The Parachains On Polkadot: The Best Projects To Vote

By ☑️0🆇D̺͈͙͕̿ͧ̑ͣ🅰🆅🅸🅳eͤ | Darknet | 7 Nov 2021

As you know, the auctions on Polkadot (Parachains) are live. Will you participate? Do you consider it a good opportunity? In this article I want to discuss which in my opinion are the best projects. Let me know your favorite projects in the comments!

HOW AUCTIONS WORK
There are basically 100 slots (parachains) on Polkadot. Each slot will be occupied by a project that will become a Polkadot parachains. These chains are independent but maintain the security of the Polkadot blockchain.
The auctions last 7 days! A random day (1 to 7) will be chosen and the project with the most tied Dots will win the auction!

These are the listed projects participating in the first auction:

The projects incentivize users to immediately put the Dots by giving bonus. If you have noticed for example on Binance there is a warm-up period (bonus) where you will receive a bonus based on the project you are voting on! I rated Astar so I'm already getting my bonus! Remember to claim your rewards!

But how does it work?

1) Vote for your favorite project on Binance and insert the Dot you want
2) You get a warm-up bonus (first you tie the Dot and first you get the bonus)
3) If the project you voted wins the auction, your Dot will be locked for 2 years. Binance will deliver a liquid version of Dot called BDot within 45 days. BDot 1: 1 with Dot (although I believe BDot will be worth a little less than Dot. If you stake ETH 2.0 you know how it works with Beth). You can sell BDot (I think you can trade it for Dot, Bnb or Busd)
4) If the project you have chosen does not win the auction you will have your Dots immediately

You are not required to use Binance or an exchange.
I remember that you can participate in auctions using the same sites as the projects. Usually you subscribe to a waitlist. To bind the Dots you use the wallet Polkadot JS

BEST PROJECTS
Acala Network: staking, lending, EVM (Eth), stablecoin aUSD, liquid version of Dot (LDot), dex cross chain with RenBTC. The sister project, Karura, won the first auction on Kusama. Website: Acala Network

Astar Network (Plasm): I think Acala is the favorite but I voted for Astar. It is a layer2 with infinite scalability and a platform that develops smart contracts. Shiden Network won the third auction on Kusama. Website: Astar Network (Plasm)

Moonbeam: based on programming languages (Solidity and Vyper). It supports many Ethereum features, including Metamask. Moonriver won the second auction on Kusama. Website: Moonbeam Network

Centrifuge: futuristic project as it is based on lending tokenizing real world assets. Website: Centrifuge

HydraDx: constant function market maker (CFMM) that should guarantee less slippage and better prices than classic AMMs. Curve Finance on Ethereum works through this model. Website: HydraDx

Litentry: we remember this project in the Binance launchpool. It's about decentralized identities (DIDs). Founder Cheng has close ties to Gavin Wood (founder of Polkadot). Website: Litentry

Edgeware: this project aims to make Ethereum Dapps compatible with the Polkadot world. Website: Edgeware

Bifrost: this is a derivatives staking liquidity protocol. This project won Kusama's last auction (round 1). Website: Bifrost

Subsocial: the idea is to build a decentralized social network allowing users to earn. Website: Subsocial

InterlayBCT: would like to collateralize Bitcoin 1: 1. I put BTC in a vault, take InterBTC and do what I want with it: borrowing, lending, collateral. Website: Interlay

Other projects to follow:
Bitcoin Layer2: ChainX
Cloud Computing: Phala Network
Social and Metaversi: Bit.country
Oracle: Ares Protocol
Lending: Equilibrium, Parallel Finance