On Thursday morning, Acala, the decentralized financial protocol (DeFi) that runs on the Polkadot Network (DOT), announced that it had won its first Polkadot parachute auction.
Acala raised a total of 32.5 million DOTs worth approximately $1.28 billion from 24,934 shareholders through an initial coin offering (ICO) structured such as a syndication loan. As the income is classified as “crypto,” Acala will eventually have to pay the required DOT from investors. DOT Users Banned While Renting Polkadot Parallel Chains for Sale.
Polkadot is a multi-chain smart contract network that allows assets to be transferred between associated chains. Earlier this month, the developers handed over their first pairing chain at auction. However, the technology is still under development. However, at press time, Polkadot projects have generated more than 87.6 million DOT ($3.44 billion) projects.
A second auction of Polkadot parachains is in progress, with a rental option for the next two years. Currently, the intended winner is Moonbeam, an Ethereum (ETH) compatible smart contract system designed to build interoperable applications. It is under active development and is expected to launch the mainnet by the end of the year.
To date, Moonbeam has raised 34.28 million DOTs, or about $1.35 billion, at auction from more than 46,000 bidders. Investors will receive a Moonbeam (GLMR) token for each promised DOT, with 30% of the rewards immediately available on demand and the remaining 70% over the 96-week lease term. The total reward consists of 100 million or 10% of 1 billion tokens. GLMR nominal inflation is 5% per year.