Looking at the current status of the parachain auctions, most of the slots were either self-funded by the project team or gained less than $2M in DOT funding. We have doubts that the current Polkadot parachain auction economy is sustainable.This has not been possible to achieve, as it has been proven that it is too early for the crypto sector to adopt the EWASM (Ethereum-flavored WebAssembly) runtime. Instead, our goal was to implement the advanced EWASM runtime in different layer1s to provide high-performance Ethereum-compatible features. Our team’s core competency is not to build a new layer1 to compete with the current ones.The key reasons the ParaState core team and ParaState DAO (consisting of $STATE token holders) decided to make this roadmap shift is summarized in the following points. That decision was also approved by a community/DAO vote. When we learned there is no PMF (product-market fit) for EWASM at this stage, we decided to pivot our resources to SafeStake, a DVT (Distributed Validator Technology) infrastructure and protocol we’ve been incubating internally for more than 12 months. This led to our Substrate-based testnet failing to gain traction in the developer community, all proving to us that EWASM runtime has no PMF in the crypto sector, at least at the current time.īut every coin has two sides, and 2022 became a year of transformation for ParaState. The Geminis network, a Substrate-based parachain supported by ParaState tech stacks, took part in the Polkadot #14-#18 Slot Auction but failed to win a parachain slot. However, 2022 was also a bit of a disappointing year for us.

We also built the first Rust SDK, enabling developers to build on top of our infra to implement ERC20, ERC721 and ERC1155 protocols in an EWASM runtime environment. We’ve been running the Substrate-based testnet for a year, and it was the first layer 1 to support an EVM & EWASM runtime infra side by side. We successfully closed the IDO on Republic in January 2022. Nonetheless, 2022 was a year of progress for ParaState.

We’ve all seen the news about the hundreds of millions of dollars stolen in cross-chain bridge hacks we’ve watched the collapses of Luna, 3AC, Celsius, and BlockFi and we were hammered by the FTX fraud at the end. 2022 was quite a chaotic year for the entire crypto industry.

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