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Moonbeam and Acala Network have raised a combined total of $885 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.