the use case of BTC within the Kusama ecosystem, providing more liquidity options for users of the KSM-vKSM pair and enabling the indirect exchange of kBTC and vKSM.
7. Karura’s LKSM integrated as new collateral for Bitcoin vaults on Kintsugi
Kintsugi Bitcoin vaults now accept Liquid KSM (LKSM) as collateral and by thus increasing the collateral possibilities. Until now, there was possible to create a vault by using KINT or KSM.
Easily transfer LKSM from Karura to Kintsugi using the bridge. By using LKSM, users can stake their KSM and still have access to its liquidity.
LKSM also serves as a yield-earning token and has low staking minimums and no unbonding period for the underlying KSM, allowing for flexible and easy access to your funds.
8. Apillon and Crust Network partner to improve Web3 development in Polkadot ecosystem
Apillon, a Web3 development platform that enables building in the Polkadot ecosystem, has started a partnership with Crust Network.
The partnership will benefit developers and their app users by offering serverless hosting and storage services, providing stable and secure storage as well as faster data processing.
“Leading the way towards a decentralized future, Apillon partners with blockchain technology providers to equip builders with key features to easily transform their ideas into blockchain-based projects.” stated CEO of Apillon, Matjaž Sobočan.
Apillon partners with Crust Network to offer easy access to serverless services for NFT and Metaverse projects, personal file storage, website and dapp hosting.
Crust’s decentralized storage solution uses IPFS protocol, allowing for faster data processing and bullet-proof data privacy and safety. Developers can select and pay for the amount of storage space they need, optimizing and tracking it at all times. With Crust, users and developers have full control over their data and files, without any centralized restrictions.”
9. SORA introduces TBCD: algorithmic stablecoin to support XOR and fund new goods and services
SORA recently announced its proposed stablecoin, Token Bonding Curve Dollar (TBCD).
Token Bonding Curve Dollar (TBCD) is a new proposed, algorithmic, non-synthetic stablecoin that has its value maintained by the SORA token bonding curve
TBCD is created to be worth slightly less than $1 when XOR is far lower than the current price point on the token bonding curve, reducing sell pressure to XOR when the price of XOR is low
TBCD will help to build up the reserves of the SORA token bonding curve, while also being used to fund the creation of new goods and services via on-chain referendum decided by all XOR token holders.
As a result of the implementation of this proposal, XST will no longer be minted to pay for project development.
Consider supporting us by nominating your tokens to the Kusama or Polkadot validator by the POLKADOTTERS name.
