Polkadot price to enter second leg up as Acala network wins first parachain auction


  • The first Polkadot Parachain auction ends at 12:55 CET today.
  • Moonbeam and Acala Network were the top two contenders for the Parachain slot.
  • Polkadot has gathered community feedback for updating the altcoin's brand.
  • Analysts expect a drop in DOT price before a trend reversal and hit a new all-time high.

Polkadot's first slot of Parachain auctions has ended with Acala network's win. The DeFi hub of Polkadot, Acala network, has $1.3 billion in total value locked. 

Acala network's win marks end of first Polkadot Parachain auction

The first Parachain auction on Polkadot has ended. Acala network and Ethereum compatible smart contract platform optimized for DeFi. The protocol has emerged as a liquidity hub for DeFi with built-in finance applications. 

Acala network and Moonbeam were neck to neck in the slot auction. DOT holders poured over 1.1% of DOT's circulating supply into the Acala network (crowdloan). 

The DeFi projects plan includes the release of a stablecoin on Polkadot and a building of a DEX. Karura, Acala's sister project, secured a Parachain slot in Kusama auctions earlier this year. 

Acala plans a DEX rollout by the first quarter of 2022. 

Historically, Kusama prices dropped immediately after the end of nearly every slot auction. This was followed by a KSM price rally ahead of the next slot auction. Analysts expect a similar price trend in DOT. 

Pseudonymous cryptocurrency analyst @Pastore1314 believes that DOT price will drop before a trend reversal . The analyst expects the DOT price to climb to a new all-time high.  

Analysts consider accumulating DOT at the current price, $39.18. @AltcoinSherpa recently tweeted:

FXStreet analysts have evaluated the DOT price trend and predicted a drop in Polkadot due to the rising selling pressure. Analysts have set the next target for DOT price at $45. 

 

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