On Thursday morning, Acala, the decentralized financial protocol (DeFi) that runs on the Polkadot (DOT) network, 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 contributors through an Initial Coin Offering (ICO) structured as a syndicated loan. Since the income is classified as “cryptocurrency”, Acala will eventually have to pay down the DOT requested from investors. DOT is locked for users during Polkadot’s parallel circuit lease agreement for sale.

Polkadot is a smart contract network that allows assets to be transferred between subnets. Earlier this month, the developers put out their first auction bids. However, the technology is still under significant development. However, at the time of publication, Polkadot projects have raised over 87.6 million DOTs ($ 3.44 billion).

The second Polkadot parachain auction is underway and can be rented out for the next two years. The current expected winner is Moonbeam, an Ethereum (ETH) -compatible smart contract platform designed to build interoperable applications. It is under active development and is expected to launch its network by the end of the year.

To date, Moonbeam has raised 34.28 million DOTs, or about $ 1.35 billion, in the auction from over 46,000 bidders. Investors will receive one Moonbeam (GLMR) token for each promised DOT, with 30% of the rewards available immediately and the remaining 70% accrued over the 96-week rental period. The total reward consists of 100 million or 10% of 1 billion tokens. GLMR has a nominal inflation rate of 5% per year.

Source: CoinTelegraph