With the Polkadot Parachain Auctions set to begin on November 11, 2021, and a race for individuals around the world to stake their $DOT as a way to support the most promising projects competing for the first batch of slots, DFG has decided to throw its hat in the ring, yet again, and deploy it’s held $DOT as a way to fuel a member of its Polkadot Ecosystem Fund’s endeavor to conquer one of the first five slots available in this parachain auctions’ batch.
By allocating 300,000 $DOT to the Astar Network crowdloans, DFG reaffirms its commitment to support as many Polkadot partners as possible in order to achieve a parachain slot and continue working towards making blockchain and Web3 a fully adopted technological advancement while providing the world with the base layer of solutions that will promote paradigm-shifting and disruptive ideas.
Astar Network (previously known as Plasm) is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines.
DFG’s allocation of $DOT to support Astar, has been facilitated by a state-of-the-art solution, the Slot Auction Liquidity Protocol (SALP), created by Bifrost Finance specifically deployed for Polkadot and Kusama parachain auctions.
SALP is a protocol with the mission to release liquidity from locked DOT/KSM positions in parachain auctions by issuing derivative assets anchored to locked assets.
For crowdloan participants, SALP offers the opportunity to participate in Crowdloan without lockup, and to receive the reward of bidding on backed projects without losing staked DOT/KSM liquidity. For parachains bidding for slots, SALP attracts more backers who do not wish to lose opportunity costs, increasing the probability of a successful bid.
James Wo, DFG Founder and CEO, shared his thoughts on why the investment firm firmly believes in the solutions being created by the Astar team.
“Since we began investing in Polkadot and the Polkadot ecosystem, we have thought that interoperability is one of this protocol’s key strengths. Aside from a very strong team, Astar addresses a critical interoperability issue and bridges Polkadot with Ethereum, which will bring a great number of experienced teams to this ecosystem. Additionally, Astar has been consistently proving the quality of its products and delivered over-the-top results in preliminary settings. We believe Astars scalability, compatibility, and governance features will continue to make it stand out and be among the top winners of the upcoming Parachain Auctions.”
Sota Watanabe, Founder of Astar, referred to the DFG contribution as “Another brick laid by an important contributor to Astar and the Polkadot ecosystem, that will become the base for a fully connected and interoperable universe of blockchains once the parachain slot that we are working towards, is achieved.