Several projects will be competing for one of the ten parachain slots on Kusama in the coming weeks, and there’s much to expect. The first five auctions saw five projects get officially interconnected. This means that they are capable of communicating with each other while on Polkadot’s canary network.
Centrifuge and Parami are some of the competing projects you should expect to see at the next auction. In this article, you’ll find some predictions to watch for in the upcoming Parachain Auctions and what to expect.
The Ecosystem Growth Success Following Kusama’s Parachain Auctions
Five events were included in the first half batches of Kusama’s parachain auctions, and these events lasted a week. For competing projects, the period after the announcement of Kusama’s first parachain auctions was nothing short of intense.
But with the first five winners of parachain slot getting announced after the auctions, the work begins with getting on board the network. Since getting on board, winning projects have been working to reach their deadline and goals.
From monitoring network performance to launch phases, much has been going on behind the scenes even as the second round of parachain slot auctions rolls into town. As always, the Kusama Network is the precursor of things to expect for the Polkadot network. Everything will be up and running on Polkadot as soon as they pass the Kusama test.
Centrifuge Wants To Enable Users To Access DeFi Liquidity Easier
Centrifuge is one of the competing projects for the upcoming parachain auctions, and it promises to be a value-adding one. The project is the world’s largest real-world asset (RWA) platform for decentralized finance built on Polkadot. Being built on Polkadot should ensure speedy operation and low, affordable fees as well.
It uses non-fungible tokens to represent real-world assets like invoices used as collateral in Tinlake, Centrifuge’s Ethereum dApp. Such a process allows financial services to support various real-world use cases and access DeFi liquidity. There’s a lot to look out for and expect from Centrifuge’s Altair DeFi platform, but most notably, it wants to link the Polkadot, Ethereum, and Kusama ecosystems.
You’d expect users to be able to access DeFi liquidity when they need it and how they need it without hassle. Altair is Centrifuge’s experimental platform/testnet for users looking to test their asset financing limits. What’s more, users can tokenize from NFTs to undiscovered assets.
Altair will be the much-needed testnet that Centrifuge Chain needs to experiment and test new features before launching. Also, Centrifuge will use Kusama for minting NFTs and any other innovations that its community comes up with after it goes live on Polkadot. After participating in the June edition, the Centrifuge team is billed to participate in Kusama’s September parachain slot auction.
Centrifuge has over time gained sufficient backing from some reputable investors as well as VC firms. Its investors include TRGC, Atlantic, Stani Kulechov, Blueyard, Semantic, Crane, Rockaway, Mosaic, Venture Partners, Moonwhale, Mariano Conti, Fabric Ventures, Julien Bouteloup, Inflection, Fenbushi, IOSG, Fintech Collective, HashCIB, and Galaxy.
Centrifuge has managed to raise $8 million in the course of its seed round three years ago. It also received an extra $4.3 million from its Simple Agreement for Future Tokens last year.
Parami Protocol Project
Substrate-based Parami protocol is tasked with building the next-gen digital advertising ecology. The protocol is also based on the Polkadot cross-chain tech as well as IPFS distributed storage tech. Parami is one of the projects worth looking out for in the future parachain auctions.
It makes use of Substrate as its blockchain development framework for a couple of reasons. For one, Substrate’s forkless upgrade, on-chain governance, off-chain workers, cross-chain, and a host of other features are some of the industry’s groundbreaking innovations.
Such innovations should serve the protocol and the wider Polkadot ecosystem well. What’s more, Substrate’s core functions are merged in a modular way. Doing so helps developers customize as much as their business logic allows, letting them set up the chain quickly.
The rest of the upcoming parachain auctions is expected to take place from September to October. Projects like Centrifuge, Manta Network, and Parami protocol are some outstanding ones to look out for and follow. So, which one are you rooting for?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.