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).
- 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.