Checking in on the Polkadot Parachain Auctions

By bengy | Idle Musings | 28 Mar 2022

Polkadot Parachain Auctions.png


Sigh... I had let my interest in the Polkadot parachain auctions lapse a bit over the last month or so... there was the move to Australia and setting up in a new place, and that took quite a bit of time and brain-space. However, as I've mentioned before, the Polkadot ecosystem is a bit clunky and not very much fun to use... although, there is the chance that that will change as the various 1st round of parachains go live and give use different ways to interact with the base layer. But, doing things on Polkadot.js is really many levels of NOT FUN!

Anyway, I did check in more recently, as I had seen that there was a significant amount of DOT being returned back to my hot wallet... which meant that there were crowdloans that I had supported either pulling out or reaching the end of their bidding period. Either way, it would be a chance to support any other new parachain bids if there was something that caught my eye... or return the DOT to base layer staking.

Oddly enough, there were only three in the competition for the next parachain slot... and the winner of the previous round was Equilibrium, a DeFi protocol that I had already backed outside of the formal Polkadot Parachain crowdloan. So, lets take a look at these three and see if there is something that I find interesting enough to lock up my DOT for the next couple of years...


Coinversation Crowdloan.png


Coinversation... a synthetic DeFi 2.0 platform... honestly, I think we have more than enough DeFi parachains that have already won. I'm not really sure what Coinverstation could possibly bring to the table that would make it worth backing... sure, there is the synths angle, but honestly... any of the current DeFi parachains could build out something like that as a module... and the previous DeFi parachain winners are much better known with more of a community and user base. I'm afraid that even if it is a good angle, there is just too much going against it...


Phala Crowdloan.png


Phala... I would have thought that Phala would have won a parachain slot by now. A parachain that provides privacy as a service. This is a sorely needed piece of infrastructure ... but for some reason (probably because it isn't money based...), it isn't getting the support that I would have thought that it deserves. I already hold PHA tokens... and I will definitely be renewing my loan to this parachain bid. Privacy is definitely something that should be prized... and there is just too much information on the public blockchains that shouldn't be out there!


Unique Network Crowdloan.png


NFTs... I'm still not sold on the art/music as NFT model. However, I do think that proof of ownership of tangible assets (which isn't quite the art/music model) is really an important part of future infrastructure. It might mean that we have to bear with the art/music thing first... so, I'm happy to back NFT platforms... in the hope that they evolve to something that is more meaningful. Plus, OpenSea could use the competition!

So, not so much to back this time around... much of free DOT will return back to base layer staking. I'm afraid that many projects have either disappeared or are reassessing their parachain strategies... I look forward to see what comes out of the woodwork in the coming months!


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I am a Musician (Violinist/Violist) specialising in Early Music living in The Netherlands. I have a background in Mathematics and Physics due to an earlier tertiary level study... and so, I'm still quite interested in Science and Technology related stuff!

Idle Musings
Idle Musings

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