Acala, the decentralized finance (DeFi) protocol, won the first Polkadot Parachain Auction with a stake of over 32 million DOT.
Acala has a total of 32,500,000 DOTs worth approximately $1.28 billion out of 24,934 participants through a crowdloan structured ICO. As the income is classified as ‘crypto debt’, Acala will eventually have to pay back the DOT received by its investors.
Polkadot is an inter-chain smart contract network that allows assets to be transferred between parachains. However, the technology is still in development, with the Polkadot project having raised over 87.6 million DOT ($3.44 billion) at the time of writing.
The second Polkadot parachain auction is ongoing, with the anticipated winner currently being Moonbeam, an Ethereum (ETH) compatible smart contract platform designed for building interoperable applications. It is under development and is expected to launch its main network by the end of the year.
So far, Moonbeam hasfundraising 34.28 million DOTs, or approximately $1.35 billion from over 46,000 participants, investors will receive one Moonbeam (GLMR) token for each DOT they provide, with a 30% reward for their immediate claim. And the remaining 70% will take 96 weeks. The reward pool consists of 100 million, or 10% of the total 1 billion token supply, with GLMR token inflation of 5% per year.
@MoonriverNW hits a new milestone!
https://t.co/ojg2E4ycpx
— Moonbeam Network (@MoonbeamNetwork) November 17, 2021
The post Acala Wins the Polkadot Parachain Auction for the First Time, Staking Over 32 Million DOTs appeared first on Bitcoin Addict.