Acala Wins Polkadot’s First Parachain Auction With $1.3 Billion Secured
2 d ago•2 min read•Regulation
Acala, an Ethereum-compatible DeFi protocol for scaling DApps, has secured the first slot on the much anticipated Polkadot’s parachain auctions.Acala, a decentralized Layer-1 smart contract platform, recently won the first slot on the parachain auction on Polkadot with a total of 32,515,989 DOT ($1,250,895,296) locked from over 81,000 community members. The funds will be used for a myriad of cases.The first features include launching a stablecoin on the Polkadot network and building a decentralized exchange (DEX).
The Polkadot community highlighted Acala as the most likely parachain to win the auction after raising over $600 million last week.The protocol will be onboarded on Dec. 18 alongside the other first five auction winners. Moonbeam is could become the second winner after reaching over 5 million transactions on its network and becoming the leading parachain on Kusama —Polkadot’s sister network.Polkadot parachain auctions started on Nov. 11 after years of planning and building, to allow developers to integrate their own customized, project-specific blockchains on the Polkadot ecosystem.CryptoPotato reached out to Acala, asking what’s next in the project’s pipeline. Speaking on the matter was Dan Reecer, VP of Growth, who said:
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
Now that Acala has secured a spot to launch on Polkadot, the real work in launching our blockchain begins. We will begin launching on December 18th, and this will start a phased rollout of several products. Going into 2022, we will launch our Liquid DOT (LDOT) staking product, our decentralized stablecoin aUSD, our AMM-style DEX, and our EVM+ development environment. This launch phase will also include progressive rollout of Acala’s on-chain governance. We are really excited for all that is to come in 2022 and beyond.