Parallel Finance Won The Fourth DOT Parachain Auction: Report

Parallel Finance won the fourth DOT parachain auction with $306 million locked in the crowd loan and in today’s crypto latest news, we find out what it means for the platform.

The institutional-grade lending protocol for Defi, Parallel Finance won the fourth Polkadot parachain auction and the report shows that the protocol saw support from more than 30,000 contributors that provided a total of 10.75 million DOT that are worth a whopping $306 million during the auction. According to the team, the figure makes Parallel Finance the third project on the Polkadot parachain auction with the biggest DOT contribution to date after surpassing Astar which was the winner of the third parachain auction.

The figure makes Parallel Finance the third proejct on the Polkadot parachian auction with the biggest DOT contribution so far. The Polkadot parachains are seaprate blockchains that integrate into the Polkadot mainnet and are interoperable via bridges. The auction allows the investors to vote for their favorite project by staking their DOT tokens and the one that secures the most votes wins. Parallel finance noted that winning Polkadot’s fourth parachain auction is a strong achievement because it could become the “Defi Pulse of Credit” and will bring further transparency in terms of quality and borrowers and debts. The project also said it experienced high community participation which only allowed it to receive even more contribution than other projects that are looking for the position including Litentry and Clover finance. The founder Yubo Ruan said:

“The Parallel Finance team thanks to the community members for showing trust, thereby helping us to become part of the Polkadot ecosystem by securing a parachain. It’s been a huge milestone in a very short period of time. Since its inception in April 2021, Parallel Finance is gaining ground as the most trusted institutional-grade lending protocol for decentralized finance.”

Parallel users can participate for a chance to win #Parallel swag for all of our Parallel-chad/chaddettes! Follow the thread for details! https://t.co/LGnuHRtbGO

— Parallel Finance (We are hiring) (@ParallelFi) December 10, 2021

Parallel Finance will go live by December 17 along with other winning parachains as soon as the opening batch of five Polkadot auctions is completed. The lease will last for 96 weeks in which Parallel Finance will hold all funds. According to the team, the lock-up rewards will be distributed in nine batches over the lease with the first distribution being scheduled to take place five days after all parachains go live with further rewards sent to contributors every 92 days.