Categories: Market

The 1st round Parachain Polkadot Auction Champion is Acala with 32.5 million DOT

Acala, a DeFi protocol that works on the Polkadot network, won the first Parachain auction on Polkadot last night (November 18th).

Acala raised a total of 32.5 million DOTs worth approximately $ 1.28 billion from 24,934 contributors through an ICO structured as a crowdloan operation. Since the proceeds are classified as “crypto debt – crypto debt”, Acala will eventually have to repay the DOT promised by the investors. The DOT user is blocked from Polkadot’s parallel chains for the duration of the lease.

https://twitter.com/AcalaNetwork/status/1461360621736251394?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“It is a testament to the strength of Polkadot that so many talented teams are working to take part in the first 5 projects that will start on December 17th. We look forward to starting a multi-chain future with you! “

Polkadot is an inter-chain smart contract network that enables the transfer of assets between parachains. Earlier this month, developers put the first Parachain up for auction. However, this technology is still in the works. At the time of publication, Polkadot projects have raised over DOT 87.6 million ($ 3.44 billion).

The second Parachain on Polkadot auction is ongoing, the site is leased for 96 weeks (2 years). Currently, the expected winner is Moonbeam, an Ethereum-compatible smart contract platform designed for building interoperable applications. It is under active development and is expected to appear on the mainnet later this year.

To date, Moonbeam has raised DOT 34.28 million, or $ 1.35 billion, in auctions from 46,000+ contributors. Investors receive GLMR tokens in a ratio of 1: 1 for each DOT they promise, with 30% of the reward available immediately upon request and the remaining 70% being used for the duration of the contract. The reward for this crowdloan is 100 million GLMR, which is 10% of the total offer of 1 billion GLMR. GLMR inflation is 5% per year.

https://twitter.com/MoonbeamNetwork/status/1461101646172336136?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“Moonriver Network reaches a new milestone!”

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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