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Acala Wins Polkadot’s First Parachain Slot Auction

Acala Wins Polkadot News
  • Acala network wins Polkadot’s first parachain auction slot.
  • Polkadot will onboard Acala on block #8179200 on December 18.
  • Acala will launch a stablecoin on the Polkadot blockchain.

Acala — an Ethereum-based DeFi protocol for scaling DApps has won the first position in the much-anticipated Polkadot parachain slot auction event.

With this milestone achievement covered, a total of 32,515,989.5 DOT has been locked eventually from more than 81,218 on-chain contributors in the community. Also, not less than 24,116,159.8 DOT were contributed via a liquid crowd loan DOT (LCDOT).

In many ways, Acala will use the fund to unfold many innovations on its platform in the coming days. In essence, this will help push its presence and adoption to a wide range of communities in the DeFi space. Interestingly, with the company’s vision to explore more, they have planned to launch their own stablecoin mainly on the Polkadot network.

Thereafter, the next big thing to follow is that Acala will make it come to reality by building a decentralized exchange (DEX). In reaction to this, Polkadot took to Twitter and gave a warm congratulations to Acala for winning the first slot of the parachain.

According to Polkadot, they will onboard the Acala network at block #8179200 on December 18 with the other five winners of the auction.

Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.