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The decentralized financial protocol Acala announced on Monday that they have raised 8.5 million DOTs (worth $451.8 million at the time of launch) from more than 53,000 participants. The agreement will also win the first parachain auction on Polkadot.
Unlike typical crowdfunding rounds, Acala’s financing mechanism is crowdfunding, which means that it ultimately needs to repay the “crypto debt” obtained from investors.
On Friday, the Polkadot developers added the first parachain to their network. Parachains are custom, project-specific blockchains that can be integrated into the main blockchain. Salient features of Polkadot Yes Its cross-consensus message format. Essentially, it will enable users to send and receive assets and execute smart contracts between parachains. However, the technology is still under vigorous development.
Added Polkadot’s first parachain
The referendum 41 has passed the registration of the Shell parachain on Polkadot to ensure block production, inclusion and finalization. The functionality of the Shell Parachain is extremely limited: it does not even have the concept of an account.
-Polkadot (@Polkadot) November 5, 2021
During the crowdfunding period, users deposit their DOT in the digital vault and receive two types of tokens after release. The first is the local Acala (ACA) token, which will be used for transaction fees, mortgages, incentive nodes, governance, and protocol maintenance. The fixed supply of utility tokens is 1 billion, and all of them will be minted in its genesis block.
The second token that investors will receive is Liquid Crowdloan DOT (lcDOT). Each lcDOT represents an underlying DOT locked in the crowdfunding. Among many functions, users can use lcDOT as collateral to mint the network’s native stable currency Acara USD (aUSD). Within two years, users will be able to exchange lcDOT for their locked DOT.
Earlier this year, Acala developers launched a testnet and accepted a security audit by Trail of Bits. In the audit report, Trail of Bits highlight There is a lack of documentation and implemented functions for the project. The economic audit of the project is still in progress.As for Polkadot, the market value of the token Set a record high Looking forward to the release of its parachain.
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