The polkadot ecosystem continues to evolve. The DeFi platform Acala Network is the first to win a Parachain slot in the Rococo test network.
Acala, the self-described decentralized financial center for Polkadot, announced that it secured the slot on March 26th.
Acala won the first Parachain slot auction on @Speckle testnet Rococo, and now Acala occupies the first public Parachain slot in the Rococo.
Keep building ️ pic.twitter.com/EscaM8dGqQ
– Acala – DeFi Hub by Polkadot (@AcalaNetwork) March 26, 2021
Acala was launched in January 2020 and the DeFi consortium sought to create a cross-chain open financial infrastructure for the Polkadot ecosystem. In February, Acala launched an Ethereum Virtual Machine (EVM), which is based on the Polkadot substrate framework and facilitates interoperability with Ethereum-based assets.
With the official launch of Parachain, the platform takes the platform one step further towards its goal of ensuring cross-chain interoperability in the rapidly growing Polkadot ecosystem.
Polkadot’s multi-chain “parachain” ecosystem will use sharded sidechains to process transactions in parallel. Parachutes are acquired through an auction process in which projects attempt to outbid each other for the slot.
Polkadot launched Rococo in August 2020 as a Parachain test network to test its inter-shard communication protocols before deploying the projects on the Polkadot sister network Kusama and finally on the Polkadot mainnet.
Acala also has plans to launch a dollar-tied stablecoin designed for all Polkadot-based projects.
A new Polkadot DAO Alliance was also announced on March 26th to promote the development of decentralized governance in the Polkadot ecosystem.
The alliance was founded by eleven Genesis members, including the leading Polkadot projects SubDAO, Plasm, Phala, Stafi, Bifrost, Darwina, Zenlink and DeepDAO. The alliance also hopes to set up a development fund for startups based in Polkadot. The announcement states:
“The Alliance will establish a multi-million dollar DAO Ecosystem Development Fund to provide financial support for early-stage DAO and Web 3.0 projects.”
Polkadot’s rapid growth put its original DOT on the crypto market cap charts in 2021 as it is up 250% since the start of the year and is currently trading at $ 32.70 at the time of writing.