The Polkadot ecosystem is developing, with Acala Network, a DeFi site, being the first to win a parachain slot on the Rococo testnet.
To prioritize network functionality and boost user interest, FireProtocol has officially announced that it will be transitioning from Huobi's Heco blockchain to Polkadot.
Major Signals
- Polkadot is set to begin processing transactions in parallel using sharded sidechains.
- Acala has launched on its mainnet and is set to release a dollar-pegged stablecoin used in any Polkadot-based project.
- Fireprotocol is also about to move from Huobi's Heco platform to launch on Polkadot.
- Its token DOT has gained by 250% this year alone.
On Polkadot's mainnet, things are running at a breakneck pace. The first is Polkadot's multi-chain "parachain" ecosystem, which will process transactions in parallel using sharded sidechains. Parachains are obtained through an auction mechanism in which ventures compete for a slot by outbidding one another.
Acala was created in 2020 to provide the Polkadot ecosystem with a cross-chain open finance infrastructure. Later, an Ethereum Virtual Machine (EVM) based on Polkadot's Substrate framework was released, allowing for interoperability with Ethereum-based properties.
The official parachain launch moves the platform closer to its cross-chain interoperability target on the Polkadot ecosystem, which is rapidly growing. Acala also intends to release a dollar-pegged stablecoin that can be used in any Polkadot-based project.
In August 2020, Polkadot launched Rococo as a parachain testnet to test its inter-shard communication protocols before moving on to Polkadot's sister network Kusama, and finally the Polkadot mainnet.
On March 26, a new Polkadot DAO Alliance was announced to encourage decentralized governance in the Polkadot ecosystem.
The Alliance was formed by eleven founding members, including SubDAO, Plasm, Phala, Stafi, Bifrost, Darwina, Zenlink, and DeepDAO, all of whom are leading Polkadot projects. Besides, the alliance hopes to create a development fund for the region.
Fireprotocol's move
For long-term success, selecting the best smart contract platform to host a decentralized network is critical; FireProtocol has made a move to better position itself for the future. The development team did not make this decision lightly, but FireProtocol has agreed to migrate its platform to the Polkadot blockchain after due consideration.
Heco is currently unable to support the features and development capabilities needed by FireProtocol, so they decided it was time to start looking for viable alternatives.
FireProtocol considered alternate networks before settling on Polkadot, but Polkadot was the apparent winner. Polkadot's four critical features sealed the deal: fast transactional throughput, cross-chain capabilities, a high degree of developer and user independence, and a more transparent nascent blockchain.
Polkadot's rapid growth has pushed its native DOT token up the crypto market cap charts in 2021, with a gain of 250 percent since the start of the year and a price of $32.70 at the time of writing.
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