Aventus Collaborates With Scytale Ventures To Accelerate Polkadot (DOT) Parachain RoadmapFebruary 24, 2022 2:08 pm
The Aventus Network is an Ethereum overlay that utilizes public and permissioned blockchains which has its own native token Aventus (AVT).
The project has decided to partner with Scytale Ventures, a large institutional crypto investor, to obtain a parachain slot on the popular Polkadot blockchain system.
This partnership will allow both companies to acquire a large amount of DOT which is the native token of the Polkadot ecosystem.
Trending: President Trump Calls Out Gary Gensler!
The process to obtain parachain slots of DOT has been extremely in demand has auctions have often raised billions of dollars worth of DOT last year.
— Blocknity News (@Blocknitycom) February 23, 2022
The auction process to win Polkadot parachain slots saw its first cohort of projects gather billions of dollars worth of DOT late last year, much of it from community-based crowdloans that staked tokens behind a slew of startups.
As well as exploring decentralized finance (DeFi) and more, Ethereum bridges and connectivity solutions already exist within the Polkadot system; one of the first and most high-value parachain auctions was won by Moonbeam, for instance, which brings Ethereum Virtual Machine (EVM) compatibility to Polkadot.
There’s an important distinction between the two projects, said Aventus CEO Alan Vey, since Moonbeam is more focused on general-purpose computing, while Aventus is “a bit more of a walled garden, a more performant environment, but less general-purpose.” It may be one of Polkadot’s first takes on “enterprise blockchain.”
The auction process has existed now for a while and today the cost to obtain parachain slot for Polkadot is still worth millions due to the high demand.
This indicates the popularity of Polkadot’s existing ecosystem and how many projects within the crypto space are looking to tap into that existing blockchain in order to grow themselves.
With so much demand, the end result is that Polkadot will end up with a large amount of integrated blockchains that will bring a lot of development projects that would continue to add value to Polkadot and its native token DOT.
For Aventus specifically, the integration will enable smart contracts, decentralized applications, and other assets to be able to be transferred easily to or from the Polkadot ecosystem or any of the other parachain that are integrated with Polkadot.
Business: #Aventus Taps Scytale Ventures to Boost #Polkadot Parachain Plans. Aventus wants to bring business-friendly #blockchain applications to the Polkadot network.#cryptocurrencies #altcoins #NFTs pic.twitter.com/L7BsZOrAlJ
— Issa Slee (@IssaSlee) February 23, 2022
For Aventus, this integration will enable smart contracts, decentralised applications (dApps) and other assets or utilities on the Aventus chain to be seamlessly and securely transferred between AvN, Polkadot, and a host of other compatible blockchains.
Scytale, Polkadot and Aventus will develop a powerful new infrastructure that will maintain the utility and tokenomic model of the existing AVT token and staking model, whilst enabling Aventus to become a ‘parachain’ (an integrated blockchain) of Polkadot.
Aventus’ partnership with Scytale Ventures includes a sizable DOT (Polkadot’s token) grant to help develop the necessary applications to plug into the Polkadot ecosystem.
At the time of writing, Polkadot’s native token DOT is ranked the 13th largest coin according to CoinMarketCap and has a total market capitalization of $16.6 bllion.
— CoinDesk (@CoinDesk) February 23, 2022
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.