Moonbeam Wins the Second Polkadot Parachain Auction Contributing 35 Million DOT

Bhushan Akolkar
November 26, 2021
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Moonbeam, the EVM-compatible smart contract platform has won the second parachain auction on Polkadot. The announcement came on Thursday, November 25 as Moonbeam said that more than 200K contributors worldwide contributed a total of 35 million in DOT tokens worth a staggering $1.4 billion. The announcement said:

Moonbeam has set a new precedent for crowdloans, receiving the largest total contribution from the most contributors by far. Over 200,000 participants contributed DOT to the crowdloan across all sources including the Moonbeam Foundation DApp, supporting exchanges, wallets, and liquid staking providers. The average contribution was approximately 170 DOT per participant, indicative of the broad participation from Moonbeam’s global community.

At the close of the second auction, more than 95 million DOT worth $3.8 billion USD has been locked in crowdloans for parachains across the Polkadot ecosystem.

Moonbeam Found To Expand Reward Pool

Moonbeam thanked its community for helping them secure a two-year slot as a Polkadot parachain. As a result, the Moonbeam Foundation has decided to expand its reward pool.

As a result, Moonbeam has added an additional 50 million GLMR tokens to the crowdloan reward pool. Thus, the total rewards have surged to 150 million GLMR which is 15% of the total genesis supply.

The good thing is that the rewards payout has also been increased by 50%. The Moonriver’s parachain lease will commence on December 17th and last for 96 weeks. The platform will launch in three different phases. The segmented launch has been designed to ensure the stability of the deployed network.

Polkadot (DOT) is one of the top-performing digital assets this year in 2021. Currently, it is one of the top ten cryptocurrencies in the market. The parachain auction will increase the usability of the Polkadot blockchain to a great extent. It will also improve the scalability of the network.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.