Decentralized Financial Protocol DeFi  Acala announced Monday that it has raised DOT 8.5 million (worth $ 451.8 million at press time) from over 53,000 attendees. The protocol is also said to win the first Parachain auction on Polkadot.

Unlike regular crowdfunding rounds, Acala’s funding mechanism is a crowdfunding mechanism, which means that it will ultimately have to pay back the “crypto debt” it has taken on from the crowd.

On November 5th, the developers at Polkadot added the first Parachain to their network. Parachains are custom, project-specific blockchains that can be integrated into a main blockchain. The most outstanding feature of Polkadot is the Cross Consensus Message Format. Essentially, it will allow users to send and receive assets and execute smart contracts between parachains. At the moment, however, this technology is still in a strong development.

Polkadot’s first parachain has been added

Referendum 41 approved the registration of Shell Parachain on Polkadot to ensure block production, inclusion and completion. The Parachain shell has extremely limited functionality: it doesn’t even have a concept for an account.

– Polkadot November 5, 2021

During the community advertising round, users deposit their DOT, DeFi in a digital vault and receive two types of tokens at launch.

The first is the native Acala (ACA) token, which is used for transaction fees, staking, incentives for nodes, governance, and protocol maintenance. The utility token has a firm offer of 1 billion and is fully minted in its starting block.

The second token that investors will receive is Liquid Crowdloan DOT (lcDOT). Each lcDOT represents a basic DOT that is blocked in the community recommendation round. Among the many features, users can use lcDOT as collateral to mint Acara USD (aUSD), the network’s native stablecoin. Within two years, users can redeem their blocked DOT with lcDOT.

At the beginning of this year, the Acala developers started the test network and went through the Trail of Bits security audit. In the audit report, Trail of Bits highlighted the lack of documentation and implemented functions related to the project. An economic review of the project is still ongoing. For Polkadot, the token’s market capitalization hit an all-time high before the Parachain was launched.