Centrifuge Becomes The 9th Parachain Slot On Polkadot: Report

Centrifuge becomes the 9^th parachain slot on Polkadot and aims to bring real-world assets to its DEFI ecosystem so let’s read further in our latest blockchain news.

Centrifuge is a decentralized asset financing protocol that recently won an auction for a parachain slot on Polkadot and just like other parachains from the Polkadot second group of parachain auctions, it will go live on March 11^th. The protocol announced an auction victory in a blog post and the team said they are “all systems go” to bring functionality on Polkadot. Centrifuge becomes the 9^th PArachain slot on Polkadot and aims to bridge non-digitally native assets into the DEFI space. It is intended to allow users to finance real estate and to earn royalties without having to use third parties and banks.

In the meantime, a parachain is a blockchain that runs parallel to the Polkadot central Relay chain but with an application-specific data structure which is also designed to bring more scalability and added functionality for the Polkadot ecosystem. The initial parachain launch will be an empty shell to confirm the stability of the network. This means that it will produce blocks but with no functionality to the chain nor any other concept of governance, staking, accoutns and balances.

The current Centrifuge chain will undergo a hard fork and will transition from being a chain to the Polkadot 9^th parachain. Before the launch, Tinlake which is a DEFI protocol and marketplace for real-world asset pools will go live as well and will bring more liquidity from both the Ethereum and Polkadot ecosystems. Lucas Vogelsang who is the CEO of Centrifuge noted:

“We can’t wait to launch Centrifuge as a parachain and start bringing RWAs to Polkadot. This wouldn’t be possible without the amazing support from our community!”

Centrifuge is now trading at $0.64 with a market cap of $100 million. Two weeks ago, the Moonbeam launch was the first fully operational parachain on Polkadot and it won the second auction back in October with $1.5 billion in contributions from supporters and has more than 80 projects that await to be deployed in the ecosystem. Polkadot could even make it to the mainstream.

As recently reported, Following the launch on the Polkadot Mainnet, Acala is an ETH-compatible DEFI protocol for scaling dapps and revealed what lies ahead for the project. The team noted in an official press release that it intends to start launching core products soon. These include decentralized exchange and an upgraded Ethereum Virtual Machine as well as a decentralized stablecoin.

Source: https://www.dcforecasts.com/blockchain-news/centrifuge-becomes-the-9th-parachain-slot-on-polkadot-report/