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

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.