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Acala Wins Polkadot’s First Parachain Slot Auction -Breaking

Acala Wins Polkadot’s First Parachain Slot Auction
  • Acala network wins Polkadot’s first parachain auction slot.
  • Acala will board Acala at block #8179200 December 18.
  • Acala will introduce a stablecoin to the Polkadot cryptocurrency.

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

The community has now secured 32,515,989.5 of its on-chain contributors. Additionally, 24116159.8 DOT was contributed by liquid crowd loans DOT (LCDOT).

Acala plans to use this fund in many ways. It will, in essence, help to increase its visibility and adoption among a large number of DeFi-related communities. Interestingly, with the company’s vision to explore more, they have planned to launch their own stablecoin mainly on the Polkadot network.

Acala is now working to create a decentralized currency (DEX) and the next major thing that will follow. Polkadot responded by tweeting (NYSE:) and congratulating Acala for taking the first slot in the parachain.

Polkadot reports that they will board the Acala network block #8179200 with five other winners on December 18, according to Polkadot.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.