Acala Network vs Moonbeam for the Parachain Auction Top Spot

Acala Network vs Moonbeam for the Parachain Auction Top Spot
  • Acala currently offers a daily crowd loan displayed on the website.
  • Moonriver is a smart-contract parachain for Ethereum on Kusama.

Polkadot recently began auctioning off its “parachains.” These auctions allow users to acquire new cryptocurrencies before they are publicly available.

Users may lend DOT crypto tokens to new Polkadot crypto companies and mini-cryptos called parachains. It will then be used to lease space on the main Polkadot platform. The loans are parachain crowdfunded loans. But they might also be specialized parachain consumer loans.

The parachains “stake” the borrowed DOT tokens with Polkadot for up to 2 years. Users must maintain DOT tokens with parachains. Similar auctions for Polkadot’s sibling blockchain Kusama have been a tremendous hit.

Acala Network Vs MoonBeam

One of the two most popular projects in the Polkadot ecosystem, Acala Network and Moonbeam, is likely to secure slots in the upcoming auctions. Acala is one of the parachains soliciting crowd financings. It’s perhaps the most famous parachain. Moreover, Acala currently offers a daily crowd loan displayed on the website.

Another competitor is the Moonbeam project which is even very popular. The Moonbeam Foundation sponsors it. The crypto sign is GLMR. However, the initiative is still not public. It’s a sibling project of the $811 million market value, Moonriver token.

Moonriver is a smart-contract parachain for Ethereum on Kusama. This prelaunch network will operate like Ethereum but with Polkadot features like staking and on-chain governance.

Participants may earn GLMR tokens before the initiative is public, but they must wait two years to acquire them. The new parachain auctions at Polkadot might have a big impact. Furthermore, don’t be shocked if the cumulative impact boosts the DOT prices.

According to DotMarketCap, Acala and Moonbeam are the top parachain contender, fighting neck to neck for the top spot. So far, Acala has raised 29.0597 million DOT tokens. Moonbeam, meanwhile, has secured about 29.02361 million DOT.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.