Moonbeam Wins the Second Polkadot Parachain Auction Contributing 35 Million DOT

By Bhushan Akolkar
November 26, 2021 Updated 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.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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