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Polkadot’s DeFi protocol Acala realize $400M in parachain auction

Decentralized finance protocol Acala disclosed on Monday that it raised 8.5 million DOT (around $451 million at press time) during the inaugural parachain auction on Polkadot. Contrary to the traditional crowdfunding rounds, the funding was issued as a crowdloan, meaning the Alcala will have to reimburse the “crypto debt” secured from investors. 

Last Friday, Polkadot innovators deployed the first parachain on its blockchain. Parachain are tailored, project-specific blockchains that can be integrated within another network.

 Polkadot’s first parachain has been added

Referendum 41 has passed registering the Shell parachain on Polkadot, to ensure block production, inclusion, and finalization. The Shell parachain has extremely limited functionality: it does not even have the notion of accounts.

— Polkadot (@Polkadot) November 5, 2021

To participate in the crowdfunding, users deposited their DOT in a digital vault. They’ll receive two different tokens, Acala (ACA) and the  DOT (lcDOT). The latter can then be used to mint, Acala’s native stablecoin, Acara USD (aUSD).

NEXT: Mastercard extends Crypto-funded card payments to users in Asia Pacific

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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