Moonbeam wins Polkadot auction, raises $1.4 billion in DOT

Moonbeam wins Polkadot auction, raises $1.4 billion in DOT

Moonbeam, an Ethereum-compatible smart contract platform, won the second auction on Polkadot.

More than 35 million DOT is worth approximately $1.4 billion, according to the company s announcement.

After losing the last auction to Acala, Moonbeam has now emerged as a winner of Polkadot's latest auction, raising a record amount of DOT from its supporters. Over 200,000 participants contributed their DOT token to the crowdloan, which reached over 35 million DOT by the end of the auction.

The average contribution was about 170 DOT per participant, which is indicative of the broad participation of the global community according to Moonbeam's announcement. Contributions were received across a number of different sources, including the Moonbeam Foundation dApp, which supports exchanges, wallets, and liquid staking providers.

The Moonbeam Foundation said this was a landmark moment for the entire Polkadot community, and the Moonbeam community as a whole.

The Moonbeam Foundation decided to expand its reward pool in order to give back to the community that allowed it to take up a two-year slot as a Polkadot.

An additional 50 million GLMR token has been added to the crowdloan reward pool, bringing the total rewards to 150 million GLMR, or 15% of the genesis token supply. The rewards payout has been increased by 50%.

Moonriver s lease will begin on December 17th and last for 96 weeks. Following a shorter version of the Moonriver launch, the platform will launch in three phases.

The deployment schedule was designed to ensure the stability of the deployed network, which is set to reach full functionality in January 2022.