The Winning Polkadot Parachains Start Producing Blocks

The winning Polkadot parachains started producing blocks and they are the next-generation blockchains because of their advanced capabilities so let’s read more in our latest altcoin news today.

The network introduced an auction as a way to choose the parachains that will start producing the first blocks and in the first round of the auction, the five parachains emerged as winners which means the boarding process has been successfully carried out. These parachains got a lease period of 96 weeks as a result of the win to start on December 17^th. These winning Polkadot parachains started producing blocks on the Polkadot network whcih marks the beginning of a new era.

Moonbeam, Astar, Clover, Acala, and Parallel Finance emerged as the first batch of winners in the Polkadot parachain auction and these projects managed to raise a total of $2,354,936 each one winning the slots for different niches on the blockchain ranging from decentralized finance, NFTs smart contracting and the loans and investments. All of these projects started creating blocks on the Polkadot blockchains and these are about five parachain slots that are occupied by the projects which won the auction but Polkadot aims to grow slots to 100 which is the maximum capacity for the Relay Chain.

These projects occupy a niche in the Gavin Wood vision for an interconnected blockchain future whcih is possible by allowing different niches to operate in the same space rather than competing against one another. Polkadot is one of the biggest crypto assets by market cap despite being operational for about five years. The cryptocurrency is now 11^th on the list with a market cap of $28 billion. The next auctions round started on Thursday and will run for a week at the end of which the winning parachains will be announced. The Six parachains will eventually get selected in the round and their onboarding will happen around March 11, 2022, so Voting is already underway and the users can vote by locking their DOT tokens on the projects.

As recently reported,  Polkadot launched parachains and achieved a new milestone from its roadmap to increase the scalability of the network. The first parachains run by Moonbeam, Parallel Finance, Acala NEtwork, Astar, and Clover went live on the Polkadot network over the weekend and the parachains represent a kind of individual running blockchain on top of Polkadot.