How the next DeFi powerhouse Polkadot is changing the face of ‘IPOs’
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Polkadot, the interoperability and Web3 interface blockchain platform, is bringing a new type of token issuance via an “Initial Parachain Offering” (IPO), it said in a release shared with CryptoSlate.
An open-source project founded by the Web3 Foundation, Polkadot is built and maintained by five teams commissioned by the foundation. Its DOT token serves three functions — governance, staking abilities, and bonding to “parachains” — and helps power use cases for the blockchain project.
Parachains are similar to Ethereum’s shards. They spread transactions across multiple nodes and allow for a faster and more-scalable network.
However, the slots for such Parachains are limited, with Polkadot intending to auction them off in unpermissioned candle auctions. In the mid-term (over the next few years), only about 100 parachains slots are available for teams and developers, which creates a huge gap between market demand and supply. This is where the Initial Parachain Offering comes in.
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