The first of the long-awaited parachain sales of Polkadot, one of Ethereum’s biggest competitors, has been completed.
Acala, the DeFi protocol compatible with the Ethereum network, was the first project to win. Acala, which won the first of Polkadot’s parachain slots, made a $1,250 billion bid for it.
Acala Wins on Polkadot Network
Layer-1 focused smart contract platform, 32,515,989 DOT won the auction. This fund, brought together by 81,000 community members, was instrumental in acala winning the parachain slot.
The funds will be used for numerous developments after Acala acquires the parachain slot. The first includes launching the first stablecoin on the Polkadot network and developing a decentralized cryptocurrency exchange.
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 has also revealed that Acala is the project that attracts the most attention, with the funds they collect and the votes they cast. Acala, which collected 600 million dollars last week, definitely showed its difference.
Looking at the latest data, Moonbeam is expected to be the project to acquire the second parachain slot. With 5 million transactions on its own network and the leading parachain on the Kusama network, Moonbeam is definitely a strong competitor.
Polkadot’s parachain auctions began on November 11 and were brought to life after years of planning. The Acala team announced that it will delight its investors with a stablecoin named aUSD, AMM-oriented decentralized exchange and EVM compatible development environment in the coming days.