DFG piles $12.6M into Astar Network’s Polkadot parachain bid

DFG piles $12.6M into Astar Network’s Polkadot parachain bid

The first-ever parachain auction on Polkadot is heating up, with leading projects from the Polkadot ecosystem competing for the coveted first slot.

On Nov. 15, DFG Group — a global blockchain investment firm controlling $1 billion in assets under management — announced it had pledged 300,000 DOT tokens (worth $12.65 million) in support of Astar Network’s parachain bid.

Polkadot will use parachain auctions to realize its sharded proof-of-stake ecosystem. In order to secure a parachain or shard on the Polkadot network, projects compete in auctions by bidding to lock up large sums of DOT for the duration of a parachain slot’s lease. Projects competingfor parachain slots distribute governance to tokens to users who contribute dot to their parachain auction bids.

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Astar Network, previously known as Plasm, is vying

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