Acala and Moonbeam are being backed by Polkadot Holders for Parachains.

After receiving huge crowdloans, Acala Network and Moonbeam appear to have a good chance of winning spots in Polkadot's parachain auctions. Moonbeam and Acala Network have collected $882 million in total to compete in Polkadot's future parachain auctions.

Parachain Auctions Are Awaiting Polkadot Projects

Polkadot's parachain auctions appear to be scheduled for Moonbeam and Acala Network. According to DotMarketCap, just under 100,000 Polkadot investors have collectively donated $1.108 billion in DOT tokens to the top 13 parachain choices ahead of tomorrow's first round of auctions.

Acala Network and Moonbeam, two of the Polkadot ecosystem's most popular projects, are now dominating the fight for crowd financing, and hence appear to have a good chance of securing spots in the next auctions.

Polkadot intends to accomplish interoperability by hosting several parachain networks on its platform. It intends to support a total of 100 parachains. Because the number of teams it can accommodate is restricted, teams must compete in auctions to secure a spot. Staking DOT, which teams raise through crowdloans, is required for the auction process. Teams reward donors with tokens in return for the loans.

Acala is the top parachain competitor, according to DotMarketCap. It has thus far raised $566 million from 11.1 million DOT tokens. Moonbeam, on the other hand, has garnered 6.3 million DOT valued $316 million. Acala and Moonbeam, in particular, will be interoperable with the Ethereum Virtual Machine. Moonbeam is a smart contract development platform that is geared toward a multi-chain future. Acala Network is working on a decentralized finance ecosystem that will include a stablecoin, staking derivatives, and a decentralized exchange.

Astar, Parallel Finance, Clover Finance, and Manta Network are among the other projects that have raised considerable sums of DOT tokens. According to Polkadot's auction timetable, five rounds will be held weekly between Nov. 11 and Dec. 16.


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