“Polkadot’s first parachain has been added. Referendum 41 has passed registering the Shell parachain on Polkadot, to ensure block production, inclusion, and finalization. The Shell parachain has extremely limited functionality: it does not even have the notion of accounts.”, Polkadot officially announced.
- Polkadot has expanded its ecosystem with Shell, Polkadot’s first parachain, to its network.
- After Shell Parachain launches, Polkadot can continue with the highly anticipated parachain auctions.
- Dot’s price has dropped 3.13 percent at the time of writing and is now traded at $50.82
Polkadot’s ecosystem keeps growing with the addition of the first parachain to its network. Following the referendum 41 vote, Shell is officially a Polkadot parachain. The parachain, on the other hand, is likely to have limited functionality. Polkadot’s network might be used by enterprises all around the world in the near future.
But as per Polkadot’s recent tweet, “The Shell parachain has extremely limited functionality: it does not even have the notion of accounts. Shell only accepts messages from the Relay Chain to upgrade itself to something else.”
They have also included that “Shell can eventually be upgraded to Statemint with another referendum after the disputes code is active. If passed by Council, the motion will go to a public referendum.”
Polkadot was developed to link many blockchains together in a “multi-chain network” so that they would interact and safeguard the pool. This sub-chain is called the parachain, and it links to the relay chain, which is the underlying platform. Unlike a Layer 1 chain, like Ethereum, which makes it possible to create directly on top of the basic layer, Polkadot’s Relay Chain is in charge of the network’s security.
The upgrade of Shell to Statemint is the next stage in the network’s road to being genuinely multi-chain now that the first parachain has been deployed. It will be given out when the parachain has been operational for 24 hours without any problems.
Polkadot may move through with its much-anticipated parachain auctions on November 4 now that the Shell parachain is in place. Developers will be able to register their ideas on a parachain and also get crowd loan funding as a result of the auctions.
Every week, the network will hold one auction, with the initial batch lasting five weeks. After that, there will be another round of six auctions. Several companies, including Ethereum-compatible smart contract parachains Moonbeam and Acala Network, as well as many others, are fighting for a seat to debut on Polkadot, hoping to profit from crowd loans facilitated by the auctions.
Due to the significant use of Polkadot’s native token, DOT, for voting, bidding, and staking in each of these auctions, the cryptocurrency has already been in price discovery mode for some time. As the enthusiasm surrounding the network intensified, the debut of parachains auctions corresponded with DOT hitting a new all-time record of $54.98.
What is Polkadot Slot Auction?
Polkadot Slot Auction is a parachain auction that distributes parachain slots on the Polkadot network using the candlestick auction method. Projects should bid for parachain spots by staking DOT. The project with the most DOTs is declared the winner and becomes the Polkadot Parachain. Slots can be hired for three months per term, for only a total of 96 weeks (2 years).
Polkadot’s top 10 parachain auction projects:
Acala network, Moonbeam, Astar Network, Manta Network, Bifrost, literature, Clover Finances, Efinity, Parallel Funding, and Centrifuge.