Acala Wins Polkadot’s First Parachain Auction With $1.3 Billion Secured

Acala, an Ethereum-compatible DeFi protocol for scaling DApps, has secured the first slot on the much anticipated Polkadot’s parachain auctions. 

• Acala, a decentralized Layer-1 smart contract platform, recently won the first slot on the parachain auction on Polkadot with a total of 32,515,989 DOT ($1,250,895,296) locked from over 81,000 community members. The funds will be used for a myriad of cases.
• The first features include launching a stablecoin on the Polkadot network and building a decentralized exchange (DEX).

Congratulations to @AcalaNetwork for winning Polkadot’s first parachain auction!

Acala will be onboarded at block #8179200 [Dec. 18] at the beginning of lease 6 with the other first 5 auction winners. Over 81K network stakeholders locked up DOT in favor!https://t.co/ZFSzezZAFX pic.twitter.com/Xn0hItfHrm

— Polkadot (@Polkadot) November 18, 2021

• The Polkadot community highlighted Acala as the most likely parachain to win the auction after raising over $600 million last week. 
• The protocol will be onboarded on Dec. 18 alongside the other first five auction winners. Moonbeam is could become the second winner after reaching over 5 million transactions on its network and becoming the leading parachain on Kusama —Polkadot’s sister network.
• Polkadot parachain auctions started on Nov. 11 after years of planning and building, to allow developers to integrate their own customized, project-specific blockchains on the Polkadot ecosystem.
• CryptoPotato reached out to Acala, asking what’s next in the project’s pipeline. Speaking on the matter was Dan Reecer, VP of Growth, who said:

Now that Acala has secured a spot to launch on Polkadot, the real work in launching our blockchain begins. We will begin launching on December 18th, and this will start a phased rollout of several products. Going into 2022, we will launch our Liquid DOT (LDOT) staking product, our decentralized stablecoin aUSD, our AMM-style DEX, and our EVM+ development environment. This launch phase will also include progressive rollout of Acala’s on-chain governance. We are really excited for all that is to come in 2022 and beyond.