Top Parachain Projects To Watch Out For in 2022 on Polkadot Ecosystem

A parachain project is an independent standalone blockchain operational on the Polkadot ecosystem. These projects have their own token due to an independent blockchain. As a result, their governance & functionality is distinct from the Polkadot ecosystem. Despite this fact, they get the security of the base layer i.e. Polkadot and Kusama. 

How does the Polkadot Parachain Auction Work? 

The Polkadot parachain auction follows a candle auction format. In the candle auction format, the bidders place their bids early. The purpose of this model is to discourage last-minute price discovery for bidding. As a result, biddings are transparent and level playing for all. To participate in the bid, projects must pledge DOT/KSM tokens in a decentralized candle auction vault. 

What are the Top Three Parachain Projects on the Polkadot Ecosystem?

#1. Acala

The Acala Network is a prime contender on the Polkadot ecosystem. It is offering a trust-less derivative market. In the Acala ecosystem, you can also trade in their stable coin pair. Along with that, there’s also an AMM DEX where you can lock tokens for rewards. You can buy ACA from CoinLIB exchange. The information is shared via this link.

#2. Litentry

Litentry is another innovative project on the Polkadot network. The Litenary ecosystem gives users full control over their data. In a nutshell,  users can earn LIT tokens by providing their information on the LIT network. The LIT network charges applicants seeking information in LIT tokens. These charges are paid to the validators for fishing out information. Currently, the LIT tokens are trading at $4.87 and you can buy them on Binance, Bitvavo, and Hoo.Com.

#3. Astar

Astar as an interoperable, scalable Web 3.0 platform aims to connect Ethereum and  Cosmos Network with the Polkadot ecosystem. Its native token $ASTR is available on Binance, NEXO, and Bybit.

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Bitcoin exchange outflows see biggest daily spike since September 2021

Almost 30,000 Bitcoin leaves major exchanges in a single day as buyers copy miners in taking the BTC supply off the market.

Bitcoin (BTC) investors are voting with their wallets as one-day outflows from major exchanges near 30,000 BTC. 

Data from on-chain analytics firm CryptoQuant shows that on Jan. 11, 29,371 BTC left exchange order books — the most since Sep. 10.

The four-month high in outflows corresponds to short-term optimism returning on Tuesday as BTC/USD bounced and maintained levels above $42,000.

The pair subsequently went on to hit local highs of $43,150 before consolidating, this nonetheless a different turn of events to the widely-predicted cascade towards $30,000.

While such an outcome remains a topic of debate, buyers seem comfortable entering the market above $40,000.

For context, even the bounce which sparked the run to all-time highs at the end of September failed to produce as much buyer uptake as Tuesday.

Bitcoin exchange netflow chart. Source: CryptoQuant

“Volumes are thin. That means the market can have huge moves up or down easily,” Samson Mow, CEO of Blockstream, commented on the status quo:

“Given that we had a big move down already, and everyone is buying like no tomorrow, I’d say the next move is up.”

CryptoQuant tracks a total of 21 exchanges for its order book data. Last week, separate data focused on what one analyst described as a “crazy” imbalance between bids and asks, indicating that bears were finally beginning to tire of selling.

Buyers get bolder

Spot buyers were previously the main cohort missing from interest in BTC at current price levels.

Related: Bitcoin returns to $42K as bets start favoring ‘short squeeze’ higher for BTC

As Cointelegraph reported, miners continue to add to their reserves at an increasing pace this year, with long-term holders steadfast in their resolve not to sell.

Highlighting a bullish trend in the Bitcoin taker buy/sell ratio, CryptoQuant contributor IT Tech revealed a similar situation unfolding on derivatives markets.

The metric refers to the ratio of buy and sell volumes from takers on derivatives platforms. A value below 1 implies bearish sentiment, and while that is currently the case, the direction is up.

“If will cross 1 then we should have Bullish sentiment again and it chance to price trend reversal,” IT Tech summarized in one of CryptoQuant’s “Quicktake” posts Wednesday.

“Personally I am preparing to final bull run which will come sooner or later.”

Bitcoin taker buy/ sell ratio vs. BTC/USD annotated chart (screenshot). Source: CryptoQuant

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