Moonbeam Wins Second Parachain Slot on Polkadot

UTC by Oluwapelumi Adejumo · 3 min read
Moonbeam Wins Second Parachain Slot on Polkadot
Photo: Unsplash

With this win, Moonbeam Foundation would have a two-year slot on Polkadot.

In the latest Polkadot parachain auction, an Ethereum-compatible smart contract platform known as Moonbeam has emerged as the new winner, after losing the initial Parachain auction to its rival Acala.

The platform shared the good news in a Twitter post yesterday where it also appreciated members of its community for their outstanding support.

The Parachain auction was proudly supported by Moonbeam Foundation dApp, partnered exchanges, wallets, and liquid staking providers, as it saw over 200,000 participants who contributed their DOT (Polkadot Native tokens) to the crowdloan.

The total contributions reached as high as 35 million DOT tokens, which is equivalent to $1.4 billion. Available information even shows that the average contribution per participant was 170 DOT.

While speaking on the success, the Moonbeam Foundation considers the win as a significant milestone for its community and the Polkadot ecosystem. It noted in the announcement that the second auction ended with over 9.5 milli9n DOT (equivalent to $3.8 billion) already locked in crowdloans towards Parachain projects across the Polkadots ecosystem.

It continued that “This is a telling sign as Polkadot rolls out parachains, including smart contract functionality, for the first time.”

With this win, Moonbeam Foundation would have a two-year slot on Polkadot. It would also be able to expand its reward pool. About a 50million of Genesis Tokens have also been added to the crowdloan reward pool, now totaling 150 million GLMR.

It is worth adding that Acala won the first parachain of the Polkadot ecosystem. Acala is a decentralized finance (DeFi) protocol based on the Polkadot network. During the auction, Acala was able to raise around 32.5 million DOT tokens (equivalent to $1.29 billion. This is below the 35 million DOT raised by Moonbeam in the second parachain.

Per reports, another parachain lease of Moonriver would take off by December 17th and it would run for 96weeks. The launch of the platform would come in three phases. The launch is segmented to achieve stability on the network. It is expected to reach full functionality in the coming year.

Enjin Coin’s Efinity Network Eyes Fourth Parachain Auction

Apart from the participants in the parachain auction, one of the beneficiaries of the auction is a popular gaming token, Enjin Coin, that has enjoyed some level of green fun in the crypto market recently.

Enjin coin’s Efinity Network is playing a massive role in the current positive performance of the asset as the network is also in contention for the fourth slot of the auction that is scheduled for December 2. If the network is able to win the slot, it means mainnet could become operational before the end of 2021.

You’ll recall that the network already has a dedicated $100 million fund towards projects looking to build metaverse-based projects on the chain.

Altcoin News, Blockchain News, Cryptocurrency news, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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