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.
It’s proof of the strength of @Speckle that so many talented teams are in the running to be among the first five projects to kick off on December 17th. In that regard, we are all winners. We look forward to starting the multi-chain future with you! (2/3)
– Acala – DeFi hub by Polkadot (@AcalaNetwork) November 18, 2021
“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.
– Moonbeam Network (@MoonbeamNetwork) November 17, 2021
“Moonriver Network reaches a new milestone!”
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to Cointelegraph