While you may be familiar with the adrenaline rush of a real-world auction – or a movie auction – cryptocurrency auctions have their own drama. Polkadot’s ongoing Parachain slot auction is an example of this.
Go straight up at the same time
Parallel funding announced that it is the fourth parachain position auction with a total contribution of around. and the winner is 10.75 million won $ DOT [around $285.10 million at press time] with over 30,000 supporters. The other winners so far are Moonbeam, Acala and Astar.
Source: Polkadot.js.org
Why is this such a big deal? Well, parallel funding [PARA] is a DeFi protocol that aims to deliver decentralized financial services to one billion people. Because of Parallel Finance, there is much hope for the Minutes notice,
“5) When crowdfunding Parallel, almost 80% of all donations (8.54 million DOT) come directly from Parallel’s auction loan product!”
In addition, crowd loan contributors can expect rewards or bonuses.
https://twitter.com/ParallelFi/status/1468982550043533314?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener” data-wpel-link=”externalMeanwhile, polkadot tweeted,
“Congratulations @ParallelFi Win the fourth Polkadot auction! In parallel, block # 8179200. introduced [Dec. 18] at the beginning of the lease 6 with the other 5 win the first auction. More than 4K network actors have endorsed DOT! ”
Do you feel bent over?
However, as of press time, most major cryptocurrencies are in the red. Also, Polkadot saw approximately $ 3 million in investment inflows earlier in the month. CoinShares Digital Asset Fund Flow Weekly Report for December
“Most of the cash flow came in the second half of the week, but it could also be due to the uncertainty surrounding the Parachain auctions ending December 17th.”
At press time, DOT is trading at $ 26.30 after falling 7.93% in 24 hours.
Not everyone was in line for this
Parallel Finance listed Parachain as one of its goals in expanding its DeFi presence. But that may not be for everyone. A case in point is SubDAO, a DAO protocol in addition to Polkadot that has announced that it is withdrawing from the Polkadot Parachain slot auction.
SubDAO cited several reasons for its choice, including XCM updates, parachain maintenance costs, and other technology options available to it. SubDAO declares,
“Even if we secured a Polkadot Parachain slot at this point, the auction rent is wasted on debugging and networking. At the same time, the debugging and networking process distracts developers from their own core business. “