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DeFi protocol Acala raises $400M in crowdloans during first Polkadot parachain auction
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Decentralized finance protocol Acala announced Monday that they have raised 8.5 million DOT (worth $451.8 million at time of publication) from over 53,000 participants. The protocol is also set to win the first parachain auction on Polkadot.
Unlike typical crowdfunding rounds, Acala's financing mechanism is a crowdloan, which means it will eventually need to pay back the "crypto debt" it has solicited from investors.
On Friday, Polkadot developers added the first parachain onto its network. Parachains are custom, project-specific blockchains that can be integrated into the main blockchain. The distinguishing feature of Polkadot is its Cross-Consensus Message Format. In essence, it would enable users to send and receive assets and execute
Read more on cointelegraph.comAbout this in other media
Binance's CEO is buying his 1st home in crypto-friendly Dubai and confirms its US affiliate will close a multi-million dollar funding round soon markets.businessinsider.com /2 years ago
Finance Redefined: Acala wins Polkadot parachain, and Iota set to launch Shimmer, Nov. 12–19 cointelegraph.com /2 years ago
Gemini raises $400m at $7.1bn valuation finextra.com /2 years ago
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