Polkadot's 3rd Parachain Slot Auction Winner Is Astar

by in Blockchain News

Polkadot parachains auctions

The winner of Polkadot's 3rd auction became Astar Network, which is a multichain dapps hub.

Related: Polkadot will start selling parachain slots on Kusama

As announced, the protocol will be onboarded at a block with the other first 5 winners on Dec. 18. Previously known as Plasm Network, Astar supports Ethereum, dapp staking, and Layer 2 solutions.

Parachains are separate blockchains that run in parallel with Polkadot’s main chain, known as the Relay Chain. Polkadot has a goal to have 100 parachains.

This way, the platform will increase its scalability. To decide on which chains will connect to the parachain slot, Polkadot carries out auctions. Projects are required to place a bid in the DOT token to take part in auctions. Via crowdloan, the community helps the project it supports to win. Each action closes in 7 days.

Polkadot launched the process on November 11. The first winner became the DeFi platform Acala Network, and the second was Moonbeem Network.

Trending: Intel Plans to Present an Efficient BTC Mining ASIC

Released in May 2020, Polkadot continues to evolve with the launch of parachains. Polkadot’s native token DOT is the 9th largest crypto with a market cap of over $33.9 billion. Currently, DOT trades at around $34, 37% down from its all-time high of $55 launched on november 4, 2021.