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- Polkadot parachain aspirants can now gain access to crowdloans according to SubWallet.
- The crowdloans are funded by the community and are mutually beneficial to all.
Per a thread made on the X app by non-custodial SubWallet, parachain can source tokens to fund their parachain bid via Polkadot’s (DOT) crowdloans. These crowdloans are usually built up with contributions made by interested users of the Polkadot protocol.
Hence, when a parachain wins an auction, users who contribute to the crowdloan will have their DOT tokens locked for the lease duration. These users will get rewarded in the parachain’s native token or other ways in exchange for their contributions.
Notably, hosting the crowdloans is not limited to the Polkadot ecosystem. The parachain team could choose to either host natively on Polkadot or third-party platforms like Decentralized Finance (DeFi) protocols and cryptocurrency exchanges.
However, it is advisable and easier for users who have no blockchain experience to participate in a non-native campaign via third-party platforms.
All crowdloans contributions can be checked through the SubWallet web dashboard.
For those who contribute natively on Polkadot, there would be no need for the user to claim their unlocked DOT tokens. This is because an automated system has been designed where DOTs are unlocked without any external influence and distributed to the user’s wallet when it is time.
On the other hand, those who made their contributions via third-party platforms like DeFi protocols or crypto exchanges are expected to check these platforms for details on how to access their DOT tokens.
More Updates on Polkadot Parachain
Once users have gained access to their DOT tokens, they can decide to put them to different use including native staking, liquid staking, or lending. It is worth noting that once tokens have been bonded in a lease, they can not be used for other activities like staking or transfers.
Some of the completed projects on the Polkadot crowdloan include Moonbeam, Acala, Efinity, Centrifuge, Composable Finance, Interlay, and Node. These and about 23 others constitute the first batch of crowdloans that were unlocked on October 24 at block 17856000. A total of 35.76 million DOT were unlocked from the Moonbeam network, 32.52 million DOT from Acala, 10.75 million DOT from ParallelFi, 10.33 million DOT from the Astar network, and 9.75 million DOT tokens from Clover Finance.
Notably, the ideal staking rate on Polkadot has also been increased from 52% to 60% after the passing of Referendum 166 which proposed the change.
Meanwhile, the Polkadot ecosystem is still introducing new initiatives to complement its already advanced technologies. A few days ago, Parity Technologies unveiled its strategic plan to embrace decentralization within Polkadot.
In addition, Polkadot is still working on its Asynchronous Backing solution for scalability and the expansion of its parallel chains. This is part of its mission to explore the full potential of Web 3.0 and provide developers within its ecosystem with more efficient solutions to innovate.
