The much-anticipated Polkadot Parachain Slot Auctions saw one applicant pull out early, much like a bride or groom changing their mind before the fateful “I do.” More information is now available.
DAO on the run
SubDAO, a Polkadot-based DAO protocol, announced in a statement,
“After careful consideration and discussion with the development team, SubDAO Labs has officially decided to suspend the Polkadot Parachain Slot Auction and prioritize cooperation with other parachains.” As a first step toward collaboration with other parachains, SubDAO will deploy its contracts on Moonriver.”
SubDAO [GOV] cited a number of reasons for the decision, including other growth options, several XCM updates, and high costs.
Regarding the first reason, SubDAO stated that there were other technological ideas that it could investigate in order to become a part of the Polkadot ecosystem, such as Substrate and general Modules.
SubDAO then went over XCM, a “cross-consensus messaging format” designed to support messages between chains. SubDAO, on the other hand, claimed that there were numerous XCM updates, which resulted in time loss and bugs. SubDAO’s conclusion was,
“At this point, even if we obtain a Polkadot parachain slot, the auctioned lease will be squandered on debugging and connectivity.” Simultaneously, the debugging and connectivity processes divert developers’ attention away from their core business.”
Finally, SubDAO expressed concern that maintaining a parachain would be too expensive.
It isn’t you, it is me.
So, what’s the next step as SubDAO does some soul searching? The cross-chain DAO protocol announced that it would be deploying contracts on Moonriver. The Moonriver Network, a growing parachain on the Kusama Network, describes itself as Moonbeam’s “sister network.”
Meanwhile, OKEx, a cryptocurrency exchange, confirmed SubDAO’s announcement and its decision to send a DOT reward to voters.
In addition, SubDAO announced that it would burn 20% of all GOV tokens in circulation to support its new strategy.
Is the ninth-largest blockchain by market cap everything it’s cracked up to be? Max Maher, a cryptocurrency researcher, compared Polkadot [DOT] and Cosmos [ATOM] using a variety of metrics. Despite the large difference in market capitalizations, Maher discovered that when calculating the network’s value using Metcalfe’s Law, Cosmos would only need to increase by 49 percent to reach Polkadot’s level.
Maher then speculated that Polkadot may be overvalued in comparison to Cosmos, or that Cosmos may be undervalued in comparison to Polkadot.