Web3 Foundation CEO: Polkadot to Abandon Slot Auctions for Parallel Chains, Adopt New Mechanism

WikiBit 2023-11-20 13:23

The newly appointed CEO of the Polkadot development organization, Web3 Foundation, Fabian Gompf, stated in an interview that Polkadot is undergoing a significant transformation. Polkadot is set to abandon the slot auctions for parachains and instead adopt a new mechanism that allows application developers to rent block space as needed.

In previous announcements, the Web3 Foundation launched the “Decentralized Futures” program, a $20 million and 5 million DOT funding initiative for Polkadot ecosystem projects. The program is designed for profit-driven organizations centered around Polkadot, as well as non-profit entities with strategies to ensure ongoing funding through Polkadot's on-chain funding system after 2024. The review process will commence in November, decision-making will start in December, and the application period will conclude in June 2024.

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