The recent parachain auction 25 on Polkadot (DOT) saw the victory of data management firm Kylin network (KYL).
KYL stated in the blog post that the victory signifies an important “milestone in its journey to build the data framework for all web3 middleware.”
Kylin participated in an elite group — consisting of other initiatives including Moonbeam, Clover Finance, Acala, Centrifuge, and more — following its win.
In the last seven parachain auctions, Kylin was the third project to exceed the maximum bid threshold of 150,000 DOT, or more than a million dollars.
In the meantime, the Kylin team has been experiencing some difficulty grasping the scheme’s workings and the funds’ criteria for the Crowdloans.
Previously, Kylin took part in the auctions for parachains 23 and 24. August 17 marks the start of parachain slot auction, and ended on August 24.
Polkadot parachains are several blockchain networks interoperable with one another and connected to Polkadot.
Kylin network intends to create a platform that will offer DeFi and Web3 projects in the future on-chain data analytics and sources.
According to the recent updates from the Kylin team, in an effort to link the ERC20 wallet to a substrate-based wallet seamlessly, KYL holders would shortly receive their PCHU airdrop.
As the network is transitioning to a DOT native status in September, the Kylin team also disclosed that its ERC20 staking program would be halted at that time.
