Parallel Finance Wins Polkadot’s Fourth Parachain Auction


Key Takeaways

Parallel Finance gained Polkadot’s fourth parachain public sale right this moment.
Contributors staked 10.75 million DOT tokens by way of crowdloan price greater than $300 million.
Parallel Finance (and the others on this public sale batch) will start its lease on its slot in simply over per week.

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Parallel Finance has gained Polkadot’s fourth parachain public sale. It joins the opposite successful tasks: Acala, Moonbeam, and Astar.

An Ecosystem Sprouts

Parallel Finance has emerged because the winner of Polkadot’s fourth parachain public sale, securing its spot within the Polkadot ecosystem for nearly two years. Polkadot parachains are particular person blockchains that combine into the principle Polkadot Relay Chain by way of “slots” and are interoperable with one another via bridges.

Projects compete to win slots via the method of parachain auctions. To win a slot within the Polkadot ecosystem’s parachain auctions, contributors and buyers forged votes by staking DOT tokens. To win its slot, Parallel Finance garnered over 10.75 million DOT tokens whole, which was equal to round $306 million. 

Its founder, Rubo Yuan, expressed gratitude towards contributors for “helping us to become part of the Polkadot ecosystem by securing a parachain.”

This made Parallel Finance the mission with the third-largest DOT contribution within the Polkadot parachain auctions to this point, barely forward of Astar, which gained the third parachain public sale. There was an enormous bounce, although, between the primary and second winners of the parachain public saleAcala and Moonbeam, respectively. Acala put ahead a contribution of roughly 32.5 million DOT, and Moonbeam a contribution of roughly 35.75 million DOT. 

Parallel Finance achieved extra contributions than different notable tasks vying for a parachain slot, such because the Efinity NFT and metaverse mission, which at the moment sits in sixth place with roughly 4.5 million DOT staked on its behalf. 

Parallel Finance can be awarded its lease on the slot on Dec. 17 of this 12 months, which can final till Oct. 20, 2023. Contributors to the mission can be rewarded with the PARA token at a price estimated to be round 25 PARA tokens per DOT contributed. According to the mission’s crew, these lock-up rewards can be distributed in 9 completely different batches unfold out over the period of the lease, with the primary spherical slated to be distributed on Dec. 22. 

Parallel Finance is an “institutional-grade” lending protocol for DeFi that launched in April of this 12 months, with main backers like Alameda Research, Sequoia, and Lightspeed Venture Partners. It seeks to “provide unique lending solutions tailored to Polkadot while assuring user safety and security.”

Disclosure: At the time of writing, the writer of this piece owned DOT and several other different cryptocurrencies. 

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