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DeFi protocol Acala raises $400M in crowdloans during first Polkadot parachain auction
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Decentralized finance protocol Acala announced Monday that they have raised 8.5 million DOT (worth $451.8 million at time of publication) from over 53,000 participants. The protocol is also set to win the first parachain auction on Polkadot.
Unlike typical crowdfunding rounds, Acala's financing mechanism is a crowdloan, which means it will eventually need to pay back the "crypto debt" it has solicited from investors.
On Friday, Polkadot developers added the first parachain onto its network.
Read more on cointelegraph.comAbout this in other media
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