A parachain project is an independent standalone blockchain operational on the Polkadot ecosystem. These projects have their own token due to an independent blockchain. As a result, their governance & functionality is distinct from the Polkadot ecosystem. Despite this fact, they get the security of the base layer i.e. Polkadot and Kusama.
How does the Polkadot Parachain Auction Work?
The Polkadot parachain auction follows a candle auction format. In the candle auction format, the bidders place their bids early. The purpose of this model is to discourage last-minute price discovery for bidding. As a result, biddings are transparent and level playing for all. To participate in the bid, projects must pledge DOT/KSM tokens in a decentralized candle auction vault.
What are the Top Three Parachain Projects on the Polkadot Ecosystem?
#1. Acala
The Acala Network is a prime contender on the Polkadot ecosystem. It is offering a trust-less derivative market. In the Acala ecosystem, you can also trade in their stable coin pair. Along with that, there’s also an AMM DEX where you can lock tokens for rewards. You can buy ACA from CoinLIB exchange. The information is shared via this link.
#2. Litentry
Litentry is another innovative project on the Polkadot network. The Litenary ecosystem gives users full control over their data. In a nutshell, users can earn LIT tokens by providing their information on the LIT network. The LIT network charges applicants seeking information in LIT tokens. These charges are paid to the validators for fishing out information. Currently, the LIT tokens are trading at $4.87 and you can buy them on Binance, Bitvavo, and Hoo.Com.
#3. Astar
Astar as an interoperable, scalable Web 3.0 platform aims to connect Ethereum and Cosmos Network with the Polkadot ecosystem. Its native token $ASTR is available on Binance, NEXO, and Bybit.
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