The First Successful Cross-Chain Message Passing (XCMP) Transaction on Polkadot Testnet
Plasm Network & Acala have completed the first XCMP transaction on Polkadot’s testnet Rococo
During the night, we witnessed a special piece of crypto history inside Polkadot.js and a telegram chat amongst the developers of Plasm Network and Acala. The two teams, planning to become Polkadot and Kusama parachains in the near future, have successfully connected through Polkadot’s parachain testnet and transferred Plasm’s token (PLM) cross-chain using XCMP (cross-chain message passing) functionality.
How We Got Here
Acala built the xtoken (github) Substrate pallet, made for cross-chain token transfers within the Polkadot and Kusama ecosystem. We since open-sourced this pallet and made it a ‘common good’ for any parachain to integrate into their project. We also recently completed a cross-chain token transfer between the Acala testnet and Laminar testnet with cross-chain messages.
During testing, Plasm Network lead engineer, Aleksandr Krupenkin, found some issues with using XCM on Rococo. Aleksandr fixed the problem and his pull request was merged by Parity.
Finally, after the changes were accepted and XCM working properly, the two parachains completed the successful cross-chain token transfer that you can see in this video:
Next Steps for Acala & Karura Parachain Auctions and Launches
Now that we have completed a cross-chain token transfer, we are one step closer to Kusama parachains starting to go live. Once the Kusama team announces the beginning of crowdloans, Acala’s Karura network (the DeFi hub of Kusama) will begin it’s process to host a KSM crowdsourcing event to bootstrap the network for the parachain slot auction. After the crowdsousrcing event, Karura will participate in the parachain slot auction. Upon winning this auction, Karura will then launch its mainnet. To join the 19,000 other people on Karura Parachain Auction Waitlist and be eligible for a 10% KAR bonus split between you and your referee, sign up here.
How does the parachain auction process work? Watch here:
After Karura’s parachain auction, Polkadot-based crowdloans and parachain auctions will begin to happen. Acala will host another crowdsourcing event, this time for DOT, and will then use this pot of DOT to participate in the first Polkadot parachain auction. After winning an auction, Acala will then launch its mainnet.
About Acala
Acala is the decentralized financial hub and stablecoin of Polkadot that makes it fast and easy to use or build financial applications, improving trading efficiency and saving time. The platform offers a suite of financial primitives: a multi-collateralized stablecoin backed by cross-chain assets like Bitcoin, a trustless staking derivative, and a decentralized exchange to unleash liquidity and power financial innovations. Acala is the de-facto open platform for finance applications to use smart contracts or built-in protocols with out-of-the-box cross-chain capabilities and robust security.
Discord | Website | Twitter | GitHub | Acala Wiki
About Plasm
Plasm Network is a scalable smart contract platform on Polkadot supporting cutting edge layer 2 solutions and Ethereum Virtual Machine. It is built on Substrate and designed to be a Polkadot Parachain. Plasm Network focuses on making a great smart contract platform so that dApps developers on Polkadot do not need to pay much attention to infrastructure and can focus more on their dApps. Ideally, the developers can build whatever applications on Plasm Network without having to consider its scalability.
