As I’ve mentioned in several of my previous posts this month, I am enthusiastically supporting the Polkadot crowdloan auctions, with a raft of great projects bidding for a parachain slot. Most of my DOT has now been committed, but I have enough left to support one more project. The problem is, which one should I go for?
I have looked at several candidates for my DOT in recent weeks and pretty much any one of them would make a great choice because the standard of the projects bidding for a slot is so high. There’s also a pretty wide range of choice in terms of the utility the projects are looking to bring to the Polkadot party, even if there is a majority from the world of DeFi.
My decision making has been further complicated by the fact some projects have announced their participation long after I have already committed most of my funds and I suspect there are more that have yet to confirm their launch. And one final factor for me to bear in mind is that I doubt all the projects I back will be successful, at least in the current phase of bidding, so I will likely get some DOT released back to me. Where this does happen, I will need to decide if I am going to support any fresh bid by such a project or look to allocate my DOT elsewhere.
Anyway, as I mull things over, I continue assessing projects I haven’t yet taken a proper look at. One such project is Darwinia.
Darwinia pitches itself as a decentralized cross-chain bridge network, built on Substrate, that provides a safe and standardised bridging solution connecting different blockchains, including Polkadot, Ethereum and TRON. It specifically calls out its support for DeFi, NFT and Gamefi applications and sees itself as building part of the foundational layer for the Web3.0 metaverse.
Its native token is RING but it also offers KTON, which is an interesting addition, since you can earn this, as well as RING, by committing your staked RING for the long-term. Long-term means 3 to 36 months.
This makes Darwinia a building-block type project, something that aims to make the world of the blockchain better, as opposed to something that looks to deliver functionality to the end-user in the way that a DeFi app does. There’s nothing wrong with the latter (I use DeFi apps all the time) but I do have a preference for projects that are helping to provide the buckets and spades that others make use of.
So, Darwinia ticks the box when it comes to utility. It has also implemented a considerable amount of the items on its white paper, so has shown it can deliver on its promises, which is another box ticked. Finally, it has a very healthy and active community, which also puts a tick in a box.
Oh dear, it seems I’ve found another attractive candidate for my few remaining DOT. It would have been so much easier if it had turned out to be a load of rubbish. Well, I have Darwinia to my growing list of candidates and also noted that if I contribute via Bifrost, I get the benefit of liquid DOT. At this rate, I might never make a decision. Perhaps I should stop looking now. At least then my list won’t get any bigger.
If you want to find out more then check out their website here.
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Why this Diary?
I thought it might be an interesting exercise, as much for myself as anyone else, to keep a diary of my interests and activities in the land of the blockchain and all things crypto, so I’m going to give it a go at writing a short diary entry each day for the current month, November 2021. It will give me something to look back on and assess and it might offer up some entertainment and topics of interest to anyone who happens to read it.
The Usual Disclaimer
Please don’t take any of the above as financial or investment advice. It is intended to be nothing other than a little entertainment and information sharing. Always, but always, do your own research before committing your money to anything.
A version of this post originally appeared on my Read.Cash blog and may also be found on other similar sites.