The Kusama parachain slot auctions turned out to be a huge success. As promising next-gen blockchain projects battle it out for the limited slots, Centrifuge’s Altair won a slot in the ninth auction of the second batch of Kusama auctions.
Altair led the auctions with a significant crowdloan contribution of over $61.7 million worth of KSM tokens, contributed by more than 11,200 community members. As Altair continues its five-phase launch process on the Kusama network, the Centrifuge team is preparing to participate in the second batch of the upcoming Polkadot parachain slot auctions slated to start on December 23, 2021.
The Centrifuge project has immense potential, which is underlined by the support it has received from the community for its Altair crowdloan. Accordingly, there are high expectations for Centrifuge as it enters the Polkadot auctions to bid on the limited number of slots.
Winning the slot will be the perfect holiday gift for both Centrifuge and its community members. But does the project have what it takes to win? To find that, let’s take a closer look at what Centrifuge is, how it adds value to the Polkadot network, and what its chances are of winning.
The Connection Between Polkadot And Kusama
Kusama serves as the Canary network or testnet for Polkadot. It features a similar code structure to Polkadot, giving it a pre-production infrastructure that allows developers to test and validate their dApps and protocols before deploying them on Polkadot.
Any project willing to leverage the speed, scalability, cost, and interoperability features of Polkadot (and Kusama) must first connect to the network via a parachain. However, there are only 100 parachains, which is why there is so much competition between projects.
Bringing Real-World Assets To The On-Chain Ecosystem
Centrifuge bridges real-world assets (RWA) to the decentralized finance (DeFi) ecosystem. Founded in late 2017, the core vision of the Centrifuge team is to provide everyone with equal economic opportunities while connecting borrowers and lenders in a fully decentralized ecosystem.
Via its decentralized asset financing protocol, Centrifuge enables anyone to tokenize real-world assets like invoices, real estate, and royalties. These “tokenized assets” can then be used as collateral to access financing using Centrifuge’s asset-backed lending dApp, Tinlake.
There are no centralized authorities or intermediaries in this process, and anyone can add liquidity to the pools to earn CFG tokens as rewards. Tinlake enables on-chain borrowing against a wide range of collateralized assets while ensuring interoperability with different blockchains in funding sources, including stablecoins.
Currently, Centrifuge’s dApp, Tinlake, accesses DeFi liquidity on the Ethereum chain. The platform has partnered with MakerDAO and Aave to maintain stable credit financing, transparency, and lower capital costs on DeFi. By winning a Polkadot parachain slot, Centrifuge will expand its potential by bringing real-world DeFi to the Polkadot network while offering seamless cross-chain liquidity.
When it comes to Centrifuge’s chances of winning a Polkadot slot, there is no denying the fact that the platform already has the upper hand compared to other projects. As of date, Centrifuge’s Tinlake has the highest total value locked (TVL) within the Polkadot ecosystem. Furthermore, the platform has an extensive roadmap of thoroughly utilizing Kusama and Polkadot networks to their fullest potential.
Additionally, Centrifuge’s integration with Polkadot will create an entirely new ecosystem for DeFi in the Polkaverse. Through Polkadot, projects like Centrifuge, Acala, and Moonbeam can scale and integrate. At the same time, Centrifuge makes it possible for real-world assets to be used as collateral for on-chain transactions, thus taking DeFi on Polkadot to a whole new level while unlocking trillions of dollars that would otherwise have stayed untapped.
Der Beitrag The Greatest Holiday Gift of All: Winning a Polkadot Parachain erschien zuerst auf Crypto News Flash.