Parallel Finance was the big winner of the fourth Polkadot Parachains auction, which was how it became known through social networks.
Congratulations to @ParallelFi on winning Polkadot’s fourth auction!
Parallel will be onboarded at block # 8179200 [Dec. 18] at the beginning of lease 6 with the other first 5 auction winners. Over 4K network stakeholders locked up DOT in favor! Https: //t.co/zFSxsozsSF pic.twitter.com/5juKOWUTOo
– Polkadot (@Polkadot) December 9, 2021
Congratulations to Parallel Finance for winning the fourth Polkadot auction!
Parallel will embark on block # 8179200 [18 de diciembre] at the beginning of the lease 6 with the other 5 auction winners. More than 4,000 interested in the network blocked their DOT in favor!
It is to clarify again that the Polkadot auctions are an event that functions as a bidding assembly where those who want to take part as financing bidders, must place their DOT in guarantee to support the blockchain project that they would like to see connected to the parachain space from the network, and in return receive a reward.
The auctions are carried out under the modality of candle auctions, an auction modality that despite being the first in the list does not guarantee the winner because there is a secret bidding period during the auction that is the one taken into consideration to determine the successful project and avoid possible dishonest movements or last minute funding.
Parallel Finance the winner
The project that had been overtaken in the previous edition by Astar Network, preventing it from being historically the third winning parachain in the first round of auctions, was victorious with a total of 10,106,263 DOT contributed when the auction candle went out, this amount of DOT received made it the third parachain so far to receive the most contributions from DOT, behind Moonbeam and Acala, Network, but ahead of Astar.
Parallel Finance, a project that has focused on innovating and raising the usability of DeFi to the next level with a decentralized platform that is the safest and, according to them, easier to use to empower everyone accessing financial services, he told during his parachain hearing with 4007 DOT contributors to come out the winner. It should be noted that at the closing of the auction the amount of DOT received at the end by Parralel Finance was 10, 751,519 DOT, an amount that compared to the amount withheld at the beginning of the auction represents an increase of 10.29%, and in relation to all DOTs issued so far as of this writing, barely represent 0.9% of DOTs.
Those who will have one last chance
A fact no less interesting in this edition is that Efinity has surpassed Manta Network to sneak into the sixth position of the table of projects with the highest number of contributions received in this auction, and will finish third in this edition that had started in the fourth position. Now everything seems that the last place in this series of auctions will be competed by three projects, Clover Finance, Efinity, and Manta Network, which do not have a difference in contributions of no more than 2 million, and facilitates the possibility of surprises during the fifth and last auction that is already being carried out from yesterday until the 16th of this month.
The project Clover Finance, which started first in the fourth auction, ended the auction in the same position for presenting an increase of 41.18% in DOT received compared to the beginning. For its part, Manta Network, which at the beginning was located in the second position, competing with Clover Finance in a very close count in recent editions, was surpassed by Efinity since it did not have a greater increase in DOT contributions received but only a few 109,903 DOT, which represented only an increase of 3.10%. Otherwise, what happened with Efinity, which had an 88% increase in DOT contributions during the fourth auction, as a curious fact Efinity is a parachain project focused on digital assets and the Enjin team would be behind it.
Finally, a metric to highlight is the number of stakeholder contributors who participate in the auction by giving their DOT to their favorite project, this table is still led by Moonbeam with 48,346 contributors, almost twice as much as Acala had and 12 times as much. that Parallel Finance had, which surprisingly in this metric is in the seventh position, behind Efinity, Litentry, Astar, Manta and the others mentioned, for which we can verify that the case of Having a greater number of stakeholders does not represent a victory in the parachains tender, and this could mean that this number of contributors, which are many more, would be represented by retail investors.Such is the case of Efinity and Litentry, who have not won a parachain and are ahead of Parallel who has won it.
DOT incidents
As mentioned in the previous auction update, The DOT price still responded a lot to the volatility of Bitcoin and this is part of the lack of maturity as an asset, in the fall of Bitcoin on Saturday morning we could evidence it with the DOT price reaching USD 24.35 breaking the Bullish channel that we had drawn below USD 30, the price zone that we mentioned as important to maintain.
Observing the previous graph we can see that the withdrawal of DOT from the offer in the market, is not having greater weight than the feelings of fear and uncertainty that flood the market for now of cryptocurrencies in general, however, when a change in market sentiment is generated, it is very possible that DOT will benefit from it.
For now in the weekly, we are seeing that the price is held in what would be an important zone below the moving average of MA 50 weeks that is still forming, and if it does not maintain it, the price could fall to the corresponding USD 21 at the Fibonacci retracement level of 23.6.
It is important to note that you should not consider this as an investment recommendation or a trading operation, it is only an informative and technical note that the editor makes according to the behavior of the movements that occurs in the market, and does not expressly represent the overview of Cointelegraph in Spanish.
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