Parallel Finance wins Polkadot’s fourth parachain auction slot

The Parallel Finance project won the auction for the fourth parachain slot on Polkadot. To back it, supporters locked roughly 10.75 million DOT, worth more than $294 million.

Parallel Finance is a lending protocol in the Polkadot ecosystem, also enabling users to participate in staking DOT. Its ‘child’ project — Heiko Finance — previously won a Kusama parachain slot.

Support for Parallel Finance came from more than 4,000 DOT holders. The slot lease period for the project will begin after the final round of the parachain auction ends and will run from 17 December 2021 to 20 October 2023.

A network snapshot to determine the fourth winner was taken on 7 December. At the time of the snapshot, more than 10 million DOT were locked for Parallel Finance. Its nearest competitor — Clover Finance — had about 4 million DOT.

Earlier, the Polkadot parachain slots were won by Acala, Moonbeam and Astar.

Earlier in October 2021, Polkadot developers announced the first auctions.