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Ethereum Classic

Parallel Finance wins Polkadot’s fourth Parachain slot auction for $ 300 million

Parallel Finance announced as a profit SpeckleParachain’s fourth slot with total contributions totaling DOT 10.75 million – the equivalent of approximately $ 300 million.

To win the auction, contributors and investors vote by staking Polkadot’s native cryptocurrency, and with more than 30,000 supporters, the DeFi Loan Protocol secured its place in the growing ecosystem.

Parallel Finance secures its rental agreement

Parallel Finance joins the League of Polkadot Parachain Slot Auction Winners – Acala, Moonbeam and Astar.

1) At the same time, won the 4th slot with $ 10.75 million DOT! Over 30,000 contributors supported Parallels parachain @ Polkadot auction!

– Parallel Finance (We are hiring) (@ParallelFi) December 9, 2021

The credit log emerged as the third largest DOT contributor to Polkadot Parachain auctions – ahead of Astar, which won the third Parachain auction for 10.33 million DOT.

In the first and second Parachain auctions, Acala and Moonbeam raised 32.51 million DOT and 35.75 million DOT, respectively.

Parallel Finance will board lease six with the other top five auction winners on December 18 in block # 8179200 at the start of lease six.

Polkadot parachains are individual but interconnected Layer 1 blockchains.

Connected to and secured by the main relay chain via slots, Parachains benefit from Polkadot’s security, scalability, interoperability and governance.

Slots in the relay chain are rented for up to 96 weeks – with an extension option.

New financial primitive for staked DOT

Parallel Finance (PARA) stands for three decentralized Polkadot-based protocols that use loans / credits, staking out, and fundraising products.

The new financial primitive of the platform for Staked-DOT, xDOT, enables users to generate income – without locks and long unlock times.

Parallel Finance launched in April – backed by senior VCs including Alameda Research, Sequoia, and Blockchain Capital, to name a few.

Ahead of the first round of Polkadot’s Parachain slot auctions, Parallel Finance launched the first permissionless DOT crowdloan product, “Auction Loan” – “to provide users with the best liquidity and rewards for crowdloan contributions”.

5) In the Parallel Crowdloan, almost 80% of all contributions (8.54 million DOT) came directly from the Parallel auction loan product!

– Parallel Finance (We are hiring) (@ParallelFi) December 9, 2021

In Parallel’s crowdloan, almost 80% of all contributions (8.54 million DOT) came directly from the “auction loan” product.

Posted in: Polkadot, Parachains Quadence

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