Parallel Finance wins fourth DOT Parachain auction: report
Parallel Finance won the fourth Parachain DOT auction with a $ 306 million joint loan, and in today’s crypto news we will find out what that means for the platform.
Institutional Lending Protocol for Defi, Parallel Finance won the fourth Polkadot Parachain auction, and the protocol is reportedly backed by over 30,000 participants, for a total of 10.75 million DOTs, which is a whopping $ 306 million auction. According to the team, with this number, Parallel Finance is the third project in the Polkadot Parachain auction with the largest DOT contribution to date, overtaking Astar, the winner of the third Parachain auction.
This number makes Parallel Finance the third project in the Polkadot Parachian auction with the largest DOT contribution to date.
Polkadot parachains are sea speed blockchains that integrate into the main Polkadot network and can communicate across bridges. The auction allows investors to vote for their favorite project using their DOT tokens and the project that gets the most votes. Track tune Finance notes that winning the fourth Parachain auction from Polkadot is a major achievement, as it can provide a “credit impulse” and bring even more transparency in terms of quality, as well as in terms of borrowers and debtors. The project also features a high level of community engagement, raising more donations than other job-seeking projects including Litentry Finance and Clover. Founder Yubo Ruan said:
“The Parallel Finance team would like to thank the community members for their trust in helping us become part of the Polkadot ecosystem by keeping Parachain secure. It was a big milestone in a very short time. Since launching in April 2021, Parallel Finance has become the most trusted institutional lending protocol for decentralized finance. ”
Music users can join and have a chance to win #Music piece Booty for all our Chad / Chaddettes songs! Read more in the thread! https://t.co/LGnuHRtbGO
– Music Funding (We are recruiting) (@ParallelFi) December 10, 2021
Parallel Finance, along with the other winning institutions, will launch on December 17, following the opening of five Polkadot auctions. The lease is 96 weeks, all funds are owned by Parallel Finance. The key reward will be distributed in 9 installments over the lease period, with the first distribution expected 5 days after the launch of all parachains, as well as other rewards to be sent to people, according to the team. Donate every 92 days.