The Acala Network Has Won First Place In The Parachain Auctions Of Polkadot, with over 81,000 stakeholders locked their funds in the community.
Acala, an Ethereum-compatible DeFi protocol for scaling DApps, has secured first place in the much-anticipated Polkadot parachain auctions.
Acala, a decentralized Layer-1 smart contract platform, recently won first place in the parachain auction on Polkadot with a total of 32,515,989 DOT ($1,250,895,296) locked from over 81,000 community members. This money will be used for countless cases.
The first features include launching a stablecoin on the Polkadot network and building a decentralized exchange (DEX).
Congratulations to @AcalaNetwork for winning Polkadot’s first parachain auction!
Acala will be onboarded at block #8179200 [Dec. 18] at the beginning of lease 6 with the other first 5 auction winners. Over 81K network stakeholders locked up DOT in favor!https://t.co/ZFSzezZAFX pic.twitter.com/Xn0hItfHrm
— Polkadot (@Polkadot) November 18, 2021
The Polkadot community marks Acala as the parachain most likely to win the auction after raising over $600 million last week.
The protocol will be introduced on December 18 along with five other first-time auction winners. Moonbeam could become the second winner after hitting more than 5 million transactions on its network and becoming the top parachain on the Kusama sister network.
So far, Moonbeam has raised 34.28 million DOT, or about $1.35 billion, in an auction from more than 46,000 contributors. Investors will receive one Moonbeam token (GLMR) for each DOT they commit, with 30% of the reward available immediately upon request and the remaining 70% to be used for the duration of the lease. 96 weeks. The reward consists of 100 million, or 10%, of its total 1 billion token offering. GLMR’s token inflation is at 5% per year.
🤩 @MoonriverNW hits a new milestone!🚀 https://t.co/ojg2E4ycpx
— Moonbeam Network (@MoonbeamNetwork) November 17, 2021
Polkadot parachain auctions began on 11 November after years of planning and building, to allow developers to integrate their own custom, project-specific blockchains on the Polkadot ecosystem .
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