TOP 5 UPCOMING PROJECTS ON THE POLKADOT NETWORK
ACALA NETWORK: the DeFi Hub
Acala Network is an Ethereum-compatible smart contract platform that aims to be the “all-in-one DeFi hub” for the Polkadot ecosystem.
Acala features seamless interoperability between blockchains with a suite of financial primitives such as a multi-collateralized stablecoin (aUSD), a decentralized exchange (DeX), and a trustless staking derivative application (liquid DOT).
Acala’s Decentralized Stablecoin, Acala Dollar (aUSD), is powered by one of its protocols — “Honzon Protocol”. This protocol comes with a set of checks and balances to ensure stability and protect against price fluctuations of collaterals, thus enabling multiple-collateral loan management, interest earnings on aUSD lending and cross-chain trading through various DEXes. The aUSD token is equal to 1 USD.
The Acala Network is built on Parity Technologies’ Substrate, the same framework used to create Polkadot. Sharing the same framework ensures stable and robust security for the platform, and facilitates forkless and non-disruptive upgradability.
The Decentralized Exchange (DeX), is the first cross-chain automated market maker (AMM) exchange inside the Polkadot and Kusama ecosystems. By creating liquidity pools instead of relying on buyers and sellers, users are able to trade 24/7 in a permissionless and automatic way.
Trustless Staking Derivative, is backed by the second protocol called “Homa Protocol”. It provides liquidity in Polkadot by tokenizing staked assets and minting L-assets against it.
NATIVE TOKEN OF ACALA, ACALA TOKEN (ACA)
Acala Token (ACA) is a utility token that powers all Acala Network protocols. The entire supply will be fixed at 1,000,000,000 and minted in the genesis block at launch. Aside from being used for transaction fees, smart contract execution and staking, ACA token holders take part in governance with their voting rights on issues related to the Acala ecosystem.
Acala Network recently announced their crowdloan details for the upcoming parachain slot auctions on Polkadot Network. Interested parties from all over the world can contribute their loan in the form of Polkadot (DOT) tokens in exchange for a share of Acala. Check this link for more information.
MOONBEAM NETWORK: the Smart Contract Platform
Major cryptocurrencies Bitcoin and Ethereum are native and exclusive to their respective blockchain networks. Cross-chain transactions are not possible and as the number of transactions exceeds blockchain capacity, the ensuing congestion and higher transaction fees have made it challenging for developers to build projects on these blockchains, particularly on Ethereum. As a result, opportunities abound for those chains offering better fees and scalability.
Built on Polkadot’s Substrate, Moonbeam Network is a decentralized and permissionless, Ethereum-compatible smart contract platform for building cross-chain dApps. .
It has implemented Web3 RPC API and bridges which will mirror Ethereum accounts, keys, subscriptions, logs, and more. This allows developers to deploy existing EVM-based smart contracts and dApps to the Moonbeam network with minimal changes and without rewriting the codebase. Applications can exist on both Ethereum and Moonbeam, expanding their reach to the entire Polkadot ecosystem.
Moonbeam also offers additional features such as on-chain governance, staking, and cross-chain integrations.
NATIVE TOKEN MOONBEAM, GLIMMER TOKEN (GLMR)
Glimmer (GLMR) is the native token of Moonbeam Network, it will be used for transaction fees on the network, on-chain governance participation, execution of smart contracts, and protocol security.
Moonbeam Network announced their crowdloan details for the upcoming parachain slot auctions on Polkadot Network. Check this link for more information.
MANTA NETWORK: Offering Privacy Preservation
It is popularly believed that cryptocurrencies are private and secure, but the reality is not quite so. Details of a transaction such as the sending and receiving address, transaction amount, account balance etc. are all recorded on the public blockchain. With increased awareness and interest in cryptocurrencies and DeFis, there is a clamor for improved measures to protect privacy.
Manta Network is a privacy-preserving protocol built on the Substrate framework using zK-SNARK to provide comprehensive anonymity, high cross-chain interoperability and scalable privacy.
Manta’s goal is to mint private tokens with stablecoins and other base tokens on the contract at a minting value ratio of 1:1. In addition, a decentralized private swap platform can support the exchange of these privacy tokens. A plan to integrate Manta products into decentralized private lending protocols is also in the works.
Manta Network consists of two main protocols: the Decentralized Private Payment Protocol and the Decentralized Private Token Exchange Protocol. Also, for future updates, a Decentralized Anonymous Lending and Synthetic Asset Protocol.
The Decentralized Anonymous Payment (DAP) Protocol called Manta Pay will offer on-chain private transactions for cross-chain transactions in the Polkadot Ecosystem. Based on zk-SNARK, it allows users to swap Polkadot and parachain tokens with corresponding private tokens and pay with privacy tokens. These private tokens can be used in the entire Polkadot Ecosystem, with an additional feature of redeeming base coins from private tokens at any given time.
The Decentralized Anonymous Exchange (DAX) Protocol called Manta Swap allows users to trade private versions of tokens on the platform among each other. It is also designed based on zk-SNARK with built-in AMM. The revenue model of Manta tokens is based on the rebate and redeem of swap usage fees and transaction fees.
The decentralized private payment and exchange protocol, and privacy-secured features make Manta Network unique since it is the first decentralized exchange platform that protects users’ privacy. Manta’s compatibility with parachain tokens and its end-to-end anonymity gives it a strong positioning within Polkadot and the entire cryptocurrency market.
NATIVE TOKEN OF MANTA, MANTA TOKEN (MANTA)
MANTA token ($MANTA) is the first deflationary utility token of Manta Network. It will be used for transaction fees on minting privacy tokens, redeeming base coins from privacy tokens, private on-chain transactions, network security, staking function, and on-chain governance participation.
Manta Network announced their crowdloan details for the upcoming parachain slot auctions on Polkadot Network. Check this link for more information.
ASTAR NETWORK: the dApp Hub
Ethereum has been plagued by problems such as network congestion resulting in high transaction fees and slow transaction speed. Project builders within the Polkadot Network are developing new smart contract platforms to solve Ethereum’s existing problems and take the smart contract and dApp ecosystem to the next stage.
Astar Network is a decentralized application hub that was built on Parity Substrate. It supports both EVM,WASM, dApp staking and Layer2 solutions. Also, it will serve as a gateway for multi-chain connections by linking multiple Layer1 blockchains to the Polkadot ecosystem. Since the Polkadot chain does not support smart contracts, Astar Network will create this functionality to improve scalability and allow developers to build a variety of dApps that can be scaled up easily.
Astar Network’s plan to support smart contract functionality on both Layer1 and Layer2 will employ different approaches to each layer by incorporating vertical capabilities to Layer2 so there’s less to do on Layer1 and more on Layer2 or off-chain.
DApp Staking is a rewards system for developers in the network. 50% of Astar Network’s staking reward will be allocated to application developers who contributed and enhanced the value of the Astar Network. Users in the network can also participate in smart contracts by nominating an administrator or an “operator”. The more nominations received, the more one earns in the form of newly minted tokens.
Multi-Lockdrop is the distribution of tokens for participants that lock tokens from other blockchains for a certain duration. Participants will then receive native tokens and the opportunity cost is taken as collateral. This can be repeated multiple times adding value to users that are holding the token.
NATIVE TOKEN ASTAR, ASTAR TOKEN (ASTR)
ASTR, the token of Astar Network, will be used for on-chain transaction fees and participation in on-chain governance. Token holders can stake ASTR tokens on dApps as well as the network, enabling developers to make a deposit for their Layer1 and Layer2 applications.
Astar Network announced their crowdloan details for the upcoming parachain slot auctions on Polkadot Network. Check this link for more information.
BIT.COUNTRY: the Metaverse Portal
The internet world is abuzz with the “Metaverse” idea. This is generally described as a world brought forth by virtual and augmented technologies, opening up possibilities that transcend physical objects and space. Companies are scrambling to come up with solutions that offer a fully immersive metaverse experience.
Bit.Country is an application framework and blockchain built on Substrate technologies in Rust. It is a platform where users can create their own metaverses and games without the need for technical or coding skills.
The vision of Bit.Country is to create a virtual world for socializing, trading, providing services and running events. Engage members with asset ownership, games & opportunities and incentives. Decide on rules and policies that will shape the user’s world.
Land blocks are key components of the metaverse, these can be subdivided into land units for different owners. Land unit is the basic unit of the realm for created games. Bit.Country enables WASM and Ethereum-compatible smart contracts for developers to build dApps and games to run on the network. Lastly, its cross-chain interoperability enables the transfer of any type of NFT asset or token.
NATIVE TOKEN BIT COUNTRY, NUUM TOKEN (NUUM)
NUUM, the native token of Bit.Country, will be used for staking to ensure security and a healthy platform. It will serve as the currency for purchasing resources, advertising & promotions, gas fee for on-chain transactions, purchasing virtual dApps, trading, currency exchange and minting social tokens.
Bit.Country has not yet announced its crowdloan details for the Polkadot Network.
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