Polkadot moves towards sharding as Acala Network secures first Rococo parachain slot

Polkadot’s vision for a sharded parachain ecosystem is moving toward becoming a reality.

The Polkadot ecosystem continues to progress, with DeFi platform Acala Network becoming the first to win a parachain slot on the Rococo testnet.

Acala, the self-described decentralized finance hub for Polkadot, announced it had secured the slot on March 26.

A new Polkadot DAO Alliance has also been announced on March 26 to promote the development of decentralized governance in the Polkadot ecosystem.

The Alliance was launched by eleven genesis members, including leading Polkadot projects SubDAO, Plasm, Phala, Stafi, Bifrost, Darwina, Zenlink, and DeepDAO. The alliance also hopes to establish a development fund for Polkadot-based startups, with the announcement stating:

“The Alliance will establish a DAO Ecosystem Development Fund with several million dollars to offer financial support for early-stage projects of DAO and Web 3.0.”

The rapid growth of Polkadot has propelled its native DOT token up the crypto market cap charts in 2021 as it has gained 250% since the beginning of the year, and is currently trading at $32.70 at the time of writing.

Reference :

https://cointelegraph.com/news/polkadot-moves-towards-sharding-as-acala-network-secures-first-rococo-parachain-slot

Hits: 7

Author: Priyanka

Leave a Reply

Your email address will not be published. Required fields are marked *