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.
https://twitter.com/Polkadot/status/1456540282464444424?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopenerThe 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.
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Willemstad, Curaçao, 4th November 2024, Chainwire
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