ParaState Newsletter March 2022
If there is currently a word that describes our state of mind within the ParaState Team this month, we can say that “Euphoria” fits well with our sentiment about the project as we wrap up the first quarter of what has been so far an amazing year.
Before presenting recent accomplishments, we want to first thank our community for all the support we continue to receive daily in all our official social channels for ParaState on our journey to become the first EWASM solution in the blockchain industry.
Without further ado, let's take a walk through the most important achievements within the ParaState ecosystem in this new edition of our monthly Newsletter.
Here are the highlights!
Parastate Teams Up With Parallel Finance to Incentivize Polkadot Crowdloaners
We started the month of March with an already fruitful alliance between Parallel Finance and ParaState to encourage Polkadot Crowdloaners to support ParaState projects.
Parallel Finance has launched a crowdloan product that incentivizes crowdloan participants with higher utilization of funds and incentives, and thus the ability to achieve higher returns.
Through this Parallel product, users can earn multi-token rewards and contribute to any crowdloan on the platform such as that of the Geminis Network, powered by ParaState.
With Parallel Finance on board, ParaState increased user participation from the Polkadot ecosystem in the Geminis Network crowdloan.
The news spread like wildfire among the community and some prominent media such as Bitcoinist, CryptoPotato, NewsBTC and CoinSpeaker shared the information about the alliance between ParaState and Parallel Finance.
First STATE Token Release and Claim Event Announcement
March was also a rewarding month for the lucky buyers of STATE tokens.
At the beginning of the month we announced the "First STATE Token Release and Claim Event", an opportunity to claim the tokens of our platform for all those who participated in the public offering.
A total of 1,812,0343.59 STATE tokens were expected to be unlocked in this first tranche, as part of the scheduled distribution timeline of the IDO held on Republic on January 12, 2022.
The next tranche will be unlocked within a 90-day lockup period starting on February 1, 2022 at UTC 00:00.
ParaState provided a simple tutorial so that all users who were eligible to claim STATE tokens could do so effectively without any inconvenience.
If you want to learn how to do it, for future similar events, you can read the dedicated tutorial here:
Claim Your STATE With One Click — ParaState
Join the Geminis Network Crowdloan!
Supported by the advanced ParaState tech stack, Geminis Network will participate in the #14 – #18 rounds of the Parachain SLOT auctions on the Polkadot Ecosystem.
Parachains are Layer-1 blockchains that run in parallel on Polkadot, connected to the Polkadot Relay Chain to share in the security, scalability, interoperability and governance of Polkadot.
Geminis takes Ethereum-compatible Dapps support to the next level on Substrate chains through WasmEdge. Developers can develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM & EWASM) and interoperability in Solidity, Vyper, and next-level programming languages like Rust, C++, and Golang.
Geminis Network is the first parachain in fair launch without a private sale.
As a reward, the community that supports the Geminis Network either via Polkadot.js or Parallel Finance will get $GEM, the native token of the Parachain.
Check out how to contribute to the Geminis Network via Polkadot.js:
Please follow below guidelines to learn how to participate in and the conditions to do so:
https://docs.geminis.network/parachain-crowdloan/how-to-support-geminis-network-through-polkadot.js
As an incentive, if you supported the Geminis Network during the first 48 hours of the #14 – #18 auctions, you will get a 20% bonus.
Additionally, Geminis Network crowdloan was also supported by KuCoin Exchange and Parallel Finance.
The Web3 Games Blockchain Network Based on Substrate
There is no doubt that blockchain technology needed to evolve in order to support the demand of one of the largest adopters of this disruptive technology, the gaming sector.
While blockchain-based gaming platforms are fun and use incentive mechanisms (each its own approach) that manage to attract new audiences to the ecosystem, more technological progress is required to achieve mainstream adoption.
For this reason, ParaState was featured in Hackernoon in March to demonstrate the use case for using our technological solution (SSVM Pallet) to support the next generation Web3 Games of the blockchain industry.
Find out how Substrate-based ParaState can give Dapp developers a wider window of opportunity to scale their Web3 Games apps in this great piece:
The Web3 Games Blockchain Network Based on Substrate | HackerNoon
Building the New dApps Ecosystem in Polkadot With ParaState
With more than 80% of the Dapps deployed on the Ethereum blockchain according to DappRadar, this blockchain network remains the most important in terms of the number of applications deployed across the entire industry representing trillions of dollars in revenue.
However, its delay in improving scalability and the serious deficiencies of its smart contracts mean that other solutions such as Polkadot are today becoming the preference of thousands of developers.
ParaState, aware that both ecosystems (Polkadot and Ethereum) do not need to compete, but on the contrary can be interoperable and scale together for the 'common good' of the blockchain industry, offers a series of technical characteristics that make it the ideal candidate to build the new Dapp ecosystem on Polkadot, establishing a natural bridge with Ethereum in turn.
Polkadot, and specifically Substrate-based solutions, are a great alternative to address the challenges to come.
The advantages are diverse: from a powerful interface built with state-of-the-art languages to high transaction speeds, they are part of the benefits of using the Substrate framework to develop decentralized applications.
ParaState, a multi-chain platform built on Substrate, is the first and only solution on the market that natively offers full compatibility with the Ethereum Virtual Machine (EVM) and EWASM (Ethereum-flavored WebAssembly Virtual Machine).
Learn how ParaState is managing to revolutionize the Dapps ecosystem not only in Polkadot, but in the entire industry in the following post dedicated to this innovative solution:
Building the New dApps Ecosystem in Polkadot With ParaState | by Dj
ParaState Community AMA
Last March 17 we had an AMA with our community on our ParaState Global Telegram channel, where Marco Chen, Co-Founder of ParaState shared with, and listened to, the enthusiastic and growing community that supports us.
As part of the event, $150 was given away to participating members who asked high value questions for the ParaState community.
Stay tuned to our social networks, to find out when our next ParaState Community AMA will be!
About ParaState
Known as Ethereum on steroids, ParaState is a multi-chain smart contract platform bridging the application and developer ecosystem between Polkadot, Substrate and Ethereum, as well as other chains wanting to provide Ethereum compatibility. While supporting the EVM pallet to provide seamless compatibility with all existing Ethereum applications, ParaState also provides developers with a next-gen smart contract implementation environment, Ethereum-flavored WebAssembly. These two infrastructures are ensured to talk to each other and share the same account system on ParaState.
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