Cryptocurrency News

Clover Finance Wins Fifth Polkadot Parachain Spot with 9.7 Million DOT Contributed

By December 17, 2021 No Comments

Key takeaways: 

  • Clover Finance has won the fifth parachain slot auction with over 9M DOT contributed, barely beating out the second-placed Efinity with 8.8M DOT
  • More than 110 million DOT, worth over $2.8 billion were contributed during the first batch of parachain auctions
  • The first five auction winners will be deployed to their respective parachains simultaneously on December 18

Cross-chain decentralized finance (DeFi) platform Clover Finance (CLV) is the winner of the fifth parachain auction slot. With 9.7 million DOT contributed, worth $242 million at current market rates, Clover Finance finished ahead of Efinity and Manta Network. Clover, along with other parachain auction winners will be deployed on their respective Polkadot side chains on December 18.

Clover Finance raised more than $240 million in DOT crowdloans

Clover Finance is a Layer 1 blockchain platform sporting smart contract functionality, a multi-chain DeFi ecosystem, and a cross-chain crypto wallet. Clover boasts EVM compatibility, gas redistribution mechanics, and cross-chain interoperability. The ecosystem is powered by the utility and governance CLV token.

During the parachain auction period that lasted from December 9 to December 16, Clover managed to raise more than 9 million DOT in crowdloans, with an average contribution amounting to 1,774 DOT.

Clover joins the winners of the last four parachain auctions, including Acala, Moonbeam, Parallel Finance, and Astar. The first batch of auction winners will be deployed to their respective side chains simultaneously on December 18. Projects that participated in the first batch of auctions collectively raised more than 113 million DOT, worth over $2.82 billion. Moonbeam accounted for nearly a third of the crowd loaned capital with $890 million ahead of Acala with $809 million.

Winners of parachain auction slots will be able to build on the Polkadot network for the duration of 96 weeks. Parachains are specialized chains designed to feed into the Polkadot Relay Chain. The project-specific design lets them attain higher throughput while maintaining lower transaction costs.

Users that contributed their DOT holdings to help their favorite projects secure one of the five parachain slots, will receive their DOT on top of stalking rewards in 9 reward sessions that will span the whole duration of the parachain lease.

The second batch of Polkadot parachain auctions begins next week, on December 23, and will last until March 10, 2022.