Parallel Finance Wins The 4th Polkadot Parachain Slot.
2021-12-12 | Daniel Smith
Parallel Finance moved to Twitter to inform its followers of the event, thereby ensuring their seat for the coming two years. Over 30,000 donors combined their DOT tokens
, resulting in a total donation of more than 10.75 million DOT tokens, or nearly $306 million. Parallel Finance touted acquiring the parachain as a great milestone, maintaining a position over competing initiatives such as Litentry, Clover Finance, and others in the race. Parallel achieved the third-highest DOT donation amongst all auctions done thus far, accomplishing the achievement amid the crowd loan's final hours.
Dealing with Other Projects
Parallel Finance, as previously stated, received the third-largest DOT commitment in the parachain auctions, however, this began to fade in contrast to what Acala and Moonbeam acquired. Parallel Finance, on the other hand, received far more funds than a number of renowned initiatives contending for a parachain place. Efinity NFT
and the Metaverse Project were among the initiatives that Parallel beat out for a place.
There is a substantial number of public involvement
The crowd loan enables Parallel Finance to totally bootstrap its link to Polkadot, with strong engagement from the Parallel community in the auction process. Parallel Finance creator Rubo Yuan extended thanks to the donors for allowing Parallel to form a member of the Polkadot ecosystem.
Are You Prepared to Strike the Ground Running?
The initial round of five Polkadot
parachain auctions is scheduled to end by mid-December, with Parallel Finance and the remaining parachain winners becoming online on December 17th. The lease term is 96 weeks, with Parallel keeping the cash until the lease term expires. The prizes will be dispersed in stages, or nine different events, with the initial distribution, set five days after parachains are installed and following distributions planned every 92 days.
Champions of Other Parachains
Previously, projects like Acala and Moonbeam secured the initial two spots, with Acala just defeating Moonbeam to obtain the first Parachain. Acala got a maximum of 32,515,989.5 DOT from about 81,218 donors, with the DOT tokens valued at approximately $1.27 billion. This was the biggest commitment ever made by the greatest number of people. Astar got the third parachain berth.
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