Crypto funding agency Digital Finance Group (DFG) has allotted over 500,000 DOT ($26.5 million) to Acala, a DeFi platform developed on the Polkadot blockchain community, forward of its bid for a parachain slot.
“We proudly announce our very first determination: 500,000 DOT that might be contributed to the Acala Crowdloan. This was a choice made even earlier than there was any public announcement of the rewards and bonus for crowdloan participation. Some could query or view it as a daring transfer, however we take it with confidence,” mentioned DFG in an announcement.
“We regard Acala as a excessive conviction long-term funding challenge as we uncover its uniqueness alongside the way in which of conducting in-depth analysis and rising along with the crew,” it added.
?Now we have simply contributed 500,000 DOTs to the @AcalaNetwork Parachain Crowdloan!!! ?
We’re very excited to be instantly concerned by funding and crowdloan participation within the development of the @Polkadot ecosystem!?
⬇️Learn why we did it⬇️ https://t.co/Wkk74ZwTCI
— DFG (@DFG_OfficiaI) November 5, 2021
What’s Acala Community?
Acala Community goals to gas energy Polkadot’s DeFi hub with its layer-1 sensible contracts platform. Polkadot is a platform that enables numerous blockchains to switch messages, together with worth, in a trust-free style; sharing their distinctive options whereas pooling their safety.
Tasks can ‘bid’ for slots on the Polkadot platform utilizing DOT and by profitable the assist of the broader neighborhood, the primary of which matches stay later this month.
In June, Acala Community was the primary challenge to win the primary parachain public sale on Kusama, Polkadot’s so-called extra chaotic cousin blockchain.
Acala plans to safe its place on Polkadot by a crowdloan, with supporters receiving the ACA tokens as compensation for the crowdloan. The challenge initially launched the Liquid Crowdloan Dot (IcDOT) tokens, permitting early contributors to make the most of an unlocked token that represents their DOT contribution.
In the meantime, demand for Polkadot’s parachains has pushed DOT costs to an all-time excessive. The weekend noticed DOT commerce over $54 earlier than retreating to Monday’s $53, reaching a market cap of $55 billion and turning into the eighth-largest blockchain by worth on the planet.
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