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

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

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

Acala was launched in January 2020, with the DeFi consortium striving to create a cross-chain open finance infrastructure for the Polkadot ecosystem. In February, Acala launched an Ethereum Virtual Machine (EVM) primarily based on Polkadot’s Substrate framework, facilitating interoperability with Ethereum-based property.

The official parachain launch takes the platform a step additional towards its objective of providing cross-chain interoperability on the quickly increasing Polkadot ecosystem.

Polkadot’s multi-chain “parachain” ecosystem will use sharded sidechains to course of transactions in parallel. Parachains are acquired in an auction process whereby initiatives attempt to outbid one another for the slot.

Polkadot launched Rococo as a parachain testnet in August 2020 to check it’s inter-shard communication protocols earlier than initiatives progress to deploying on Polkadot’s sister-network Kusama, and finally the Polkadot mainnet.

Acala additionally has plans to launch a dollar-pegged stablecoin designed to be used throughout any Polkadot-based mission.

A brand new Polkadot DAO Alliance has additionally been announced on March 26 to advertise the event of decentralized governance within the Polkadot ecosystem.

The Alliance was launched by eleven genesis members, together with main Polkadot initiatives SubDAO, Plasm, Phala, Stafi, Bifrost, Darwina, Zenlink, and DeepDAO. The alliance additionally hopes to determine a improvement 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 fast progress of Polkadot has propelled its native DOT token up the crypto market cap charts in 2021 as it has gained 250% for the reason that starting of the 12 months, and is at present buying and selling at $32.70 on the time of writing.