Acala Network (ACA) secured first place in Polkadot’s Parachain auctions – which project will secure the next place?
Polkadot’s first Parachain auction is over, and the winner is Acala Network (ACA). In total, Acala Network was able to collect 32,515,989 DOT (around 1.3 billion US dollars) from over 81,000 investors with the help of a crowdloan.
Acala Network describes itself as an all-in-one DeFi platform. The protocol, which is compatible with Ethereum, aims to enable DeFi projects to scale.
In addition, after the launch on Polkadot, a stablecoin for the Polkadot ecosystem and a decentralized exchange (DEX) should be available immediately.
In the future, however, the project aims to offer a multifunctional DeFi platform on which users can use a range of DeFi services. In addition to token swaps and the generation of a stablecoin, liquid staking and lending should therefore also be possible in the next few months.
Acala Network launches on December 18th on Polkadot
On December 18, the ACA protocol is set to go live with Polkadot block # 8179200. In addition to Acala Network, places two to five will also receive a Parachain seat on Polkadot – the auctions are currently still running.
At the time of going to press, Moonbeam is ranked 2nd, Astar ranked 3rd, Parallel Finance ranked 4th, and Clover Finance ranked 5th.
It is likely that Moonbeam will be the second winner as the project was already one of the leading Parachain projects on Kusama (Polkadots brother network).
In addition, Moonbeam has already been able to collect significantly more DOT than the competition. In the meantime, the Moonbeam Crowdloan even surpasses that of the Acala Network.
Another reason is that Moonbeam is one of the few Parachain contenders aiming for full compatibility with Ethereum. More precisely, the Parachain project would like to build a bridge to Ethereum. The number one smart contract platform is to be expanded to include on-chain governance, staking and cross-chain functions.
Only recently did the Moonbeam Kusama version, Moonriver, reach new milestones.
With over 5,000,000 transactions processed and 60+ Ethereum integrations, Moonriver has shown how Moonbeam could fare on Polkadot in the coming months.
It is therefore likely that many investors will support Moonbeam, as they already know that the team rolled out a successful protocol on Kusama.