Dan Reecer
@danreecer_
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co-founder @WormholeFdn, scaling @Wormhole
Joined February 2018
Polkadot is complicated as hell! This 24-tweet thread is a beginner's guide to @Polkadot $DOT and @KusamaNetwork $KSM in simple English. What is Polkadot? Kusama? Parachains? Crowdloan and Parachain slot auction?. Comment with other questions and share if you learn something ⤵️
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The $DOT token has officially changed from being considered a security to being considered SEC-compliant “software” in the US.
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Cross-chain functionality goes live on @Polkadot in the next 24 hours 🚀 It's finally happening.
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Gavin Wood invented the EVM and Solidity programming language. EVM and Solidity are now on most layer-1 chains. Gavin stopped working on the EVM & Solidity, and went on to invent @Polkadot and @substrate_io, enabling a universe of customized, connected layer-1s. It's coming.
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Parachain slot auctions & Crowdloans on @Polkadot! . This 23-tweet thread simplifies and explains how they work. What is a crowdloan? How do I participate? How do parachain auctions work?. Comment your questions & please share if you learn something. Let's go ⤵️
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Chapter 1: Bitcoin.Chapter 2: Ethereum.Chapter 3: Polkadot. Congrats @gavofyork @rphmeier @joepetrowski @shawntabrizi, @ParityTech engineers, @Web3foundation researchers, and everyone working for the 5+ years to make @Polkadot a reality. Chapter 3 starts today.
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Acala is now launching, on @Polkadot, the first layer-1 blockchain platform customized for DeFi. Here are 10 facts you should know about @AcalaNetwork:
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Transaction fees on @Polkadot parachains for a regular swap-type tx will likely be less than $0.50 regardless of network demand or $DOT price, making DeFi usable again for the 99%.
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A takeaway from Polkadot Decoded: Vitalik wrote the ETH whitepaper, Gavin built it with some dude named Jeff in 3 weeks, then realized it wouldn’t scale, then left to build @Polkadot, Kusama, and Substrate. Now ETH2 has no timeline and @kusamanetwork parachains are imminent.
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The launch of @Polkadot parachains is actually happening sooner than I thought. The first 5 parachains launch today in 1.5 hours, just after 10pm UTC Friday. 🚀
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This 34-tweet thread simplifies @Polkadot $DOT and @KusamaNetwork $KSM crowdloans and parachain slot auctions. What is a crowdloan? How is it different/better than ICOs? How do I participate? How do parachain auctions work?. Comment your questions & please share. Let's go ⤵️
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The first @Polkadot parachain auction has ended and @AcalaNetwork has officially secured its spot to launch on Polkadot on December 18th!. Thanks to the 81,000+ of you who supported and now own a piece of Acala. Now the real work begins: launching the DeFi hub of Polkadot.
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The real headline:. @Polkadot development shop @ParityTech appoints its co-founder & skilled business leader Bjorn Wagner (@bjornwgnr) to CEO, allowing Polkadot founder & technical leader Gavin Wood (@gavofyork) to focus efforts on technical strategy, architecture, & development.
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The @Polkadot developer ecosystem is the 2nd largest in crypto besides Ethereum and the fastest growing crypto dev ecosystem ever.
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The @Polkadot logo will reportedly be on the sleeve of @FCBarcelona over the next 5 years. This is one of the largest fan bases of any sport on earth.
Barcelona is reportedly signing two new sponsorship deals worth ~$490 million over 5 years, per @Shlugassi. • Spotify will pay ~$380M over 5 years.• Polkadot will pay ~$110M over 5 years. That's nearly $100 million in annual revenue. Insane numbers 🤯
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Little by little, everything @Polkadot has been doing will begin to make more and more sense to everyone in crypto.
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The 1st @Polkadot parachain auction random selection is at 11:55am UTC Thursday. @AcalaNetwork 63.11% odds.Moonbeam 36.89% odds. Congratulations to the entire Polkadot community on such strong support for both teams. This has been even more fun than anyone expected.
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The decentralized stablecoin of the Polkadot ecosystem, $aUSD, is live 💸.
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In a historic move, @Polkadot has announced, after working directly with the SEC, that the native $DOT token has morphed into a *software* and not a security. DOT is part of the software that operates, connects, and secures Polkadot's multi-chain ecosystem.
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We are turning the page into the third chapter of crypto history:.1. Bitcoin.2. Ethereum (built by Gavin Wood).3. Polkadot (built by Gavin Wood).
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The first 5 @Polkadot parachains begin their launch process this Saturday, December 18. 4+ years of building about to come to fruition with (finally) the completion of Polkadot's launch. After all the innovation brought by Bitcoin and Ethereum, Phase 3 of Web3 is about to begin.
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$DOT is the #1 most held liquid asset across crypto venture and hedge fund portfolios outside of BTC and ETH.
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Just supported @efinityio in the 5th @Polkadot parachain slot auction. Efinity, built by the @enjin team, is building Metaverse infrastructure for the Polkadot ecosystem. The team is already mobile-enabled and has integrations with @Microsoft, @Samsung, & @Ubisoft.
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The @AcalaNetwork platform now has $1 billion in TVL ahead of mainnet launch on @Polkadot. From my knowledge, this is the first time in crypto’s history that a blockchain has secured $1B in TVL before launch.
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Parachain slot auction support for @Polkadot has been integrated into @binance 👀. Looks like they’ll be joining @krakenfx, @HuobiGlobal, @kucoincom, and others as leaders in support of this new model for community-backed launches of layer-1 parachains like @AcalaNetwork.
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Note to self: next time a set of useless dog meme coins and coins named after human body parts/fluids are up 1000%, the market is probably due for a correction and it’s time to take some profits.
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Ethereum’s success will be Polkadot’s success and Polkadot’s success will be Ethereum’s success. We are all in this together, and these networks will all be woven together. Value and information will flow freely just like with today’s databases we don’t even notice are there.
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What are @Polkadot and @KusamaNetwork? It can be quite simple. Quick Polkadot and Kusama 101 in this 10-tweet thread ↘️
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Everything with Polkadot-related ICOs and IDOs right now (pre-parachains) is complete bullshit and are taking advantage of the Polkadot brand and bull market to take your money. Be very careful and wait for the real products/teams. "But they're all doing 100x" is a big red flag.
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Really excited for the next phase of @AcalaNetwork’s launch when everyone’s piece of the network will be in their hands 🍰. Also can’t wait to launch the EVM+ on @KaruraNetwork in the very near future. Coming next: aUSD, Acala Swap, Liquid DOT staking, [🤐], EVM+, and [🤐] 🚀.
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The @circlepay team has announced they will bring native $USDC to the @Polkadot ecosystem, prioritized for 2022 🚀. It will be secured by $DOT's shared security and will be trustlessly transferrable (no bridge risk) to any appchain like @AcalaNetwork or EVM parachain on Polkadot.
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It’s time to unbond your $DOT from @Polkadot for LDOT staking 💧. Liquid DOT staking, $LDOT, is about to go live on @AcalaNetwork. LDOT:.- Higher yield.- Keep earning DOT staking rewards but get $LDOT to use in DeFi or to mint $aUSD.- Instant unbonding.- Fully decentralized.
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Wormhole x @AMD. Today, the Wormhole ecosystem is expanding in a big way, adding AMD as a hardware acceleration provider in our effort to make blockchains communicate trustlessly, securely, and quickly with ZK technology.
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It will continue to take earth-shattering events for crypto to learn what matters. Last week taught us why collateral backing of stablecoins matters. In the next 10 years, entire layer1s will be crushed by censorship and regulation, and, suddenly, decentralization will matter.
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Kusama community - today is the day!. The latest release of Kusama has been pushed to governance and PASSED ✅, enabling crowdloans and parachain auctions on @KusamaNetwork. We should know auction dates any day now. Time to start unbonding and preparing!.
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There is currently $19.4 billion in unstaked @Polkadot $DOT ready for Nov 11th crowdloans & parachain slot auctions. Another $2.99 billion will unstake by day 7 of auction 1 Nov-17. Roughly $22.4 billion (47.79% of supply) will be free for Crowdloans in Auction 1. Who is ready?
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In the first @Polkadot parachain auction, two fantastic teams in @AcalaNetwork and @MoonbeamNetwork have over $2.5B total $DOT contributed to their crowdloans. All five of the first auction winners launch on Dec 17, but wondering how auction 1 is decided? Here's a quick rundown:
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The first-ever parachain (Statemine) in the @kusamanetwork and @Polkadot eco is LIVE. Statemine is a "common good" parachain (didn't need to win an auction) that will host fungible tokens and NFTs, $USDT, CBDCs, and more. Next step: start of crowdloans & parachain auctions!.
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What is @Polkadot?. ⎼an eco of 100+ connected modular, app-specific blockchains secured, governed, & operated by $DOT.⎼built by @gavofyork, who invented the EVM, invented Solidity, and coded Ethereum after Vitalik wrote the whitepaper. Here's a 3.5 min explainer on Polkadot:
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Just unstaked 100% of my $DOT from @Polkadot, prepping to move it over to @AcalaNetwork for DOT liquid staking once it has finished the 28-day unstaking period. $LDOT is the alpha.
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$DOT has morphed from a security to software. In this clip, @josh_blockchain (US Head of Blockchain & Digital Assets @ Linklaters law firm) explains how, thru ~3 years of work with the @SECGov, @Polkadot's $DOT morphed from a security to software. Full 🎥
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The @Polkadot relay (beacon) chain has been running on Proof of Stake since summer 2020. 14% annualized staking yield. 40 forkless runtime upgrades. 25 live *customizable* parachains (shards), not homogenous. 261 on-chain governance council votes. 73 on-chain community votes.
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People often ask what @Polkadot will look like after it scales to securing & connecting 100 appchains & other parachains. Research is ongoing on Nested Relay Chains, allowing parachains to become their own multi-chain ecosystem in #Polkadot2, scaling Polkadot to 1000s of chains.
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Congrats to my talented friends at @MoonbeamNetwork on earning a slot to launch on @Polkadot alongside @AcalaNetwork on December 18th! . Over 48k on-chain contributors from the Polkadot community loaned 35.8M $DOT ($1.43 billion USD). Excited to build multi-chain with you all.
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It's finally happening. The first batch of 5 parachain slot auctions for @Polkadot have been set to begin on November 11th. This is in only 29 days, and the $DOT unbonding period is 28 days. It's time to unstake your DOT!
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The website/extension remains one of the biggest risks to @Polkadot and @KusamaNetwork's success. There needs to be a new focus on improving the onboarding experience for end users (the 99%+), not just devs. Videos, guides, etc. for non-technical people.
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Next major market event in the @Polkadot space:. $432.6M was locked in the first 5 parachain slot auctions on Kusama. If the upcoming $DOT auctions hit the same trend, at 10.13 : 1 MC vs. $KSM, Polkadot's first 5 auctions will see ~$4.385 Billion USD locked (12.4% of supply).
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The first 5 parachain slot auctions on @Polkadot will almost surely generate over $1 billion in $DOT TVL contributed from the community in support of parachains. @AcalaNetwork's goal is to win auction #1, likely to be the most exciting and remarkable event for Polkadot in 2021.
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~6.5 million $DOT or ~$100 million USD is currently unstaking from @Polkadot over the next month to put to work in the DOT economy on parachains. DOT Liquid Staking with $LDOT on @AcalaNetwork about to go live, and the @TapioProtocol $tDOT stableswap synthetic is coming 🤫
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Let’s get one fact straight: there has never been an IDO “on Polkadot”. This scheme was built on Ethereum and almost all of these IDOs have nothing to do with @Polkadot. Be careful and wait for parachains to launch, then the apps on those chains - the real Polkadot projects.
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This Saturday, @AcalaNetwork will launch genesis for the first layer-1 blockchain customized for DeFi.
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Web3 (read, write, own) doesn’t mean Web2 (read, write) goes away, just like Web2 didn’t mean Web1 (read) went away. Web3 is building alongside the progress made by the centralized web to provide a new web and economy to people who value privacy, ownership, and self-sovereignty.
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The first-ever @kusamanetwork parachain slot auction has been won by @KaruraNetwork with 501,137.6619 $KSM 💪. #ExpectedKarura
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Here is the latest on the @wormholecrypto ecosystem from this morning on @CoinDesk TV including:. ➤ @WormholeFdn launch.➤ Wormhole's decentralized collective of 5 teams (and growing).➤ New security features.➤ @Uniswap's 3rd party bridge assessment giving wormhole top ratings
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#DOTDevCon. @gavofyork confirms the first slot on @Polkadot should be occupied by mid-December, meaning parachain slot auctions should start around late November / first week of December. @AcalaNetwork’s goal and intent is to launch in the 1st parachain slot on Polkadot.
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The number of intelligent, hard-working, talented people building and working in crypto is an all-time high. There has never been a better time to be a part of this once in a multi-generation movement to build a new, open financial system. Time to zoom out and stay focused.
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Being a @Polkadot parachain solves this.
We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.
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Polkadot $DOT remains the #1 held asset by funds. Polkadot is now a mere 2 months old, as the first five parachains just launched Dec. 18th. Going to be a huge year as everything like XCM, aUSD, bridges get turned on and more parachains continue to launch 🚀.
2/ The top-held asset across the funds was once again @Polkadot's $DOT. $DOT is held by 24 of the 57 funds, meaning 42% of the funds we’ve tracked are betting on the success of @Polkadot's smart contract platform.
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Polkadot is a layer-0 metaprotocol that will connect 100+ layer-one parachains built with the Polkadot blockchain framework (Substrate) and with bridges to several layer-one chains like $ETH, $BTC, and $ATOM. What other chains should @Polkadot have bridges to? BSC? Solana? Near?.
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The @binance page for @Polkadot parachain slot auctions is live: Thanks @cz_binance and the Binance team for supporting Polkadot's new model for backing the launch of projects like @AcalaNetwork. Auction #1 starts in 8 days, Nov. 11th.
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Wow, it's happening. @KusamaNetwork Council has passed the motion to upgrade 'shell' to "Statemine" and fast-tracked execution! The upgrade in about 10 minutes, then we'll have the first-ever fully-functional parachain in the @Polkadot eco. Follow live:
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⚪️@Polkadot is a .blockchain of blockchains.ecosystem of ecosystems.community of communities. Built by.the creator of the EVM.the creator of Solidity.the creator of Web3. With.cypherpunk ethos.decentralization first. to connect and secure blockchains as the backbone of Web3.
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It’s official, @Uniswap v3 is coming to @Polkadot!. Uni holders voted to launch on @MoonbeamNetwork, leveraging @wormholecrypto as the cross-chain messaging protocol for token transfers and cross-chain governance with Ethereum mainnet. Vote result:
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The @AcalaNetwork parachain is live on @Polkadot! The launch process has begun 🚀.
Acala has successfully onboarded its parachain to @Polkadot initiating Acala's genesis, a monumental first step in the launch process! . Thank you to the 830k community members who have supported Acala on this journey. The launch roadmap is now underway.
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Welcome to Polkadot and Kusama, @chainlink! . What does #chainlink being a “pallet” mean?. This means any parachain built for Polkadot or Kusama can choose this pallet as one of their building blocks for their custom chain. It’s like drag-and-drop blockchain building.
#Chainlink Price Feeds are now available as an oracle pallet to all #Substrate, #Polkadot, & #Kusama chains. This gives teams building across the Polkadot ecosystem a standardized, easy-to-integrate, & time-tested oracle solution to support their DeFi apps.
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Looks like @ParallelFi is likely to win slot #4 on @Polkadot. #5 should go to @efinityio or @MantaNetwork.
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Layer-1s are on fire - @terra_money, @solana, @avalancheavax, @CeloOrg, @0xPolygon, @NEARProtocol, etc. & all bridging 💪. ↗️ But this is only 6 chains. @Polkadot parachain slot auctions starting soon means 100+ connected layer-1s like @AcalaNetwork are set to launch. Get ready.
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The @WIRED team has released a story on the Web3 movement and @gavofyork, who coded Ethereum then went on to found @Polkadot and @Web3foundation:.
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Wow, @cosmos is implementing the @kusamanetwork "Canary network" model, even using the same canary branding. The "experimental" network is a hat tip to @gavofyork and team, and its value to the ecosystem. Will @ethereum be next to use a canary network?.
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The @Polkadot parachain slot auction is being led by @AcalaNetwork with $1.33 billion USD in $DOT, or 2.8% of the total $DOT supply. 4 days remain. Follow here:
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All @kusamanetwork parachains like @KaruraNetwork and all @Polkadot chains like @AcalaNetwork can upgrade without forks, like updating an App on your phone. As DeFi 2.0, 3.0, and 4.0 emerge, parachains will continue to evolve with the tech rather than perish like static chains.
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$DOT has been listed by @CoinbasePro, and trading expected to begin Wednesday 🟢⚪️🔵⚫️.
Starting today, inbound transfers for DOT are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Wednesday June 16, if liquidity conditions are met.
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Locked and idle crowdloan, staked, and Treasury-held DOT is not helping the DOTconomy. We need DOT to be collateralized, lended, borrowed, leveraged, LP'd to turn 1 DOT into 3, 5, 10+ DOT worth of value. Healthy debt/leverage is how economies are built. Example using $aUSD:.
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One of the biggest regulatory news in the history of crypto. $DOT is software, not a security.
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Had a blast presenting an intro to @Polkadot and parachains at @token2049 in London a few weeks ago. Check out the 20 min presentation to learn all about Polkadot, along with a real world example of what @AcalaNetwork & @Current are building on Polkadot:
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$USDT can now be natively minted on @Polkadot . Appchains like @AcalaNetwork & @centrifuge, and general-purpose EVM chains like @MoonbeamNetwork & @AstarNetwork can now integrate native USDT into their parachain and/or DApp ecosystem alongside substrate-native $aUSD. Step by step.
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When @ethereum 2.0 inevitably needs an upgrade, is there any way to upgrade without the mess of forking the network? . I wonder if ETH2 could just use @substrate_io for forkless upgrades. @Polkadot has upgraded 40+ times without a fork. It’s as easy as updating an iPhone App.
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Enjoying Crowdloans? Liquid KSM staking with $LKSM will be used to participate in Crowdloans without losing KSM staking returns: . 1. Stake $KSM, get LKSM.2. Mint $kUSD with the LKSM.3. Swap kUSD for KSM.4. Use new KSM for crowdloans.5. Pay back loan after 1yr. on @KaruraNetwork.
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The @ConstitutionDAO raised $40M in 3 days. One of the @Polkadot crowdloans raised $100M in 2.5 hours. I’m more excited about Polkadot.
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The first decentralized exchange on @kusamanetwork and @Polkadot, Karura Swap, is now live on @KaruraNetwork! . $KSM / $KAR is the first trading pair. $3.4M+ in TVL. $kUSD stablecoin pairs coming soon. Swap at This calls for the OG Kusama launch video:
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The market severely underestimates the Polkadot SDK @substrate_io and it’s forkless upgrades due to the technical complexity involved. A great awakening is on the way.
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W Update for the @wormhole Community. the wormhole W tokenomics set aside 17% of the total 10B capped token supply for Community & Launch (1.7 billion tokens). update: after the initial community distribution/launch, the Community category has ~858,000,000 W (8.58% of supply).
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$DOT has been added to the @Grayscale Digital Large Cap Fund.
NEW: As part of our quarterly rebalancing, $DOT and $AVAX have been added to Grayscale Digital Large Cap Fund, and $ATOM has been added to Grayscale Smart Contract Platform ex-Ethereum Fund. $GDLC #GSCPXE. @Blockworks_ has the exclusive with details:
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Finalizing the write-up of the @AcalaNetwork crowdloan rewards and bonuses. Be on the lookout. What a week - god this is exciting.
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No matter the blockchain, everyone in crypto is on the same team and every blockchain's success/challenge is the shared success/challenge of the industry. We just need to keep working hard, supporting all builders, thinking long term, and continuing to change the world.
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The @AcalaNetwork Crowdloan surpassed $50 million USD and 1 million $DOT in just 1 hour of being open. @Polkadot parachain auction season is here. Join here:
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The @KusamaNetwork and @Polkadot networks are both multi-chain networks that will each power 100+ parachains. The networks will be bridged soon after both are launched, so all parachains/dapps will be fully interoperable. Both will also bridge to $BTC, $ETH, ERC20s, etc.
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