Table of Contents:

· Frequent problems and fierce competition, Polkadot's parallel chain slot auction urgently needs major changes

· "1000 parallel chains and millions of TPS", Polkadot may usher in a second spring of ecology

· Web3 Foundation is taking frequent actions, hoping to revitalize the Polkadot ecosystem through funding

Polkadot's parallel chain system will undergo fundamental changes at the end of 2023 and the beginning of 2024.

November 19th, according to The Defiant, Fabian Gompf, the new CEO of Web3 Foundation, the development organization of Polkadot, said in an interview that Polkadot is about to undergo a "major transformation" - Polkadot will abandon the slot auction of parallel chains and instead adopt a new mechanism that allows application developers to rent block space as needed.

Previously, Parity research analyst Joe Petrowski stated in the Polkadot governance forum that it is expected that Agile Coretime (Polkadot 2.0) will launch on the Rococo testnet at the end of this year, launch on the Kusama canary network in the first quarter of next year, and launch on the Polkadot mainnet in the second quarter of next year. This also means that the project will soon be able to directly access Polkadot's relay chain services without the need to rent parallel chain slots for a long time.

Problematic and fiercely competitive, Polkadot's parallel chain slot auction requires significant changes

In fact, there have been signs that Fabian hopes Polkadot will abandon the slot auction for parallel chains.

Polkadot's design is aimed at achieving interoperability between different blockchain networks, allowing different blockchain systems to communicate with each other and share information. Its main components include: relay chain, parallel chains, parallel threads, and cross-chain bridges.

Among them, the parallel chain does not need to maintain its own security facilities, and all security is provided by the relay chain. The parallel chain can share the security of the relay chain.

Polkadot's most distinctive design is the parallel chain slot auction. According to Polkadot's white paper, there will be 100 slots in Polkadot. In addition, Polkadot adopts a candle auction mechanism, which encourages participants to turn in their chips earlier before random extinction.

Related reading: "Polkadot 2.0 may go live early next year. Can the Polkadot ecosystem make a comeback without slot auctions?"

"Even if you bid in the last second before the start of this final cycle, it doesn't matter. But if you choose to bid in the last second of the extinguishing cycle, there is a high chance that the bid will be invalid."

According to BlockBeats observation, initially, this method was welcomed by the community, attracting over 80,000 community members to participate and also enabling community members to contribute over 32 million DOT, worth hundreds of millions of dollars, to be activated. However, the funds required for slot auctions have been decreasing, and during this period, the price of DOT has also dropped from a high of over $50 at the start of the auction to around $5.

In addition, Polkadot, which claims to achieve shared security and solve the problem of information silos between chains, has also frequently encountered security issues with assets on its parallel chains. For example, the issuance of AUSD on Acala in the top parallel chain, and many assets on Moonbeam come from the cross-chain bridge Multichain, whose funds have been abnormally transferred.

With the increasingly fierce competition among underlying chains, Polkadot has also realized the need for a major reform of the original parallel chain slot auction method - adopting a new mechanism that allows developers to rent block space as needed.

"1000 Parallel Chains and Millions of TPS", Will Polkadot Welcome Its Second Spring in the Ecosystem?

As early as September of this year, Polkadot's core developers announced that they would support up to 1000 parallel chains and over one million transactions per second through a series of improvements and plans. Specifically, Polkadot will begin experimenting with a new and revolutionary network expansion solution - asynchronous support. Here is the source.

The so-called "asynchronous support" refers to "Asynchronous backin". According to BlockBeats observation, it usually refers to a technology or mechanism that allows system components (such as validators, nodes, or services) to operate without the need for real-time or synchronous interaction.

Related reading: ""1000 Parallel Chains and Million TPS", Will Polkadot Seek a Second Spring for Its Ecosystem?"

"Asynchronous support through Elastic Scaling and Instantaneous Core Time provides flexible scheduling for our future expansion work," said Sophia Gold, engineering manager at Polkadot Parity, in a statement.

Behind this series of improvement plans, the lack of liquidity in the Polkadot ecosystem and the continuous loss of projects have attracted the attention of many community members. For example, MixBytes, the developer of Lido, announced on August 1st to stop Lido's staking service on Polkadot and Kusama.

Perhaps it is precisely because Polkadot has realized that there are many problems in the Polkadot ecosystem that it has been striving to find a breakthrough in the past year, hoping to reap a second spring for the ecosystem through internal reforms.

Web3 Foundation takes frequent actions, hoping to revitalize the Polkadot ecosystem through funding

In addition to a series of internal changes, there are more efforts to revitalize the Polkadot ecosystem.

According to BlockBeats, on October 10th, the Polkadot development organization Web3 Foundation announced a new plan aimed at providing incentives for teams and individuals who wish to contribute to the success of Polkadot. It is reported that the plan will invest 20 million Swiss francs and 5 million DOT tokens by 2024 to promote community-driven growth.

On November 16th, according to official sources, the Web3 Foundation announced the launch of the "Decentralized Futures" program. It is reported that this is a funding program to support the launch team and initiatives for the success of Polkadot, which will distribute 20 million US dollars and 5 million DOT tokens to support individuals and teams to launch new initiatives aimed at developing the Polkadot ecosystem.

With the help of various measures, what new changes will Polkadot bring about? BlockBeats will continue to pay attention.

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