Polkadot is a blockchain that has a very clear and innovative goal: to function as an interconnection hub for the various existing blockchains.
To this end, Polakadot has two main functions.
The first is to function as a data transmission and processing blockchain. This would allow Polkadot to be an extra layer of scalability for other blockchains.
And the second is independent operation through its own blockchains. Which gives Polkadot the ability to run its own Smart Contracts and host Decentralized Applications (DApps).
Polkadot uses Parachains technology, which allows it to create sub-chains with independent operation from the main chain, known as Relay Chain.
Composable Finance’s canary network Picasso will now be onboarded as Kusama’s 13th parachain at the start of the next lease period as it has won the 12th parachain auction.
Kusama parachain auctions for the third batch of 24 parachains has commenced on Monday, October 25, after two days of delay.
After Kusama, the main Polkadot chain is now all set to host the first parachain on its Relay Chain as the team has announced that the much-awaited Polkadot parachain auctions would begin on November 11, 2021.
Altair Network has joined the Kusama Network as the 10th parachain as it was announced the winner of 9th parachain slot auction.
Basilisk Finance is now the 8th external parachain on Polkadot’s sister network Kusama as it has won the 8th parachain slot auction.
Calamari Network has become the seventh real-world parachain on Polkadot’s canary network after winning the seventh Kusama parachain auction.
Interlay is bringing trustless Bitcoin to Polkadot’s canary network Kusama by launching a canary network of its interBTC platform that is named as Kintsugi.
dTrade, a decentralized exchange (DEX) for perpetual swaps and options powered by Substrate SDK, is building its DeFi derivative protocol on Moonbeam Network, a Polkadot parachain for Ethereum-compatible smart contracts, to bring derivative trading on Polkadot.
The first decentralized exchange is now live on Polkadot and Kusama named Kurara Swap with the initial pair KSM/KAR. Kurara is a DEX that serves users
Polkadot Network is steadily moving towards launching the much-awaited parachain functionality as the first round of parachain slot auction for its sister network Kusama has ended.
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