Polkadot Holders Are Backing Acala and Moonbeam for Parachains
Share this article
Moonbeam and Acala Network have raised a combined total of $882 million to bid in Polkadot’s upcoming Parachain auctions.
Polkadot Projects Await Parachain Auctions
Moonbeam and Acala Network look set for Polkadot’s parachain auctions.
Data from DotMarketCap shows that just under 100,000 Polkadot investors have collectively contributed $1.108 billion in DOT tokens toward the top 13 parachain candidates ahead of the first round of auctions going live tomorrow.
Acala Network and Moonbeam, two of the most popular projects in the Polkadot ecosystem, are currently leading the crowd loans race, and therefore look likely to secure slots during the upcoming auctions.
Polkadot plans to achieve interoperability by hosting multiple parachain networks. It plans to support 100 parachains. As the number it can host is limited, teams must bid in auctions to win a slot. The auction process involves staking DOT, which teams raise through crowdloans. In exchange for the loans, teams reward contributors with tokens.
According to DotMarketCap, Acala is the top parachain contender. So far, it’s raised 11.1 million DOT tokens worth $566 million. Moonbeam, meanwhile, has secured about 6.3 million DOT worth around $316 million.
Notably, both Acala and Moonbeam will be compatible with the Ethereum Virtual Machine. Moonbeam is a smart contract development platform building for the multi-chain future. Acala Network is developing a decentralized finance ecosystem including a stablecoin, staking derivatives, and a decentralized exchange.
Other projects that have raised significant amounts of DOT tokens include Astar, Parallel Finance, Clover Finance, and Manta Network. Per the auction schedule provided by Polkadot, five rounds are set to take place weekly between Nov. 11 and Dec. 16.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Acala Launches Update to Bring EVM DeFi to Polkadot
EVM+ by Acala provides an entry for Ethereum apps to get access to Polkadot’s multichain network. MetaMask Comes to Polkadot via Acala Acala, one of Polkadot’s main DeFi hubs, has…
What is a Crypto Airdrop: Why Projects Airdrop Crypto
Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…
Polkadot Breaks New Highs, Kusama Surges on Parachain Developments
Polkadot and Kusama’s vision of enabling multiple blockchain ecosystems or networks to communicate with each other is moving closer to becoming a reality. Polkadot is set to launch parachain auctions…
Moonbeam Launch Paves Way for Ethereum Smart Contracts on Polkadot
Moonbeam is launching on Parity’s Substrate framework. Designed as a smart contract chain for Polkadot, the platform works as a parachain, offering smart contract developers a way to run applications…
