Kirin Network (KYL) has emerged as the winner of the latest Parachain Auction 25 held at Polkadot (DOT).
according to blog postthe data management platform said the win represents a “significant milestone in the company’s journey to build a data framework for all web3 middleware.”
Kylin became the third project in the past seven parachain auctions to reach the maximum bid cap of 150,000 DOT, exceeding $1 million.
Meanwhile, Kylin’s team faced the challenge of understanding the funding requirements for Crowdloans and how the scheme would operate.
Kylin Network had previously participated in parachain 23 and 24 auctions.
The 25th Annual Parachain Slot Auction started on August 17th and ended on August 24th.
Kirin Network aims to develop a cross-chain platform that provides on-chain data analytics and sources for the future of DeFi and Web3 projects.
Recently update A report from the Kylin team indicated that KYL holders will soon receive PCHU airdrops as the team is working to seamlessly link ERC20 wallets to substrate-based wallets.
The Kylin team also revealed that the ERC20 staking program will be suspended from September as the network moves to DOT native status.
What is Polkadots Parachain?
The Polkadot parachain is a heterogeneous blockchain network connected to Polkadot and interoperable.
With this victory, Kylin joins an elite group that includes other projects such as Acala, Moonbeam, Clover Finance and Centrifuge.
With more developer activity, expect more parachain auctions on Polkadot before the end of the year.
The value of DOT has increased by more than 3% in the last 24 hours to $6.94.The token currently ranks as the 11th largest crypto asset by market capitalization
Meanwhile, Kyle Network’s KYL has also surged 3.5% over the past seven days.However, if the value is $0.02081751.