On October 27, 2020, at the Wanxiang Blockchain Summit, when asked what he most wanted to say to himself three years ago, Polkadot founder Gavin Wood said frankly, “Don’t think about anything, just do it. Bar.
secondary title
Parallel chain network
If ETH2.0 wants to divide the transaction into multiple execution logics on a single chain, each logic is processed by a dedicated shard, and the entire network uses the beacon chain to save transaction results and make decisions, then Polkadot will 100 chains will be connected, each chain runs freely, and the interaction between chains is controlled by the relay chain.
Polkadot has greater ambitions in terms of scalability and richness than Ethereum. Ethereum maximizes the performance of one chain, and Polkadot allows 100 chains to run simultaneously. Limited by the standardization of smart contracts, only simple contract logic can be executed on the Ethereum chain, and Polkadot allows 100 chains to have their own strengths, such as some focusing on privacy and identity, and some focusing on asset storage and transactions ...Of course, the non-standardized approach may also cause more security problems for Polkadot.
Thanks to the highly customizable parachain, the Polkadot ecosystem has the gene of richness, whether it is measured in terms of participants, applications, funds or other aspects. Polkaproject information shows that the number of applications in the Polkadot ecosystem has reached 285, and the types include oracles, NFT, DAO, transfer bridges, DeFi, data, privacy, games, smart contracts, infrastructure, expansion, forums, wallets, tools and more.
image description
Changes in the number of developers on each blockchain
In addition, although the parachain slots have not yet been auctioned, the entire Polkadot network has not yet run parachains, and there has been no interaction between parachains, but Subscan data shows that the average daily activity of the main network has reached about 2,000, and the number of daily transactions has stabilized at 2000-4000 pens, the number of verifiers selected by the network has reached 229.
In terms of financing and ecological application support, Polkadot has also made many moves. Polkadot has gone through a total of 9 rounds of financing, with a total financing of 183.7 million US dollars. Part of the funds raised are used to support ecological applications.
image description
Web3 Foundation Funding Project
In the horizontal dimension, Polkadots ecology shows richness, and in the vertical time dimension, Polkadots token economic model extends sustainability as much as possible.
Similar to Ethereum 2.0 becoming a verifier by staking ETH, maintaining network operation to get rewards, and being punished for doing evil, both joining the Polkadot network and becoming a verifier are based on token pledges, but the Ethereum network gives participants an equal hard bottom. ——25ETH, while Polkadot parachain slots and validator seats are limited, the number of pledged tokens is increasing in an explicit competition, and token prices are more likely to explode.
The reason why the economic models of the two are sustainable is that validators and parachain seats can be rotated. At the same time, the user’s tokens are only mortgaged to the project party, not an investment in the form of ICO, which reduces the possibility of the project party carrying the currency away. sex.
secondary title
Users, applications, and funds settled in
If Ethereum is a self-developing ecology, and the construction of facilities lags behind the discovery of needs, then Polkadot is like a modern building with complete facilities under construction, waiting for users, applications, and funds to settle in. In fact, as one of the most important hotspots this year, the Polkadot ecology has attracted enough market attention: some projects are migrating to the Polkadot ecology, and there are also projects on Polkadot that are benchmarking against infrastructure on other chains .
PolkaBTC is the mapping of Bitcoin assets in the Polkadot ecosystem. With the launch of the public test network in January next year, the completion of the code audit in February, and the launch of Kusama and Polkadot parachains from the end of this year to the beginning of next year, PolkaBTC will be launched on Kusama and Polkadot successively.
PolkaBTC will receive 1:1 Bitcoin value support, and at the same time realize the lending and transaction functions in the Polkadot network. In addition, according to foreign media reports, Interlay, the startup behind PolkaBTC, is still working with Polkadot to launch a non-custodial platform called xopts to compete with Uniswap on the Ethereum network.
As the DeFi infrastructure in the Polkadot ecosystem, Acala is benchmarked against MakerDAO in Ethereum. Acala generates the stablecoin aUSD through over-collateralization. Unlike MakerDAO, Acala itself is a chain with a built-in DEX, and the liquidity providers on it can obtain transaction fee dividends.
In addition, Acala has improved MakerDAOs liquidation mechanism. It combines liquidation and DEX. The funds injected by users into DEX will automatically participate in collateral liquidation, and the liquidation proceeds will be distributed to liquidity providers. That is to say, DEX liquidity providers will have two sources of income, one is dividends from handling fees, and the other is liquidation income.
Acala also proposed a plan to release the liquidity of pledged tokens. By staking DOT through Acala, in addition to Staking income, users can also obtain pledged equity token LDOT. LDOT can be used for transactions, pledged loans and other operations, which solves the problem of Staking and DeFi grabbing assets.
image description
Polkadot ecological map
Everything is waiting for the parachain to start and Polkadot to connect with other chains, and the beginning of this process is marked by the deployment of the parachain slot. According to official information, the parachain will be launched at the end of this year or early next year. The parachain on Kusama will be launched before Polkadot, and the first batch of parachains will be system-level parachains, which will not be generated through auctions. Auctions are held every six months.
Polkadot can support about 100 parachains. The limited number of seats determines that the opening of the parachain will stage a capital competition. On the one hand, it will attract market attention, and on the other hand, it will hype the slot rental price, which will affect the DOT circulation and increase the currency price.
image description
DOT Token Liquidity
It can be expected that as the parachain slot auction approaches, more and more third-party DOT pledge services will appear in the market, detonating the enthusiasm for Polkadot in advance and allowing participants to trade in advance on the future development and value of this ecology And cash out, which will attract many users.
Polkadot is gradually realizing Gavins vision of blockchain interconnection and Web 3.0: Polkadot connects public chain islands, and in the future time dimension, it is trying to reset the connection between the world Returning to a state of decentralization and high entropy (weak center and weak monopoly), this is a philosophy about economic models, community governance, and interest games, which are not only related to mechanism settings, but also depend on the richness of ecology.
