Decentralized finance protocol Acala appear Monday that they take raised eight.5 meg DOT (worth $451.viii 1000000 at time of publication) from over 53,000 participants. The protocol is also set to win the outset parachain auction on Polkadot.

Unlike typical crowdfunding rounds, Acala's financing mechanism is a crowdloan, which means information technology 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. Parachains are custom, project-specific blockchains that tin be integrated into the principal blockchain. The distinguishing feature of Polkadot is its Cross-Consensus Message Format. In essence, it would enable users to send and receive assets and execute smart contracts between parachains. Currently, nevertheless, the engineering is still under heavy development.

During the crowdloan, users deposit their DOT into a digital vault and receive 2 types of tokens post-launch. The kickoff is the native Acala (ACA) token, which would be used for transaction fees, staking, incentivizing nodes, governance and protocol maintenance. The utility token has a fixed supply of one billion and will be minted in its entirety at its genesis cake.

The second token investors will receive is the Liquid Crowdloan DOT (lcDOT). Each lcDOT represents an underlying DOT locked in the crowdloan. Among many features, users can utilize lcDOT as collateral to mint Acara USD (aUSD), the network'due south native stablecoin. Within two years, users will be able to redeem their locked DOT with lcDOT.

Earlier this year, Acala developers launched a testnet and underwent a security inspect past Trail of Bits. In the audit study, Trail of $.25 highlighted the lack of documentation and implemented features regarding the project. An economic audit of the project is still ongoing. Every bit for Polkadot, the token'south market place capitalization reached an all-fourth dimension loftier in anticipation of its parachain launch.