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Acala Secures Polkadot’s First Parachain After Narrowly Edging Out Moonbeam

Acala Secures Polkadot’s First Parachain After Narrowly Edging Out Moonbeam

Acala has secured the first parachain on Polkadot after narrowly beating Moonbeam in the first candle auction on Polkadot. The Parachain auctions are scheduled to take place every week all through the months of November and December. 

The second batch of parachain auctions will begin on the 22nd of December, running into early 2022. 

The First Parachain Slot 

Acala took to Twitter to announce the news that it had won Polkadot’s first parachain auction, tweeting out a word of thanks, 

“Thank you to everyone who took part in this historic event. We’re looking forward to kicking off the multi-chain future with you!”

The VP of Growth at Acala, Dan Reecer, stated that he did not believe that Acala would win, but nonetheless, was very pleased with the outcome. 

“We knew that the Polkadot community is thriving and incredibly supportive of all the parachains. We worked hard to educate the community, onboard them to the Polkadot wallet, and support them through the process, so it’s fantastic to see over 81,000 participants supporting Acala in the end.”

Polkadot also took to Twitter to Congratulate Acala while also detailing the onboarding date for the project. 

Some Additional Details 

In total, Acala received 32,515,989.5 DOT from around 81,218 contributors. The value of the DOT tokens was around $1.27 billion. Aala will now distribute 105,893,309.1 ACA tokens to its community, with an additional 24,116,159.8 LCDOT tokens to be distributed to crowdloan backers. These will be used in the Acala Network. 

Close Competition With Moonbeam 

The auction winner was decided through the candle auction process, a process that randomly selects a block over the past seven days. Once contributions to the auctions ended on Thursday, Moonbeam had gathered more than $.136 billion from its community. Although Acala could rake in only $1.30 billion from its community, it was in the lead for 63% of the time during the auction, giving the project the best chance of securing the parachain slot. 

Acala and Moonbeam had outpaced every other project by a huge margin, with both projects raising millions of DOT tokens. Although Moonbeam received more DOT than Acala, Acala won the auction due to the candle auction format. The candle blew out at 20:32:42, on the 15th of November. At this point, it was Acala that was in the lead. 

Launch Set For the 18th of December 

Reecer stated that Acala would launch on Polkadot on the 18th of December. Acala also has plans in the pipeline to launch its Liquid DOT Staking, the aUSD stablecoin, and its automated market maker (AMM) in the next year. 

“We are really excited for all that is to come in 2022 and beyond,”

Acala’s Integration With Chainlink Price Feeds 

Prior to the Polkadot Parachain rollout, Acala had integrated with Chainlink Price Feeds. The integration would provide developers and its overall DeFi ecosystem access to hyper-reliable, tamper-proof, and precise market data from external sources while building their products and services on Acala’s parachain.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.