Polkadot Launches Its First Set of Parachains for Interoperable Ecosystem

Polkadot has announced that they have successfully completed the launch of their first five-set of parachains networks to provide a unified interoperable ecosystem.

To mention them, Acala, Moonbeam, Parallel Finance, Astar, and Clover are the five Polkadot’s groundbreaking parachains that have just gone live. The Polkadot’s achievement and milestone follow its five years of constant development and a plan to bring the parachains to the market.

The parachains will provide a wide array of services in the crypto space.  It will do this to fulfill Co-Founder Gavin Wood’s goal to solve interoperability between blockchains. Additionally, the parachains will operate based on topics from DeFi to investments and loans.

Wood said,

No single blockchain design works optimally for every use case. Each chain comes with trade-offs making it good for some applications and not others, The parachain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together.

In fact, unveiling the interoperable services to bring sanity to the digital finance space is something that Polkadot has long hoped for.  With this development, the parachains will allow users to lease a slot on Polkadot’s main Relay Chain. Furthermore, apart from this, Polkadot aims to provide 100 parachain slots.

Polkadot has pledged to give out slots in batches in the coming month. According to a PR, the company will not allocate all the slots through blockchain, but also, some of the slots will be used mainly for governance purposes.

Acala Co-Founder, Bette Chen said,

After taking a bet on Polkadot and the Substrate framework when we started building over two years ago, we couldn’t be more excited to be launching Acala’s parachain to provide a DeFi platform and native, decentralized stablecoin (aUSD) to the Polkadot ecosystem and beyond.