Moonbeam wins Polkadot’s second parachain auction with $1.4 billion pledged


TL;DR Breakdown

  • Moonbeam acquires a spot in Polkadot’s parachain for the next two years after excellent fellowship help.
  • The company saw sustained contributions towards its goal.

Moonbeam emerged as the victor of the second parachain auction on Polkadot. The Ethereum-compatible smart contract program beat its goal after it lost the initial sale. The company stated that the network emerged victorious with around 35M DOT and over 200,000 contributors. Moonbeam received a contribution worth 1.4 billion dollars.

As per the statement, almost every individual was contributing 170 DOT. The contribution indicates that the platform’s global family participated well. Donations were streaming from various quarters. For example, some came via Moonbean Foundation dApp.

Moonbeam gets extraordinary support from its community

The Moonbeam foundation sees this as a landmark time for its community members. Besides, it feels that the Polkadot ecosystem also stands to count this as a milestone.

The platform further noticed that almost 95 M DOT was in crowdloans for parachain plans at the closure of the second auction. This was a positive sign as we waited for Polkadot’s parachain rollout, plus its smart contract.

Moonbeam is glad to reciprocate the love shown by its society. The alliance pushed their agenda to take a spot as Polkadot parachain for the next two years. So, moonbeam foundation has seen it wise to expand its prize supply.

So, the network added an extra 50 million GLMR gifts to the crown loan prize pool. Thus, the prize stands at 150 million GLMR. This is equal to 15% of the genesis token supply. Additionally, they have raised the payout rewards by an extra 50%.

The platform’s parachain lease will start on Dec 17 and runs for 96 weeks. The launching will take place in 3 phases. This replicates the short version launch Moonbeam had earlier.

They designed the procedural launch plan to give solidity to the extended network. The interface should start operations in January 2022.

Moonbeam lost their initial parachain auction to Acala

Recently, Moonbeam lost the important Polkadot parachain to Acala. Acala is a decentralized finance program.

DOT used the candle auction method to settle on the victor. The design randomly selects a block from the past seven days. And coincidentally, Acala was on top during the time.

The two designs, Moonbeam and Acala, swapped the top spot through the auctioneering period. Eventually, Acala emerged top. The plan saw the top ten promising projects managing up to $3.5 B in crown loans.

On completion of the pioneer disposal, Moonbeam had a lot from its citizenry. Almost $1.3 B. Yet, Acala was on top at 63%. This enabled Acala to obtain the spot with only $1.30 B. Acala solicited capital in only 81,000 folders.

As the auction nears its end, a lot of drama pops up high traffic volume. This justifies the candle auction process. Here, it controls last-minute auction spinning. This is according to Gavin Wood, the Polkadot creator.

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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