Composable Finance (LAYR) wins parachain auction – Polkadot prepares to have Layer 2 connectivity solution

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2022-01-13 11:20:08

The next name to win the second round of the Polkadot parachain auction is Composable Finance (LAYR), the protocol that links multiple blockchain layers together.

Composable Finance (LAYR) wins parachain auction – Polkadot prepares to have Layer 2 connectivity solution

After the first auction held in the last 2 months of 2021, 5 winners were selected: Acala Network (ACA), Moonbeam (GLMR), Astar Network (ASTR), Parallel Finance (PARA) and Clover Finance (CLV). ), Polkadot continues to hold the second parachain auction to find 6 more projects to deploy on this blockchain.

As reported by CHK, the first project to win the second round of the auction was Efinity (EFI), the NFT platform developed by the company NFT and the famous game in the cryptocurrency industry, Enjin.

After a break of a week, the 7th parachain auction was held from January 6 to January 13, 2022, with the name that won the most DOT support from the community, Composable Finance (LAYR), with 6 ,1 million DOT (worth over $163 million) locked from over 15,600 donations.

Composable Finance is a cross-chain bridging solution built to solve the problem of fragmentation between protocol layers in a blockchain as well as between blockchains. Composable’s product promises to allow developers to deploy applications on multiple blockchains and on their Layer 2 simultaneously, thereby promoting interoperability between multiple blockchains and increasing circulation efficiency. value.

This means that Composable Finance can link Layer 1 blockchains and external Layer 2 solutions with Polkadot, linking Polkadot parachains together and in the future Layer 2 built on Polkadot as well.

Describe the role of Composable Finance in linking external blockchains / Layer 2 with Polkadot, between Polkadot parachains and between those parachains and their Layer 2

The project previously deployed their test version, titled Picasso, on Polkadot’s twin blockchain, Kusama.

Composable Finance is expected to join the rest of the projects in Phase 2 to launch on the Polkadot blockchain on March 11, 2022, the parachain slot rental period lasts until January 2024.

As explained by CHK, Polkadot is a blockchain of many blockchains. This project will help users to build their own blockchain on the Polkadot system easily. Polkadot calls these parallel blockchains “parachains” and parachains can connect to the main network through slots – parachain slots. The winning projects of the parachain auction will get the right to “rent” this position for about 2 years, before Polkadot holds the auction again. Polkadot investors can participate in supporting the project they want to win the parachain slot by locking the DOT according to this guide.

The 8th Polkadot parachain auction will be held from January 20 to January 27, 2022, with the competitive participation of Centrifuge, HydraDX, Interlay and Equilibrium projects.

Synthetic CHK

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