Home CryptoCurrency News Acala Secures the First Polkadot Parachain Slot After Winning the 1st Auction

Acala Secures the First Polkadot Parachain Slot After Winning the 1st Auction

The first Polkadot parachain auction has ended, and Acala, the DeFi hub of Polkadot, has secured the first parachain slot on Polkadot’s Relay Chain.

The official Twitter handle of Polkadot, On Thursday, November 18, announced that Acala had won the first parachain auction and will be onboarded on December 18, 2021, at block number 8179200 and the beginning of lease period 6. Over 81K stakeholders contributed DOTs to the Acala crowdloan.

The announcement reads:

“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!”

According to Acala, over 81K contributed more than $32 worth of DOT tokens. The first Polkadot parachain auction was a close encounter between Acala and the Moonbeam Network. Both projects swapped the first position many during the auction. Acala was announced as the winner by the candle auction process, which randomly selected a block from the past seven days, at which point Acala was in the lead.

As Crypto Economy reported, Acala’s canary network Karura was also the winner of the first parachain auction on Kusama, the canary network of Polkadot. Kusama Parachain auctions are also in full swing. Last Monday, November 15, 14th parachain auction concluded with Quartz, the sister network of Unique Network which describes itself as the next-gen NFT chain for Polakdot, as the winner.

The second auction also began on Thursday in which 10 teams are competing to win the second parachain slot. According to Polkadot.js, the Ethereum compatibility platform Moonbeam Network is in a strong position the secure the second slot as it is currently far ahead of its competitors with more than $34 million worth of DOTs locked on its crowdloan.

The second auction will end on November 25. These auctions are part of the first batch of 5 parachain that will occur one after the other, in succession, each lasting a week. The 5th auction will be concluded on December 16th and winners will be connected to their respective slots at the start of lease period 6 on December 18, 2021, for the period of December 17, 2021, to October 20, 2023.

There will be 100 parachains for both Kusama and Polkadot. Once the parachain lease ends after 48 weeks maximum on Kusama and 96 weeks on Polkadot, they will have to renew their lease by running another crowdloan.

Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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